Question : In which year did RBI introduce the regulatory framework for microfinance loans?
Option 1: 2021
Option 2: 2022
Option 3: 2020
Option 4: 2019
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Correct Answer: 2022
Solution : The correct answer is 2022.
The guidelines of the RBI came into effect on the first of April 2022. Reserve Bank of India, known as the Banker’s Bank, allowed the Microfinance Institutions the freedom to set interest rates they charge borrowers, with the condition that the rates should not be usurious. Reserve Bank of India also revised the upper limit to give loans to a household having an income of Rs. 3 lakh per annum.
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Question : Under the 2021 regulatory framework, what is the maximum tenure of a microfinance loan in India?
Option 1: 24 months
Option 2: 12 months
Option 3: 18 months
Option 4: 36 months
Question : Which regulatory body oversees microfinance institutions in India?
Option 1: Reserve Bank of India (RBI)
Option 2: Ministry of Finance
Option 3: Insurance Regulatory and Development Authority of India (IRDAI)
Option 4: Securities and Exchange Board of India (SEBI)
Question : In which year did Nitu Ghanghas win India's first gold medal at the World Boxing Championships?
Option 1: 2022
Option 2: 2021
Option 4: 2023
Question : In which year did RBI accord approval to Equitas Holdings to launch a small finance bank?
Option 1: 2019
Option 2: 2012
Option 3: 2016
Option 4: 2009
Question : Which of the following is not a common product offered by microfinance institutions in India?
Option 1: Credit cards
Option 2: Personal loans
Option 3: Insurance products
Option 4: Savings accounts
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