Question

Microfinance is the provision of financial services to people of low-income groups. This includes both the consumers and the self-employed. The service/services rendered under micro-finance is/are:
1. Credit facilities
2. Savings facilities
3. Insurance facilities
4. Fund Transfer facilities

Select the correct answer using the codes given below the lists:

• A. 1 only
• B. 1 and 4
• C. 2 and 3
• D. 1,2,3 and 4

Answer 1

The correct option is D 1,2,3 and 4

Microfinance, also called microcredit​, is a type of banking service provided to unemployed or low-income individuals or groups who otherwise would have no other access to financial services. All the above functions - Credit, Savings, Insurance and Fund Transfer facilities are madde available under microfinance.