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Question
Which of the following is an example of microfinance?
Which of the following is an example of microfinance?
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Solution
The correct option is D Self-help groups
Microfinance services promote saving habits among low-income groups and unserved sections of the society. In addition, they provide microcredit facilities to people to promote self-employment. Generally, the beneficiaries of microfinance services are various small self-help groups. Self-help groups are small groups with usually not more than 20 members. These groups gather and save money regularly and use their savings as capital in various business operations.
Microfinance services promote saving habits among low-income groups and unserved sections of the society. In addition, they provide microcredit facilities to people to promote self-employment. Generally, the beneficiaries of microfinance services are various small self-help groups. Self-help groups are small groups with usually not more than 20 members. These groups gather and save money regularly and use their savings as capital in various business operations.
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