Question
Download Solution PDFIn which year did RBI introduce the regulatory framework for microfinance loans?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is 2022.Key Points
- RBI introduced the regulatory framework for microfinance loans in February 2022.
- This framework aims to promote responsible lending practices and protect the interests of borrowers.
- The framework includes guidelines on interest rates, loan disbursement, repayment, and grievance redressal mechanisms.
- RBI stands for Reserve Bank of India and is the central bank of India.
- The Indian government's Ministry of Finance is the owner of it.
- It is in charge of managing the Indian rupee's supply, issuing it, and keeping it in circulation.
- Microfinance loans are small loans given to individuals or groups who do not have access to traditional banking services.
Last updated on Jun 26, 2025
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