Question : In India, all loans that are below __________ are considered as micro loans.
Option 1: one lakh rupees
Option 2: two lakh rupees
Option 3: four lakh rupees
Option 4: three lakh rupees
Correct Answer: one lakh rupees
Solution : The correct answer is one lakh rupees .
In India, microloans are generally considered as below Rs. 1 lakh. Despite accusations of manipulating the finances of the poor, MFIs often provide lower interest rates in traditional banks. This financial inclusion approach aims to empower individuals who lack access to mainstream banking facilities.
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