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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