Question : Microcredit or microfinance is a novel approach to bank with the poor. In this approach, bank credit is extended to the poor through_______.
Option 1: co-operative credit societies
Option 2: The Reserve Bank of India
Option 3: self-help groups
Option 4: Anganwadis
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Correct Answer: self-help groups
Solution : The correct answer is self-help groups.
Microfinance is a program of credit offered to the underprivileged via Self-Help Groups (SHGs). To help the impoverished in rural, semi-urban, and metropolitan areas increase their income levels and improve their standard of living, microcredit entails offering them credit, thrift, and other lower-value financial services and products.
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