Question : The Reserve Bank of India introduced a comprehensive regulatory framework for NBFC-MFI on __________.
Option 1: 10 December 2015
Option 2: 2 December 2011
Option 3: 8 December 2013
Option 4: 5 December 2012
Correct Answer: 2 December 2011
Solution : The correct option is 2 December 2011.
The Reserve Bank initially implemented a comprehensive regulatory framework for Non-Banking Financial Companies-Micro Finance Institutions (NBFC-MFIs) in December 2011. This framework established eligibility criteria for microfinance loans that were tied to essential features of microfinance, specifically focusing on providing small collateral-free loans to borrowers from low-income groups.
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