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UPSC 2011: Microfinance is the provision of financial services to people of low-income groups. This includes both the consumers and the self-employed. The service/services rendered under microfinance is/are: 1. Credit facilities 2. Savings facilities 3. Insurance facilities 4. Fund Transfer facilities Select the correct answer using the codes given below the lists:
(a)1 only
(b)1 and 4 only
(c)2 and 3 only
(d)1, 2, 3 and 4
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Not attemptedCorrect Answer: (d) 1, 2, 3 and 4
The RBI-appointed Micro-finance Task-Force defined micro-finance as ‘provision of thrift, credit and other financial services’ of very small amounts to low-income clients; these services routinely include savings, credit, insurance and remittance/transfer facilities. Hence all four listed services fall within the scope of micro-finance. ([rbi.org.in](https://rbi.org.in/scripts/BS_ViewBulletin.aspx?Id=1347&utm_source=openai))
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What is the correct answer to this UPSC 2011 Indian Economy question?▼
The correct answer is option (d): 1, 2, 3 and 4. Watch the detailed video explanation in our Sherlocking Prelims course on UnlockIAS.
Which year was this Digital Payments & Financial Inclusion question asked in UPSC Prelims?▼
This question was asked in UPSC CSE Prelims 2011, GS Paper 1, as Question 38. It falls under Indian Economy > Digital Payments & Financial Inclusion.
What is the difficulty level of this UPSC question?▼
This question is rated "easy". It tests basic recall and most well-prepared aspirants should answer it correctly.
How many UPSC Prelims questions have been asked from Digital Payments & Financial Inclusion?▼
UPSC has asked 20 questions from Digital Payments & Financial Inclusion (under Indian Economy) across multiple years. Visit the topic page to see the full list and year-wise trends.