2022
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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RBI
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NABARD
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Ministry of Cooperation
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Ministry of Finance
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Detailed explanation-1: -Muskan Anand. Option B) RBI . The Reserve Bank of India has released the RBI (Regulatory Framework for Microfinance Loans) Directions, 2022, which will be effective from April 1, 2022.
Detailed explanation-2: -1.1 These directions shall be called the Reserve Bank of India (Regulatory Framework for Microfinance Loans) Directions, 2022.
Detailed explanation-3: -The Reserve Bank of India (RBI) shall regulate the micro finance sector; it may set an upper limit on the lending rate and margins of Micro Finance Institutions (MFIs).
Detailed explanation-4: -The Reserve Bank had issued the Scale Based Regulation (SBR): A Revised Regulatory Framework for NBFCs (the framework) on October 22, 2021. The framework categorises NBFCs in Base Layer (NBFC-BL), Middle Layer (NBFC-ML), Upper Layer (NBFC-UL) and Top Layer (NBFC-TL).
Detailed explanation-5: -It is worth mentioning here that the Self Employed Women’s Association (SEWA) Cooperative Bank, operating in Gujarat with similar objectives since 1974, is arguably the first microfinance programme in India.