Question
Which of the following definitions best describes the concept of microfinance?
This question was previously asked in
SSC CGL 2024 (Tier-I) Previous Year Paper (17-Sep-2024) (Shift 3)
The correct answer is
Microfinance is a banking service provided to unemployed or low-income individuals or groups, who otherwise would have no other access to financial services.
Microfinance refers to the provision of banking services to unemployed or low-income individuals who lack access to traditional financial services.
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