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:

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. — UPSC Prelims 2011 Answer & Explanation

Economy2011

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:

Credit facilities 2. Savings facilities 3. Insurance facilities 4. Fund Transfer facilities Select the correct answer using the codes given below the lists:

Explanation

The correct option is 1, 2, 3, and 4 because microfinance encompasses a range of financial services designed to empower low-income individuals and self-employed workers. These services, which include credit, savings, insurance, and fund transfer facilities, provide essential resources that enable individuals to invest in small businesses, manage risks, and enhance economic stability. By addressing the diverse financial needs of underserved populations, microfinance promotes inclusive economic growth and social development, key themes relevant to UPSC GS Paper I, particularly in the context of poverty alleviation and financial inclusion strategies.

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