Question
As per RBI's regulatory framework (2022), a microfinance
loan is defined as a collateral-free loan given to a household with annual income up to how much?Solution
As per the updated RBI definition (March 2022), a microfinance loan is defined as a collateral-free loan to a household whose annual income does not exceed ₹3 lakh, regardless of the lending institution (banks, NBFCs, MFIs, etc.). This uniform definition aims to expand access to small borrowers and harmonize credit assessment norms across lenders.
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