Question : Which among the following microfinance institutions was established in India at the time of independence?
Option 1: Joint Liability Group
Option 2: Rural Cooperatives
Option 3: Self Help Group
Option 4: Grameen Model Bank
Correct Answer: Rural Cooperatives
Solution : The correct answer is Rural Cooperatives .
Following Indian independence, rural cooperatives were instituted to consolidate the resources of impoverished individuals, offering financial services through pooled funds. However, the system's intricate monitoring mechanisms proved challenging, and its benefits primarily favoured creditworthy borrowers in rural India.
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