Correct Answer - Option 2 : Reserve Bank of India
The correct answer is the Reserve Bank of India.
The regulator of Micro Finance in India is the Reserve Bank of India.
- It is a banking service provided to unemployed or low-income individuals or groups who have no other access to financial services.
- It is also called microcredit.
Microfinance Institutions Network (MFIN) in India is a Self-Regulatory Organization.
Reserve Bank of India (RBI):
- RBI was set up on the basis of the Hilton Young Commission recommendation in April 1935, with the enactment of the RBI Act, 1934.
- Its first Governor was C.D. Deshmukh.
Finance Ministry regulates fiscal policies.
- The State Bank of India was earlier known as the Imperial Bank.
- It was nationalized in 1955 on the recommendation of the Gorewala Committee and rechristened as State Bank of India.