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Microfinance Institutions (Development and Regulation) Act, 2011

Microfinance Institutions (Development and Regulation) Act, 2011 Quiz

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Questions

Question 1 Multiple Choice (Single Answer)

What is the primary objective of the Microfinance Institutions (Development and Regulation) Act, 2011?

  1. To promote microfinance institutions in India
  2. To regulate the activities of microfinance institutions
  3. To provide financial assistance to microfinance institutions
  4. To protect the interests of microfinance borrowers
Question 2 Multiple Choice (Single Answer)

Which of the following is not a type of microfinance institution as defined under the Act?

  1. Non-Banking Financial Company (NBFC)
  2. Society
  3. Trust
  4. Cooperative Society
Question 3 Multiple Choice (Single Answer)

What is the maximum loan amount that a microfinance institution can provide to a single borrower?

  1. Rs. 50,000
  2. Rs. 1,00,000
  3. Rs. 2,00,000
  4. Rs. 3,00,000
Question 4 Multiple Choice (Single Answer)

What is the maximum interest rate that a microfinance institution can charge on a loan?

  1. 24% per annum
  2. 26% per annum
  3. 28% per annum
  4. 30% per annum
Question 5 Multiple Choice (Single Answer)

What is the minimum net worth requirement for a microfinance institution to be registered under the Act?

  1. Rs. 5 crore
  2. Rs. 10 crore
  3. Rs. 15 crore
  4. Rs. 20 crore
Question 6 Multiple Choice (Single Answer)

What is the role of the Reserve Bank of India (RBI) under the Microfinance Institutions (Development and Regulation) Act, 2011?

  1. To regulate the activities of microfinance institutions
  2. To provide financial assistance to microfinance institutions
  3. To protect the interests of microfinance borrowers
  4. All of the above
Question 7 Multiple Choice (Single Answer)

What is the penalty for a microfinance institution that violates the provisions of the Act?

  1. Fine of up to Rs. 1 lakh
  2. Imprisonment for up to 1 year
  3. Both fine and imprisonment
  4. None of the above
Question 8 Multiple Choice (Single Answer)

What is the name of the committee that was set up to review the implementation of the Microfinance Institutions (Development and Regulation) Act, 2011?

  1. Yashwant Sinha Committee
  2. Rangarajan Committee
  3. Nachiket Mor Committee
  4. Kelkar Committee
Question 9 Multiple Choice (Single Answer)

What was the main recommendation of the Yashwant Sinha Committee?

  1. To increase the maximum loan amount that a microfinance institution can provide to a single borrower
  2. To reduce the maximum interest rate that a microfinance institution can charge on a loan
  3. To make it mandatory for microfinance institutions to provide financial literacy training to their borrowers
  4. All of the above
Question 10 Multiple Choice (Single Answer)

When was the Microfinance Institutions (Development and Regulation) Act, 2011 amended?

  1. 2015
  2. 2016
  3. 2017
  4. 2018
Question 11 Multiple Choice (Single Answer)

What was the main objective of the 2015 amendment to the Microfinance Institutions (Development and Regulation) Act, 2011?

  1. To bring Non-Banking Financial Companies (NBFCs) under the ambit of the Act
  2. To increase the maximum loan amount that a microfinance institution can provide to a single borrower
  3. To reduce the maximum interest rate that a microfinance institution can charge on a loan
  4. To make it mandatory for microfinance institutions to provide financial literacy training to their borrowers
Question 12 Multiple Choice (Single Answer)

What is the name of the online portal launched by the RBI to facilitate the registration of microfinance institutions under the Act?

  1. Microfinance Institutions Registration Portal (MIRP)
  2. Microfinance Institutions Information Portal (MIIP)
  3. Microfinance Institutions Development Portal (MIDP)
  4. Microfinance Institutions Regulatory Portal (MIRP)
Question 13 Multiple Choice (Single Answer)

What is the name of the self-regulatory organization (SRO) for microfinance institutions in India?

  1. Microfinance Institutions Network (MFIN)
  2. Microfinance Institutions Association (MIA)
  3. Microfinance Institutions Federation (MIF)
  4. Microfinance Institutions Council (MIC)
Question 14 Multiple Choice (Single Answer)

What is the primary objective of MFIN?

  1. To promote responsible lending practices among microfinance institutions
  2. To protect the interests of microfinance borrowers
  3. To facilitate the development of the microfinance sector in India
  4. All of the above
Question 15 Multiple Choice (Single Answer)

What is the name of the scheme launched by the Government of India to provide financial assistance to microfinance institutions?

  1. Microfinance Institutions Development Fund (MIDF)
  2. Microfinance Institutions Support Fund (MISF)
  3. Microfinance Institutions Equity Fund (MIEF)
  4. Microfinance Institutions Credit Guarantee Fund (MICGF)
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