In 2000-01, NABARD instituted Micro Finance Development Fund with a corpus of ________.
Correct Answer :
₹100 crores
Solution :
The correct answer is ₹100 crores.
Explanation:
In the Union Budget 1999-2000, the Government of India announced the establishment of a Micro Finance Development Fund (MFDF) in National Bank for Agriculture and Rural Development (NABARD).
In accordance with this announcement, NABARD instituted the Micro Finance Development Fund (MFDF) in 2000-01 with an initial corpus of ₹100 crores. This corpus was contributed equally by the Reserve Bank of India (RBI), NABARD, and select commercial banks.
The objective of the fund was to upscale microfinance initiatives, support Self-Help Group (SHG) promotion, build capacity of stakeholders, and facilitate microfinance activities across rural India.
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