In 2000-01, NABARD instituted Micro Finance Development Fund with a corpus of ________.

Question

Question

This question was previously asked in

SSC CHSL Exam 2024 Tier-I Official Paper (Held On: 03 Jul, 2024 Shift 1)

Answer 1

The correct answer is ₹100 crores

Key Points

₹100 crores was the initial corpus amount instituted by NABARD for the Micro Finance Development Fund in 2000-01.
The Micro Finance Development Fund was established to support and promote the microfinance sector in India.
The fund aims to provide financial services to the underprivileged sections of society, particularly in rural areas.
NABARD, or the National Bank for Agriculture and Rural Development, is the apex development bank in India with a focus on the rural sector.

Additional Information

NABARD was established on 12 July 1982 to implement the National Bank for Agriculture and Rural Development Act 1981.
It plays a crucial role in the development of the agriculture sector, cottage and village industries, and other rural crafts.
NABARD also provides refinance support for building rural infrastructure and aims to bring about rural prosperity.
The institution has been instrumental in promoting sustainable and equitable agriculture and rural development through participative financial and non-financial interventions, innovations, technology, and institutional development.