Consider the following statements I A Self Help Group is a group of micro entrepreneu...........

Economic Affairs Non Banking Financial Companies (NBFCs)

Consider the following statements:

I. A Self-Help Group is a group of micro entrepreneurs having homogenous social and economic background voluntarily, coming together to save small amounts to mutually agree to contribute to a common fund. It must be a registered group.

II. Micro Credit/ Rural Credits is in the list of permitted NBFC activities for being considered for FDI/Overseas Corporate Bodies (OCB)/NRI investment to encourage foreign participation in micro credit projects

Select the correct code:

Only I

Only II

Both I & II

Neither I nor II

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Explanation:

1st option is incorrect.
A SHG may be registered or unregistered.It typically comprises a group of micro entrepreneurs having homogeneous social and economic backgrounds, all voluntarily coming together to save regular small sums of money, mutually agreeing to contribute to a common fund and to meet their emergency needs on the basis of mutual help.
A self-help group (SHG) is a village-based financial intermediary committee usually composed of 10–20 local women or men.