Multiple Choice Questions on Which of the following is NOT a provision of the passed microfinance institution bill 2020 ........ for State General Knowledge (GK) Preparation

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Multiple Choice Questions

Which of the following is NOT a provision of the passed microfinance institution bill 2020 ........

Assam Economy
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    Which of the following is NOT a provision of the passed microfinance institution bill 2020?

    Microfinance institution have to apply for registration

    Incorrect Answer

    There is penalty for coercive recovery

    Incorrect Answer

    Lender shall ensure that borrower’s cumulative loan is less than 1.25 lakhs

    Incorrect Answer

    Complete exemption of loan of the borrowers having income less than Rs 1 lakhs per annum

    Correct Answer
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    Explanation:

    Micro Finance Institutions Bill, 2020

    ? The Assam Assembly passed the Assam Micro Finance Institutions (Regulation of Money Lending) Bill, 2020.

    ? The law aims to “protect and relieve the economically vulnerable groups and individuals from coercive means of recovery” by microfinance companies.

    Provisions of the law-

    1. The lenders shall ensure that the borrower has existing loans from not more than two lenders and his current cumulative loan outstanding does not exceed Rs 1.25 lakh.

    2. The microfinance institutions in the state shall apply for registration within 30 days from date of commencement of this Act.

    3. There are provisions of penalty for coercive action by these companies or agents for recovery of money.

    By: ASRAF UDDIN AHMED
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