Consider the following statements regarding microfinance in India:
1. A microfinance loan is defined as a collateral-free loan given to a household having an annual income up to ₹2,00,000.
2. The Reserve Bank of India is the regulatory body for Microfinance Institutions operating in the country.
Which of the statements given above is/are correct?
1
1 only
2
2 only
3
Both 1 and 2
4
Neither 1 nor 2