Microfinance is the provision of financial services to people of low-income groups. This includes both the consumers and the self-employed. The service/services rendered under microfinance is/are: 1. Credit facilities 2. Savings facilities 3. Insurance facilities 4. Fund Transfer facilities Select the correct answer using the codes given below the lists:

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Correct answer: 1, 2, 3 and 4. Microfinance is a financial service designed to assist low-income groups, including self-employed individuals and consumers by providing them with essential financial products.  Microfinance institutions (MFIs) provide small loans(credit facilities) to low-income individuals, particularly those who do not have access to traditional banking services. These loans are often used for income- generating activities, such as starting or expanding small businesses.  Microfinance institutions offer savings accounts to low- income individuals, allowing them to safely deposit their earnings and build financial security. Savings facilities encourage financial discipline and provide a safety net for emergencies.  Microinsurance is a key component of micro-finance, providing low-income individuals with access to affordable insurance products. These products cover risks such as health, life, and crop failure, which are critical for the financial stability of low-income households.  Microfinance institutions facilitate fund tran-sfers, enabling low-income individua

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