What is a prominent trend in the microfinance sector in India?

Correct option is A

The correct answer is (a) Integration of mobile banking services.
· One of the prominent trends in the microfinance sector in India is the integration of mobile banking services.
· The integration of mobile banking services is a prominent trend in the microfinance sector in India, enhancing accessibility, convenience, and financial inclusion.
· Mobile banking services make financial services more accessible to people in remote and rural areas, where traditional banking infrastructure might be lacking.
Facts to remember:
· Microfinance services, often referred to as microcredit or microloans, are financial services provided to low-income individuals or groups who typically lack access to traditional banking services.
· The concept of microfinance gained traction in the 1970s and 1980s, particularly in developing countries, as a response to the inability of conventional banks to reach the poor.
· One of the pioneering institutions in microfinance was the Grameen Bank, founded by Muhammad Yunus in Bangladesh in 1976.