Which of the following was the first microfinance institution in India, established in 1974?

Correct option is D

The correct answer is (d) SEWA Bank.
· SEWA Bank (Self Employed Women's Association Bank) was the first microfinance institution in India, established in 1974.
· It was founded by the Self Employed Women's Association (SEWA), which is a trade union of women workers in the informal sector.
· The bank was established to provide financial services to women workers who were not served by traditional banks. It offers savings, credit, and insurance products to its members, aiming to empower women economically.
Information Booster:
· Microfinance: Microfinance refers to financial services provided to low-income individuals or those who do not have access to typical banking services, with the aim of empowering them economically.
· Bandhan Financial Services Pvt Ltd: Founded in 2001, it has become one of the largest microfinance institutions in India and later transformed into a bank in 2015.
· Suryoday Small Finance Bank Ltd.: Established in 2008 and received a banking license from the Reserve Bank of India in 2016 to operate as a small finance bank.
· Asirvad Micro Finance Limited: Established in 2007, it is a part of the Manappuram Finance group and provides financial services to low-income households.