Micro Finance : A Financial Service Of Small Quantity Provided By Financial Institutions
Key words: Micro Finance, SHG, Model, Women empowerment, Income.
Micro finance is a financial service of small quantity provided by financial institutions to the poor. These financial services may include savings, credit, insurance, leasing, money transfer etc. The term Micro finance sometimes is used interchangeably with the term micro credit. However micro credit refers to providing loan in small quantities, the term micro finance has a more extensive importance covering in its ambit and other financial services like savings, insurance etc as well.
Need for Micro Finance In India 270 millions or 21.9% people out of 1.2 billion of Indians lived below poverty line. The overall percentage of households availing banking services in India stood at 59 per cent in 2011, implying that nearly two-fifths of the population in India still remains unbanked. With globalization,…