Micro Finance Institutions: Emerging Contours

Micro Finance Institutions: Emerging Contours

Saturday, May 08 2021

Financial inclusion is an important instrument of empowering people to access social and economic justice. It gives the opportunity to small enterprises and people at the lower strata of the society to form an integral part of the mainframe economics and enhance the well-being of the overall society. Therefore, it is important to understand the working of this process and the challenges inherent in this broad-based process of economic development. In this overarching context, this report attempts to provide an overview and challenges confronting the Micro Finance Institutions (MFI) today. The winds of change sweeping the country in the realm of micro finance have significantly promoted improvement in livelihood opportunities and inclusive finance by rendering collateral free loans to persons at “the bottom of the pyramid”, who lack access to credit from formal financial sources. Viewed in this perspective, the Micro Finance revolution in the county has improved access to credit, thereby transforming the lives of the most underserved and underprivileged sections of the society and bringing about some kind of a silent revolution in the country-side.

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