NAVIGATING CHALLENGES & EMBRACING OPPORTUNITIES: AN OUTLOOK ON THE MICRO-FINANCE INDUSTRY OF INDIA

Wednesday, February 07 2024

The aim of microfinance is to help empower people who lack access to traditional banking services and to promote economic development at the grassroots level. In other words, these people at the ‘Bottom of the Pyramid’, are under-banked, but by no means unbankable. The Microfinance Institutions (MFIs) provide small loans to borrowers who may not qualify for loans from traditional banks due to their limited income, lack of collateral, or other factors. Many microfinance programs use a group lending model like Self Help Groups (SHGs), where small groups of borrowers collectively guarantee each other's loans. This approach fosters a sense of community and mutual support, and particularly for the women, it helps to reduce the risk for the lender.

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