Micro Financing: A Boom for the Poor

Abstract

Abstract Micro Finance has gained a lot of significance and momentum in the last decade. The role of micro finance as the most suitable and feasible alternative in accomplishing the goal of growth and poverty alleviation is now well recognized. The need for micro finance has arisen due to formal banking system is not meeting the credit needs of millions of rural and urban people. Micro fiancé through self help groups is an alternative system of credit delivery for the poorest of the poor groups. Micro finance institutions other than banks are engaged in the provision of financial services to the poor. India has 6.40 lakh villages and its 72.2% of the population is living in rural areas. Micro finance is one of the effective tools to help neglected groups of society. 7The study is aimed at analyzing the impact of micro credit on socio economic empowerment of women. The present study is based on both primary and secondary data. The primary data collected from field survey, conducted in West Godavari District of Andhra Pradesh Keywords: Self Help Group, Micro Financing

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