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Reaching the Poor with Microfinance: A Case of Rural South India

International Journal of Business Ethics in Developing Economies

Volume 5 Issue 2

Published: 2016
Author(s) Name: Vidya Rajaram Iyer, Jivraj Patki | Author(s) Affiliation:
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Abstract

Microfinance has been recognized as one of the important instruments to meet the financial requirements of the low income customers or commonality lending groups including consumers and self-employed personnel, who lack access to banking and other related financial services (Mehta, 2008). Scheduled banks are not able to penetrate the rural prospective customers and usually are not keen in giving small loans to low-income families without security. Microfinance is one of the financial institutions that work towards achieving the national goal of ‘financial inclusion. The purpose of this paper is to explore the scope of micro finance firm in rural South India and understand various financial requirements of poor and middle class people residing in villages and their profit and contribution level of the businesses.

Keywords: Microfinance, Rural India, Rural South India, Poverty, Tamil Nadu

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