Published Paper Details:

The Vision for a prosperous and Inclusive India in which the fruits of progress and development reach every corner can be ensured only when effort will be made for countryside people of India. The problem of financial resource allocation is the drawback found in developmental process. In the past, several financial assistances, schemes have been designed by the government for rural credit but these proves futile due to various complexities. The existing Rural Credit System has failed to put up the expectation and development of the poorer section of the society. Further, it is also seen in the rural areas that the formal banking sector also failed to fulfil the financial needs of the people especially the women and tribal people. Thus, the need of the hour is to have an effective credit delivery mechanism to ensure smooth allocation of financial resource in the best possible way and in a sustainable manner. The emergence of Micro-credit by the Microfinance Institution, banks provide financial assistance mainly in the rural and to the weaker section of the society. With their growing potentialities, the MFIs has proven that they are also among the key players in achieving Sustainable Development Goals for the rural people. In this paper, an attempt has been made to show the impact of Microfinance on rural development through Financial Inclusion in Odisha state - the home to third largest tribal population of India and a major rural homeland. The study analyses microfinance as a catalyst for financial inclusion by taking into consideration the household income, employment generation, saving pattern and financial inclusion practice of individuals before and after joining Self Help Group and availing micro-credit. This paper basically reliable on Secondary as well as Primary data. Secondary data is collected from various microfinance websites, Journals, Articles, Review Reports, thesis, Magazines, Newspapers, etc., while Sources of Primary Data includes Direct Interviews.