Published Paper Details:

Microfinance plays an important role for rural development. Poor group of society can start their own small business on small level and create new job opportunities with the help of Microfinance. Microfinance is the backbone of rural economy. Low-income people or the unemployed who do not have other access to financial services can use microfinance, also known as microcredit, which is a banking service. They lack access to regular financial sources and do not have enough money to conduct business. From this angle, microfinance is helping the impoverished, especially in rural regions. Women living in rural areas around the nation have seen notable improvements thanks to financial assistance from the microfinance industry. This study specifically focuses on Sivadi Village, Peddapanjani Mandal, Chittoor district. In addition to examining how the poor people's quality of life has changed since they started microfinance and whether microfinance has helped the residents of Sivadi Village, Chittoor District, this study assesses whether microfinance genuinely helps the impoverished in rural areas. This study tries to determine whether microfinance has helped the poor in Sivadi Village, Chittoor District, and whether it has improved their standard of living since joining the program. It also assesses whether microfinance genuinely helps the impoverished in rural areas. A structured questionnaire is used in a survey approach to gather data with a sample size of 100. After applying correlation, chi-square testing, and descriptive analysis to the data, it was discovered that the respondents' financial holdings increased along with their improved standard of living. The respondents believed that microfinance facilitated economic growth, and it was ultimately determined that microfinance is crucial to rural development.