Published Paper Details:

The concept of microfinance has emerged in India as a new mechanism and has become the most promising strategic weapon for attacking poverty by way of providing development funds to the poorest of the poor target groups. The idea of micro finance is very simple. In the most simplistic way, it can be termed as 'banking for the poor'. It is defined as a provision of thrift, credit and other financial services and products of very small amount to the poor in rural, semi-urban or urban areas for enabling them to raise their income levels and improve living standard. As per the definition of international labour organization(ILO), microfinance is an economic development approach that involves providing financial services through institutions to low income clients. It is the provision of a board range of financial services such as deposits, loans, payment services, money transfers and insurance to poor and low income households and their micro finances.