Published Paper Details:

In the new economy, microfinance is becoming a potent tool for eradicating poverty. Self-Help Groups (SHGs) - Bank Linkage Programme, which aims to provide a cost-effective framework for providing financial services to the 'unreached poor', dominates the microfinance industry in India. According to research, people who receive microloans gradually raise their income and assets, extend the number of years their children spend in school, and enhance their families' nutrition and health. Private Microfinance Institutions' reach is limited in comparison to the larger SHG bank linkage movement in India because SHGs open bank accounts with either commercial banks, regional rural banks, or cooperative societies. However, it has been observed that many microfinance organizations are now non-bank financial institutions (NBFCs). The way microfinance is evolving in India seems to be a good thing for the sector's capacity to draw in more funding and broaden its reach.