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| Article Name : | | | A SYNOPTICAL VIEW OF MICROFINANCE IN INDIA | | Author Name : | | | Anas Khan | | Publisher : | | | Ashok Yakkaldevi | | Article Series No. : | | | GRT-4447 | | Article URL : | |  | Author Profile View PDF In browser | | Abstract : | | | Poverty is omnipresent but the third world countries are the main suffers. Poverty is general scarcity or dearth, or the state of one who lacks a certain amount of material possessions or money. The report of World Bank 2010 highlights that 1.2 billion people in the world. In India, despite more than six decades of independence, one third of the population is living below poverty line. The first survey of rural indebtedness (All India Rural Credit Survey) conducted by the Reserve Bank of India (RBI) in 1947 documented that moneylenders and other informal lenders met more than 90 per cent of rural credit needs. The share of banks in particular was only about 1 per cent in total rural household debt. Therefore, government has taken several initiatives from time to time to tackle the scarce of poverty since independence But all initiatives brought almost negligible results. Nevertheless, policy makers, academicians, researchers revealed that poor needed access to financial services rather than availability of cheap credit. Therefore, in this backdrop, SHG- Bank Linkage Programme was launched by NABARD in 1992. The present paper attempts to give a comprehensive view of several aspects of micro finance in India – genesis, trends of SHG-Bank Linkage Programme, Challenges faced by microfinance sector and suggestions to overcome the challenges. | | Keywords : | | |
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