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| Article Name : | | | ROLE OF MICRO-FINANCE IN THE DEVELOPMENT OF BACKWARD CLASSES | | Author Name : | | | Bhushan Pundalik Rajguru | | Publisher : | | | Ashok Yakkaldevi | | Article Series No. : | | | GRT-5195 | | Article URL : | |  | Author Profile View PDF In browser | | Abstract : | | | The purpose of this paper is to examine the role of micro finance in the empowerment of people and the realisation of financial inclusion in India. With increasing demand for rural finance, and the inadequacies of formal sources, the MFIs have immense opportunities in the new avatar of micro credit in India. However, in the light of recent experiences and the need for qualitative growth, we suggest that MFIs should be managed with better scrutiny in terms of finance and technology as well as social responsibility. This is of utmost importance in order to upgrade MFIs from thrift and credit institutions to capacity-building and livelihood- sustaining associations of people. The paper examines the promise of microfinance (credit plus services) in the inclusion (access) of excluded and to analyse the impact of the microfinance on the social and economic welfare of the poor households. | | Keywords : | | |
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