Poverty is a worldwide epidemic, though extreme poverty rates have been declining across many regions of the world in recent decades, high rates still persists. it is estimated that about one‐sixth of poor people throughout the world have access to formal financial services
According to the latest research done by the World Bank, India is home to almost one third of the world’s poor who traditionally lack access to banking and related services.
Microfinance refers to financial services offered to low SES individuals that are excluded from the traditional financial system (considered “un-bankable” lacking collateral, steady employment, and a verifiable Credit history).
Aspects of microfinance, such as microcredit, are designed to help lift. Microfinance uses as a tool for eliminating poverty in India and other developing nationsIndividuals, families, and communities out of poverty by providing small amounts of start‐up capital for entrepreneurial projects, which will then presumably help individuals to generate income, build wealth, and use Micro-Finance as an Anti-Poverty Vaccine
The idea of microfinance started in Bangladesh around 1976 with Muhammad Yunus and Grameen Bank ( awarded the Nobel Peace Prize for his work).
MicroFinance has the huge potential to grow in future, if this industry grows then one day we’ll all see the new face of India, both in term of high living standard and happiness. After all, microfinance has the appeal of bringing financial power to the people who need it most and whose resourcefulness and ingenuity it will fuel
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