Building Responsible Financial Ecosystes with Microfinance
The Indian microfinance industry has evolved over the years into a strong influencer of financial inclusion in the formal financial ecosystem.
The Indian microfinance industry has evolved over the years into a strong influencer of financial inclusion in the formal financial ecosystem.
Financial independence allows households to survive and run their families in this modern world. As of the fiscal year 2023, India’s financial inclusion index stood at 60.1, according to the Reserve Bank of India (RBI).
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Rural women in India are restricted by many societal barriers. They lack access to many resources, services, and assets such as basic education, healthcare, infrastructure, and proper sanitation
The rural population of India, especially women mainly depends on agriculture and other small-scale businesses, and these suffer from a series of lows. According to a survey conducted by the World Bank in 2019, 1/10th of India’s population is poor.
Microfinance was introduced in the 1970s from the Grameena Bank Model, since its inception it has changed the lives of many rural people by providing them with microloans.
India has witnessed a remarkable transformation in its financial inclusion, by including and empowering women from all the rural parts of the country. Microfinance, in particular,..
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Microfinance has been helping a large number of people in the country, especially people from financially weak backgrounds and women from rural areas.