Vol. 3, Issue 3 (2018)
Impact of microfinance on socio-economic status of minority communities in marathwada region
Author(s): Dr. Gauri Farha Naaz, Siddiqui Lubna Javed Hasan
Abstract: Microfinance was first presented in year 1990 with the particular ramifications of encompassing microcredit and smaller scale reserve funds and other money related administrations. In the year 2006, idea of Microfinance was begun by Prof. Mohammed Yunus in Bangladesh and his Grameen Bank to a great extent through Self Help Groups (SHG's) prevailed by ladies these are shaped with straightforward principles spare, collect and offer advances to each other. Microfinance characterizes microcredit as the augmentation of little advances to business people excessively poor, making it impossible to fit the bill for customary bank advances. Microfinance is accessible for money creating exercises at low rate of enthusiasm with simple and periodical reimbursement. Amid 1960's and 1970's the key issue in agribusiness and country improvement was horticultural creation. Poor and Low salary individuals everywhere throughout the world have been associated with cash moneylenders who give simple access to credit however at a higher rate of premium. Prof. Yunus and Grameen Bank have demonstrated that even the poorest of the poor can work to achieve their own advancement. Microfinance is a reasonable measure to diminish destitution levels in our nation.
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