IJSR - International Journal of Scientific Research

Ranganatha B; Dr. Sunitha V Ganiger

Volume : VI, Issue : I, January - 2017

CHALLENGES OF MICRO FINANCE INSTITUTION IN FINANCIAL INCLUSION AND SOCIAL DEVELOPMENT

Ranganatha B, Dr. Sunitha V Ganiger

Abstract :

In the last two decades India has witnessed a whooping comprehensive, vigorous growth which has not only led for economic progress but also a cosmic social development especially in the areas of functional literacy, employment creation, empowerment of weaker sections, health care facilities, infrastructural development, rural and development through Micro Finance Institutions. It is said that services provided by the Micro Finance Institutions otherwise called as MFIs play a paramount role through financial inclusion in social development. MFIs in India are operated through NGOs, Cooperative Societies, Commercial Banks, Regional Rural Banks (RRBs) and other large lenders who provide financial services to the under privileged and needy with a affordable price. Streeshakti and Swashakti programmes were launched as part of promoting micro finance. The present study makes an attempt to understand the role of micro finance institution in the social development of weaker sections and challenges faced by them. The data is collected through secondary sources and a pertinent analysis is done in the interpretation of our findings.