MICRO FINANCE - AN ALLEYWAY TO FINANCIAL INCLUSION

Registration ID: IJNRD_182405

Published ID: IJNRD2208051

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Upasana Gutt , Chetna Grewal

MICRO FINANCE - AN ALLEYWAY TO FINANCIAL INCLUSION

In developing areas of the world with very little economic structure, not all tasks are carried out with money. In other words, not many activities are monetized as people in these areas do not have the expendable funds required. To confront this issue, micro finance has become increasingly more evident in these areas of distress. The idea of Micro Finance was thus developed by Famed economist Muhammed Yunus(Banker to the Poor), a noble prize winner as an economic development strategy that allows for those in need to take small-size loans, savings, insurance or other financial services to grow a business, building assets, managing risk. Furthermore, micro finance works as an alternative to provide loans to poor intellects with an aim to create financial inclusion. India is popular for its intellectual workforce around the world. However, due to lack of finance available to these eggheads, their intellect truncates and left themselves with no other option except to compromise with the life they live. On the one hand, poor people cannot provide the necessary collateral security often demanded by the banks as they are not well endowed and on the other hand, the banking institutions find it difficult to recover the high cost involved in dealing with initiators due to high risk involved. As they strive to satisfy their basic investment needs, they sometimes rely on informal sector money lenders whose loans attract exorbitant interest rates thereby putting borrowers in perpetual debt traps. Lack of access to finance is a key reason why poor people remain poor.

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Upasana Gutt & Chetna Grewal (August-2022). MICRO FINANCE - AN ALLEYWAY TO FINANCIAL INCLUSION. INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT, 7(8), 453-460. https://ijnrd.org/papers/IJNRD2208051.pdf

Volume 7 Issue 8, August-2022

Pages : 453-460

Paper Reg. ID: IJNRD_182405

Published Paper Id: IJNRD2208051

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