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The Role of Microfinance in Poverty Reduction and Financial Inclusion in Rural Chhattisgarh

 Authors:

Dr.Suresh Kumar Pattanayak,

Associate Professor Amity Business School, Amity University, Chhatisgarh

Sagar Dutta, Student,

Amity Business School, Amity University, Chhatisgarh

ABSTRACT: The concept and role of microfinance for the social upliftment and rural development is well known. Micro financing involves the provision of financial services such as saving, loans and insurance to poor people who are unable to obtain such services from the formal banking system. Microfinance is the new mantra for rural financing. Thephenomenal growth of micro finance evident form the fact that SHG has increased over 2 million. At present it is estimated that present minimum requirement of microcredit is over 70,000 crore.

Micro financing institutions are playing more significant role in inclusive growth of the country by alleviating poverty and helping in rural development. InIndia various agencies are working to provide microcredit to the poor. The present paper discuss in detail role play by the microfinance in the rural development by focusingon its impact on poverty, women empowerment, technology application and household level.