Microfinance or microcredit is provided to unemployed or low-income people who do not have access to formal financial services. Under microfinance, loans, credit, insurance, savings bank account are provided to small business entrepreneurs. Microfinance is not a new concept and has been in existence from the 18th century. The modern microfinance was conceptualised by Mr. Muhammad Yunus in 1976 by formation of Grameen Bank in Bangladesh. In India, Mr. Vikram Akula commenced SKS Microfinance (now known as Bharat Financial Inclusion Ltd) in 1997 on lines of Grameen Bank initially as a non-profit organisation and later as for-profits.
Microfinance In India
Microfinance In India
Microfinance In India
Microfinance or microcredit is provided to unemployed or low-income people who do not have access to formal financial services. Under microfinance, loans, credit, insurance, savings bank account are provided to small business entrepreneurs. Microfinance is not a new concept and has been in existence from the 18th century. The modern microfinance was conceptualised by Mr. Muhammad Yunus in 1976 by formation of Grameen Bank in Bangladesh. In India, Mr. Vikram Akula commenced SKS Microfinance (now known as Bharat Financial Inclusion Ltd) in 1997 on lines of Grameen Bank initially as a non-profit organisation and later as for-profits.