Status of Microfinance in the World

Abstract

Objective: The present study tries to study the concept of microfinance around the world and India.

Method and Statistical Analysis: This study is based on analysis of secondary data. Various reports have been analyzed in order to achieve the objectives.

Findings: The result shows microfinance is very prevalent now a day. Many independent studies carried out by external agencies which include the World Bank, the International Food Research Policy Institute (IFPRI) and the Bangladesh Institute of Development Studies (BIDS), reveals the Grameen Banks and microfinance institutions provide positive impact on its poor and formerly poor borrowers, which has been properly documented for future reference.

Application/Improvements: Microfinance is a bridge to financial services for those small entrepreneurs and small businesses that have limited access to banking and related services. It provides for high quality and affordable financial services to low income people and households for productive activities, build assets, stabilize consumption, and protect against risk.