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Microfinance refers to an array of financial services, including loans, savings and insurance, available to poor entrepreneurs and small business owners who have no collateral and wouldn’t otherwise qualify for a standard bank loan. Most often, microloans are given to those living in still-developing countries who are working in a variety of different trades, including carpentry, fishing and transportation.
India is growing economy with a large population. Government banks and private sector banks can not open their branch in every village. Though, Indian banks have increased their presence but still have limited reach in remote areas. Micro fiancé institutions (MFI) mainly working in villages / remote area to empower farmers and small business in village.
FEATURES OF MICRO- FINANCE INSTITUTION
MFIs functioning under different networks from the organizations concerned. The following are the key features of micro-finance Institution
Deals with low amounts of financing to people.
Must have a minimum net worth of as prescribed by the Regulator. .
Must be incorporated under the new Companies Act 2013, or the earlier Companies Act, 1956.
Has been registered with appropriate agency and obtained necessary licenses/ permits.
BENEFIT OF MICRO-FINANCIAL BUSINESS
Government of India and the Reserve Bank of India have created conducive policy framework for Microfinance Institutions (MFIs) to provide necessary legitimacy and impetus to the sector. The following are the benefit of Micro Finance Business.
Provide access to funding
Encourage self-sufficiency and entrepreneurship
It offers a better overall loan repayment rate than traditional banking products.
Strengthen financial condition for some days till situation gets better.
Help in meeting credit needs for such a population range from emergency loans, consumption loans, business loan, working capital loan, housing etc.
