Impact of Microfinance Bank on the Performance of Small Scale Business in India

ABSTRACT

Microfinance is a type of financial service that caters to low-income customers, such as people and those who have previously had access to banks and other financial services. The movement aspires to give ’permanent access to a variety of outstanding financial services for as many poor and near-poor families as possible, not just to credit but also to savings, insurance, and fund transfers.’ Those who feel it will aid in the emancipation of the poor. Microfinance is a type of financial enterprise that consists of small and large financial institutions that provide small-scale financial services to people in rural and urban areas, primarily the poor. MFIs range from indigenous, rotational, loans, and self-help organizations through financial cooperatives, rural banks, and community banks, as well as NBFIs like credit non-governmental organizations, development banks, and trade banks.

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