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Abstract
Microfinance is a type of banking service that is provided to unemployed or low income individuals or groups who would otherwise have no other means of gaining financial services. Micro finance through Self Help Group (SHG) has been recognized internationally as the modern tool to combat poverty and for rural development. Micro finance and SHGs are effective in reducing poverty, empowering women and creating awareness which finally results in sustainable development of the nation. The main aim of microfinance is to empower women. In this paper the role played by Microfinance in women 's empowerment are considered into three dimensions namely psychological, social and economical.
The present paper is an attempt to study the role of microfinance intervention in promoting women empowerment in rural India. To check the various schemes under which the micro finance tool is apply and the progress of this program the help of various data provided by the government and other institutions is included in this study. With the help this it is suggested that education facilities and family protection must be provided in proper way. Microfinance institutions should strengthen and expand their support to resource poor women.
Keywords: Microfinance; Rural development; Women Employment.
Introduction
Microfinance is the provision of financial services to low income clients who traditionally lack access to banking and related services. It focuses on alleviating poverty by providing financial services to poor women to take up income generating activities. Microfinance, a development tool to alleviate poverty in Asian, African and South American countries, gives quick and tangible results to the poor people, especially women. Micro-credit to the poor often works on the assumption that availability of finance will enable them to come out of the vicious circle of poverty.
Microfinance is the provision of financial services to low-income clients, including consumers and the self employed, who traditionally lack access to banking and related services. Microcredit, or microfinance, is banking the unbanked able, bringing credit, savings and other essential financial services within the reach of millions of people who are too poor to be served by regular banks, in most cases because they are unable to offer sufficient collateral. In general, banks are for people with money, not for people without. (Gert van Maanen, Microcredit: Sound...