Description

Micro Finance facilities is a scheme of a wide range of financial products and services for the poor and weaker section of the society also including the poor and socially marginalized masses of the country. Micro Finance financial products and services include access to credit facilities, saving facilities, insurance facilities, and payment services along with fund transfers, training, and counseling to poor households, new entrepreneurs and small businesses at cheap, affordable and reasonable rates.

In earlier times, the term 'Micro Finance' had a limited scope and definition which meant the financial only related to microloans to poor people or small businesses, exclusive of bank access and other services related to the same.

The basic machinery to provide such financial services to poor people or poor people or small businesses was in two folds.