| Subject: | Economics |
| Title: | The Impacts of Microfinance and Self-Help Groups on Rural Livelihoods |
| Author(s): | Debia Yoyum |
| Published on: | 30th September 2024 |
| Published by: | Lyceum India |
| Name of the Journal: | Lyceum India Journal of Social Sciences |
| | Volume: 1, Issue: 3 | Pages: 67-69 |
| Original DOI (if any): | 10.5281/zenodo.13856726 |
| Repository DOI: | |
| Abstract: | The present paper highlights the impacts of Microfinance services on the members of the self-help groups. This paper results from the literature reviewed from various articles and journals related to microfinance services through self-help groups in India. Microfinance approaches have emerged as the most successful method to fight against rural poverty in the country. This method has been successfully implemented in India since 1992 when the National Bank for Agriculture and Rural Development (NABARD) introduced the program for linking banking. NABARD introduced a bank-linking program through the Self-Help Groups to provide loans to rural people at very minimum interest without collateral. Many poor and uneducated women have access to loans without stringent formal paperwork. The result, several households, and individuals have benefited. They lent loans to invest in income-generating activities and establish small businesses. This not only helped them in times of unpredictable challenges but also assisted other marginalized individuals by providing them with employment. This paper seeks to explore the positive impact on the members of the SHGs through microfinance services within the SHGs. |
| Keywords: | Microfinance, self-help groups, rural poverty, India |
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