Microfinance After 2010 (A Sociological Study)

For the empowerment of women in a developing country like India, it is necessary to make them financially empowered. Thus the role of microfinance institutions becomes important in this regard. These institutions are working with a special philosophical thinking .Women are the backbone of the family and understand the use of credit very well. These institutions provide financial assistance to these women in the form of microfinance, so that women start self-employment and use it in the promotion of pre-run business. Of course, an entrepreneurial attitude is developed in the form of reward and this quality gives rise to entrepreneurial tendencies like self-reliance, leadership ability, decision-making tendency, risk management .In this way, women of Indian traditional patriarchal thinking step on the first step of empowerment by breaking free from the shackles of inferior status in the society. Continuously this process leads to their political, social psychological empowerment and thus keeping in view the above fact, the researcher has thought of presenting a sociological approach in this subject .Women empowerment means that women should be given independent environment as well as they can live with humanity, self-respect and self-reliance. According to eminent sociologist and Kabir, women empowerment provides the ability to get those opportunities of life, women were deprived from the day till today. According to UNICEM, women’s empowerment refers to the ability to create various opportunities, to increase the ability to achieve them, to create a sense of self-esteem, to change in certain directions, to create confidence in one’s own ability and to control one’s own life.Women can be empowered only when she has complete control over her own life.

                   At present, the concept of microfinance can be traced to the rural bank model of Bangladesh. This model was started by Mohammad Yunus in 1970.The beginning of micro finance in India can be traced back to an organization called Shree Mahila Seva Sahakari Bank of Gujarat in 1974.Turned into a formal self-help group by 1980.About 27% of the people in India live below the poverty line. Among these over 60% people have no access to the mainstream Banking for loan purpose. They get loans from informal sources. Only 20% people have access to formal sources of loaning. Thus in India annually 60000 crores rupee needed for loan purpose whereas only 12000 crores rupees have been disbursed through Formal sources like Banking.  Here comes a big difference between demand and supply. Microfinance institutions which are registered as nbfc-mfi can play a big role in this sector. Defining microfinance, it has been said that this example is a process of withdrawal as well as other financial services in which small amounts of credit are provided to the poor people of rural, semi-urban and urban areas so that they may uplift their income level and improve the standard of living.