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In India, the micro finance initiative of National Bank for Agriculture and Rural Development (NABARD) has passed through various phases over the last two decades, viz. pilot testing during 1992 to 1995, mainstreaming during 1996 to 1998 and expansion from 1998 onwards. Micro finance has emerged as a visible credit channel to the poor as their access to conventional credit sources is constrained by the requirement of collaterals and high transaction costs. Micro ...
After achieving Independence in 1947, the Government of India and the Reserve Bank of India (RBI) have made concerted efforts to provide the poor with access to credit. Despite the phenomenal increase in the physical outreach of formal credit institutions in the past several decades, the rural poor continue to depend on informal sources of credit. Institutions have also faced difficulties in dealing effectively with a large number of small borrowers, whose credit ...