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 ...
