A Study for Developing a Microfinance Product in India

Microfinance is a sort of banking services given to people1 with low income, who generally would have no different access to financial services. The objective of Microfinance is to eventually offer the individuals the chance of being financially free. Numerous individuals look to family, companions, or even credit sharks for assistance. Microfinance enables people to assume financial services securely, and in a way that is reliable with moral lending practices. The researcher after analyzing the research papers, have found that the Microfinance has a long way to go. Microfinance plays a key role in the lives of the individual with low income by giving him access to the capital. India is a developing country and still it faces the problem of poverty and Microfinance can help India curb Poverty2 issues. This topic has been chosen by the researcher to study various aspects of Microfinance within the Indian boundaries like, how it can provide sustainable solutions to people with lower income, how it can encourage savings and investments within the community and how it can offer economic gains even after the income levels remain same. The research design included conducting interviews, carrying out survey about Microfinance and its products, and using the secondary sources to meet the objectives of the research. Grounded Theory Analysis has been used by the researcher to analyze the data. The research may provide the readers, insights on what more is needed to spread the impact of Microfinance. The research will investigate the benefits of collaborating Microfinance with Stock Market and Health Insurance. The research proposes three financial products, which can attract the poor and thus satisfy the ultimate objective of Financial Inclusion. Cost of providing the services remains bottleneck of most of the Microfinance Enterprises. This study only deals with the necessary aspects3 of services and products required to help people raise their standard of living. Further there is a scope to carry out research on risks associated with Microfinance enterprises and its products and finding out ways to curb those risks. Tejas Sanjay Lad | Prof. Pallavi Rahul Gedamkar "A Study for Developing a Microfinance Product in India" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-3 | Issue-6 , October 2019, URL: https://www.ijtsrd.com/papers/ijtsrd28063.pdf Paper URL: https://www.ijtsrd.com/management/equality-diversity-and-inclusion/28063/a-study-for-developing-a-microfinance-product-in-india/tejas-sanjay-lad