MICROFINANCE INROADS INTO MARGINALIZED COMMUNITIES

The highest concentration of poor and outcast people in the world may be found in India. With India's population rapidly expanding, this service is more important than ever. On top of that, there are a plethora of other problems associated with living in poverty, such as a lack of access to healthcare, disease, premature mortality, and the harassment of women. All of these predicaments need an immediate, comprehensive strategy to aid the poor. Microfinance is also important since traditional banks sometimes turn down loan applications from persons who are at or below the poverty level. In the 1980s, the Indian government acknowledged that the country's banking rules and practices were inadequate to meet the requirements of its poorest citizens. That's why they have to depend on the help of the unorganized sector when they need money. They often seek financial aid from outside parties such as private agents, money lenders, and others. National Bank for Agriculture and Rural Development, or NABARD, of India, inspired by the success of the idea of Grameen Bank (Bangladesh), proposed numerous different policies and processes for aiding these underserved communities