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Microfinance and Self-Help Groups (SHGs) have emerged as pivotal mechanisms in the field of rural development in India. They aim to provide financial access to the rural poor, particularly women, and promote inclusive growth by reducing poverty and improving livelihoods. Microfinance refers to the provision of financial services to low-income individuals or groups who traditionally lack access to conventional banking services. Self-Help Groups, on the other hand, are small voluntary associations of people who come together to save, contribute to a common fund, and access credit collectively for economic and social purposes. Together, microfinance and SHGs have transformed the rural financial landscape in India and are recognized as essential instruments for achieving social and economic empowerment. The concept of microfinance in India gained significant momentum in the early 1990s, though informal financial practices have existed in rural communities for centuries. Microfinance primarily involves the provision of small loans, also known as microcredit, to poor households who are excluded from formal banking due to the lack of collateral, low income, or inadequate credit history. Beyond credit, microfinance often includes other financial services such as savings, micro-insurance, and financial literacy training. The underlying principle of microfinance is that poverty alleviation can be achieved by empowering individuals with access to small, need-based financial resources, which they can utilize for income-generating activities, asset creation, and improvement in living standards. In the Indian context, the microfinance movement gained prominence with the Self-Help Group-Bank Linkage Programme (SHG-BLP) initiated by the National Bank for Agriculture and Rural Development (NABARD) in 1992. The core idea was to link informal groups of poor individuals, primarily women, with formal banking institutions to ensure access to credit without traditional collateral requirements. This approach not only increased financial inclusion but also encouraged collective decision-making, peer monitoring, and repayment responsibility among group members. Microfinance _________ ___ __________ _________ ___ _________.
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