What is Microfinance? Discuss the factors that have Encouraged Microfinance in India.

Microfinance is a financial service offering small loans, savings, and other basic financial services to low-income individuals or groups who lack access to traditional banking services. It emerged as a response to the lack of financial inclusion for the poor, particularly in developing countries. Microfinance institutions (MFIs) typically provide these services, aiming to empower the economically marginalized by enabling them to start or expand small businesses, smooth consumption, and build assets.

In India, microfinance has gained significant momentum over the past few decades, driven by various factors:

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