Microfinance has now become a movement that envisions an inclusive world in which low-income households have permanent access to a range of high quality and affordable financial services offered by a range of retail providers of financial services.......
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During the last decade we have come a long way promoting microfinance concepts in India. The impact at ground level is impressive. The allegiance to commercial banks and 'private industry', of the individuals and groups which associated with microfinance ignored the presence of a massive infrastructure and manpower which was redily available in cooperative societies in India. Even NABRD which was mandated to take care of the cooperative institutions went with the creamy layer of NBFCs and SHGs which was in a position to accept technology fast and make 'margins'. Even now, it is not too late to revive the cooperatives which are dying due to political interference and bad management.
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