....The Reserve Bank of India appointed a sub-committee of its board to look into issues concerning the microfinance sector and its implications on policies of the banks. Then the RBI Deputy Governor said “Already banks have been allowed direct lending at a small charge in remote areas through business correspondence and technology have been introduced to reach out the unbanked areas” With a view to improve poor people, a pilot project for providing micro credit by linking Self-Help Groups (SHGs) with banks was launched by National Banks for Agriculture and Rural Development (NABARD) in 1991-92 with a view to facilitating smoother and meaningful banking with the poor. RBI had then advised commercial banks to actively participate in this linkage programme. The scheme has since been extended to Reginal Rural Banks (RRBs) and co-operative banks.......
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