SUCCESS OF MICROFINANCE ORGANIZATIONS IN INDIA A STRATEGIC VIEW
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Abstract
Formal financial sector institutions in India have been mainly serving the needs of commercial sectors and people belonging to middle and upper income groups. The needs of the lower income groups and poor are not catered by formal financial institutions because of many factors. This paper tries to explore all those factors that contribute towards the development of microfinance organizations in India. A careful research on demand for financing and saving behavior of the potential borrowers and their participation in determining the mix of multipurpose loans are essential in making the concept work. For microfinance institutions to be successful in our country they have to increase the credit worthiness of the poor and they have to be made more “bankable” so that we are able to create a stronger society with a balanced economy having less disparity between the rich and the poor.
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