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Microfinance refers to small savings, credit and insurance services extended to social and economically disadvantaged segments of society. It is emerging as a powerful tool for poverty alleviation in India. This working paper tries to outline the prevailing condition of the Microfinance in India in the light of its emergence till now. The prospect of Micro-Finance is dominated by SHGs (Self Help Groups) - Banks linkage Program. Its main aim is to provide a cost effective mechanism for providing financial services to the poor. Recently Union Rural Development Minister Jairam Ramesh wanted the help of SHGs for the establishment of DRDO designed bio-toilets in rural areas.

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How to Cite
SreeVarshini.R, & Rabina. (2019). Micro Finance in India: Contemporary Issues and Challenges. Thematics Journal of Geography, 8(12), 536-542. Retrieved from