Abstract
In a developing country like India, there is a need to support low-income families as well as to uplift them and to provide those people with a better standard, through supporting them financially in a more efficient way. And, there came the concept of "microfinance," which is a form of financial service, that provides small loans and other financial services to poor and low-income households in a consistent and legitimate way. It is an economic tool designed to promote financial inclusion, which enables poor and low-income households to come out of poverty, increase their income levels, and to improve their overall living standards.
Keywords: Financial service, Legitimate way, financial inclusion, living standards
References
1. Government of India (2023), Key Features of Budget 2023-24, Department of Economic Affairs, Ministry of Finance, Government of India, New Delhi.
2. Status of Micro finance in India from 2021 to 2023
3. https://www.nabard.org