Abstract
In addition to subsidies, individuals living in poverty require access to credit. Lack of formal employment renders them non-‘bankable’, pushing them towards borrowing from local moneylenders who charge exorbitant interest rates. Numerous innovative institutional mechanisms have been established globally to facilitate credit access for the poor, even in the absence of formal collateral. This paper delves into the conceptual framework of a microfinance institution in India, drawing from the successes and failures of various microfinance institutions worldwide to create a model microfinance institutional mechanism for India
References
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