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FAQ's on Registration of Microfinance Institutions

Savings, deposits, insurance, loans, pensions, and credit are all examples of microfinance services. In a nutshell, it includes both credit and non-credit activities. Microcredit includes both a loan and credit, implying only credit activities.
Numerous researchers and decision-makers conclude that microfinance promotes entrepreneurship, boosts income-generating activity and thus alleviates poverty, empowers the poor (particularly women in developing nations), expands access to health and education, and fosters social capital within disadvantaged and vulnerable communities.
The major cons are not very different from any regular lending channels and include rising death cases among borrowers due to financial stress, deepening poverty, high-interest rates, disrespect to borrowers, and an overall decline in the community cohesiveness.
Many researchers and policymakers believe that microfinance promotes entrepreneurship, increases income-generating activity and thus decreases poverty, empowers the poor (particularly women in developing countries), increases access to health and education, and creates social capital among vulnerable and poor communities.
It all began when economist Muhammed Yunus, a nobel prize winner from the neighbouring country of Bangladesh, began making small loans to poor families in neighbouring villages to break their cycle of poverty during the famine of the 1970s. NABARD took this idea and started the concept of MFIs in India.

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