To measure Socio Ecconomic Impact on Living Standards of Individual Beneficiaries of Credit Societies

Abstract

Banking policies, procedures and systems were not suitable and sufficient in early 1980 s for poorer sections of society, which they used to borrow money from money lenders in unorganized manner. International Labour Organization (ILO) defined Microfinance is an economic development approach that involves providing financial services through institutions to low income clients . NABARD has suggested alternative policies, procedures and systems for poorer and introduced microfinance in banking sector. Microfinance is the provision of broad range of financial services provided to poor and low income clients so as to help them to raise their income and standard of living. SIDBI has also evolved innovative schemes to finance MSMEs to boost contribution of this sector for economic development of Indian economy. The policy measures of Government of India and RBI helped speedy growth of Institutions providing financial services to poor people in rural and urban areas of India. newline newline