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Microfinance companies impacting rural development
(MENAFN- Life and Style News) ..
There is a large section of the society that thrives on the margins of financial inclusivity, especially in the rural and remote parts of our country. Microfinance as an institution empowers such individuals, who might not have access to formal banking, to diversify livelihood options, build own assets and reduce the vulnerability induced by economic stress. While it covers a broad range of financial services, it eventually fosters rural development up to a very significant stage. There are a few microfinance companies in India that aided the economically vulnerable strata of the society, and eventually the Indian economy even when the cycle came to a standstill due to the pandemic.
Muthoot Microfin
The microfinance arm of the Muthoot Pappachan Group, Muthoot Microfin Ltd is one of the pioneering companies in the sector. As an institution, it promotes entrepreneurship among women in the rural parts of the country by ensuring affordable terms, quick turnaround and easy processing. Through an app named Mahila Mitra, women in remotest parts of the country can easily do all processing with simplified and diversified payment options, location to nearest branch etc. The sense of empowerment that Muthoot Microfin is instilling among women entrepreneurs in marginalized sections and rural locations is eventually impacting rural development as a whole.
Annapurna Finance
The microfinance organization reportedly serves more than 50,000 people across the country through a range of financial services and products designed for the welfare of poor and underprivileged. It offers loans, insurance as well as deposit services. With over 40 branches across the country, Annapurna Financial is definitely amongst the most widely reached microfinance organizations. It provides collateral free loans to women living in remote villages. Apart from offering both financial and non-financial services, Annapurna Finance also allows the borrowers to undergo financial literacy training.
Spandana Sphoorty Financial Ltd
The journey of Spandana began nearly 24 years ago as a society that eventually transformed into an NBFC and subsequently into an NBFC-MFI. The company has presence in 18 states across India, with more than a thousand branches. The different offerings of Spandana Sphoorty include a unique loan designed to help low-income households expand their income activities, loan against property, personal loans for purchasing livestock, raw materials etc. As per the company, "Spandana was founded as a response to a deeply rooted need and an opportunity within the context of rural India and continues to operate with the same philosophy".
Bharat Financial Inclusion
Even as the company has diversified its portfolio across different financial products and services, its core offering continues to remain microfinance. The company provides small-scale collateral-free loans provided under a model named joint liability group. It provides credit facility to women for the purpose of income generation. While the loan amount starts from Rs 10,000, the company also offers Aadhaar-based banking in rural areas.
There is a large section of the society that thrives on the margins of financial inclusivity, especially in the rural and remote parts of our country. Microfinance as an institution empowers such individuals, who might not have access to formal banking, to diversify livelihood options, build own assets and reduce the vulnerability induced by economic stress. While it covers a broad range of financial services, it eventually fosters rural development up to a very significant stage. There are a few microfinance companies in India that aided the economically vulnerable strata of the society, and eventually the Indian economy even when the cycle came to a standstill due to the pandemic.
Muthoot Microfin
The microfinance arm of the Muthoot Pappachan Group, Muthoot Microfin Ltd is one of the pioneering companies in the sector. As an institution, it promotes entrepreneurship among women in the rural parts of the country by ensuring affordable terms, quick turnaround and easy processing. Through an app named Mahila Mitra, women in remotest parts of the country can easily do all processing with simplified and diversified payment options, location to nearest branch etc. The sense of empowerment that Muthoot Microfin is instilling among women entrepreneurs in marginalized sections and rural locations is eventually impacting rural development as a whole.
Annapurna Finance
The microfinance organization reportedly serves more than 50,000 people across the country through a range of financial services and products designed for the welfare of poor and underprivileged. It offers loans, insurance as well as deposit services. With over 40 branches across the country, Annapurna Financial is definitely amongst the most widely reached microfinance organizations. It provides collateral free loans to women living in remote villages. Apart from offering both financial and non-financial services, Annapurna Finance also allows the borrowers to undergo financial literacy training.
Spandana Sphoorty Financial Ltd
The journey of Spandana began nearly 24 years ago as a society that eventually transformed into an NBFC and subsequently into an NBFC-MFI. The company has presence in 18 states across India, with more than a thousand branches. The different offerings of Spandana Sphoorty include a unique loan designed to help low-income households expand their income activities, loan against property, personal loans for purchasing livestock, raw materials etc. As per the company, "Spandana was founded as a response to a deeply rooted need and an opportunity within the context of rural India and continues to operate with the same philosophy".
Bharat Financial Inclusion
Even as the company has diversified its portfolio across different financial products and services, its core offering continues to remain microfinance. The company provides small-scale collateral-free loans provided under a model named joint liability group. It provides credit facility to women for the purpose of income generation. While the loan amount starts from Rs 10,000, the company also offers Aadhaar-based banking in rural areas.
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