The Quest for Financial Inclusion and Microfinance Institutions in India

Financial inclusion refers to providing unconditional and affordable access to financial services in an effective and efficient manner for all needy people. Microfinance institutions (MFIs) play an important role in financial inclusion and societal development. One important part of the financial inclusion strategy is to provide access to finance to those people belonging to remote and disadvantaged areas. The aim of this chapter is to study the concept of microfinance and microfinance institutions and its impact on financial inclusion in India. This study provides recommendations to grow and sustain microfinance institutions to achieve greater financial inclusion.