ASSESSMENT OF OUTREACH OF MICRO FINANCE INSTITUTIONS IN MADHYA PRADESH
Microfinance allows individuals to get small business loans in accordance with moral lending criteria. In India, microfinance services are more often distributed through either the bank-led Self-Help Groups-Bank Link Programme plan or the Microfinance Institutions Institution driven strategy. The major part of non-profit MFIs are certified as trust or societies, and their operations are governed by the respective Acts. The vast majority of non-profit organisations serving as financial mediators in business were established as trust or societies. Many of them contributed to the growth of the industry by supporting SHGs to form federations that carried out many non-financial but crucial responsibilities, such as socially and capacity building activities, SHG promotional trainings, internal audits, and functioning as backward and forward links. Traditional banking institutions provide the largest access to financial services; nevertheless, microfinance organizations are playing an increasingly crucial role in providing the unbanked with financial services. The state of Madhya Pradesh has pledged to attain truly representative financial inclusion. Madhya Pradesh makes a lot of attempts to democratize the financial services. Direct account transfer has been incorporated into all significant beneficiary-focused government programmes as part of the state's aim to broaden the use of digital financial services. The phrase "NGO MFI" is commonly used to refer to all MFIs of this sort that are registered as societies, trusts, or section 8 businesses because they are primarily social enterprises with the goal of helping the needy rather than making a profit from their microfinance operations.
Microfinance, Microfinance Institutions (MFIs), SHG, Madhya Pradesh, financial services.