IMPACT OF MICRO FINANCE GIVEN BY ESAF SFB TO THE UNSERVED SOCIETY

  • Dr. B. Ganesh

Abstract

            Microfinance is the provision of broad range of financial services such as deposits, loans, payment services, money transfers and insurance to poor people and low income households and their micro enterprises. It is an effective tool for making the banking services accessible to the rural unbanked areas. Improved access and efficient provision of savings, credit and insurance facilities would enable the poor to set up micro enterprise, build up economic assets, manage the risks better and enhance income earning capacity and resultantly improve their standard of living. Micro-finance programs have, in the recent past, become one of the most promising ways to use scarce development funds to achieve the objectives of poverty alleviation. Furthermore, certain micro-finance programs have gained prominence in the development field and beyond. The basic idea of micro-finance is simple: if poor people are provided access to financial services, including credit, they may very well be able to start or expand a micro-enterprise that will allow them to break out of poverty. Thus, micro-finance has become one of the most effective interventions for economic empowerment of the poor. ESAF Small Finance Bank (ESAF SFB) the new age social bank continues to redefine the banking experience to all the stakeholders. It primarily focuses on expanding the banking horizon to new unbanked/under banked areas.

Published
2019-01-11