Question
How has micro-credit gained promotion in India? Further, discuss microfinance for livelihood and its importance in livelihood finance.
Answer :
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Micro-credit in India has gained promotion through a combination of policy support, institutional innovation, and community-based approaches that aim to enhance financial inclusion among the poor, particularly women and marginalized groups. One of the most significant drivers has been the Self-Help Group (SHG)-Bank Linkage Programme initiated by NABARD in the early 1990s. This model encourages small groups, especially of rural women, to pool their savings and access collateral-free loans from banks. Over time, this initiative expanded rapidly due to its participatory approach, peer monitoring, and high repayment rates, making it a cornerstone of micro-credit expansion in India. Government interventions have further accelerated the promotion of micro-credit. Schemes such as the National Rural Livelihood Mission (NRLM) and National Urban Livelihood Mission (NULM) have emphasized the formation and strengthening of SHGs, capacity building, and financial literacy. These programs integrate credit with skill development and livelihood support, ensuring that credit is used productively. Additionally, priority sector lending norms mandated by the Reserve Bank of India require banks to allocate a portion of their lending
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