Overview

Introduction Microfinance has emerged as a tool for creating a financially inclusive society. Ever since the formal banking system showed limited concern towards reaching the poor on the premise that they were non-bankable. Initially, microfinance institutions (MFIs) started within the domain of non-governmental organizations (NGOs). With the passage of time, they expanded to more professional setups which brought competition and refinement in their operations. After substantial growth in the form of outreach their sustainability came to the forefront where along with social performance, financial performance was given equal importance. This led to the emergence of a double bottom line. However, an imbalance between the two, with more focus on financial performance led to the mission drift in the MFIs. The microfinance movement began decades ago which brought about a considerable change to the economic scenario of the poor. MFIs have been highly regarded for helping the poor. Poverty is a multifarious dilemma that causes impoverishment. It has various complexities that need to be eliminated from the root for all-around development. Ever since the dawn of civilization, various social and economic inequalities have occurred and contributed to making an unequal and poverty-driven society. The conventional forms of credit bridge the gap between the lenders and the borrowers which revolutionized trade and commerce

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9781383729801

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