Micro finance: A tool of social change

Micro Finance Institutions are becoming more popular and promoting additional capable ways to use inadequate development funds to complete the objectives of socio-economic development of rural sector. Microfinance is a provision of thrift, credit and other financial services and products of very small amounts to the poor in rural, semi-urban areas, for enabling them to raise their income levels and improve living standards. Purpose of this study is to know and examine the impact of micro finance on socio-economic development of rural people in the different regions of India. In this study, data has been collected to analyze the views of the people about the impact of MFIs on voicing concern, social mobility, freedom and development of network after getting MFI assistance through the empirical questionnaire containing different types of questions related to freedom to take decision for education and carrier of their children, level of Interaction within and outside the community etc. This study highlights that microfinance activities coupled with socio-economic development initiatives may bring cascading effect on the life of these rural people without facing any major constraints and hassles.