Progress and performance of microfinance institutions in Haryana Sihag Rijul*, Kundu K.K., Kathpalia Jatesh Assistant Scientist, CCS Haryana Agricultural University, Hisar–125001, Haryana *Corresponding author email id: rijulsihag@hau.ac.in
Online Published on 30 March, 2024. Abstract Microfinance institutions in India have emerged as key players in promoting financial inclusion and meeting the financial needs of low-income individuals and marginalized communities in the country. With the limited coverage of traditional financial institutions in rural areas, microfinance institutions have stepped in to bridge this gap and provide access to credit, savings, pensions, and insurance facilities. These institutions play a vital role in addressing issues such as poverty reduction, income generation, women empowerment, and improving livelihood practices in India. The primary goal of microfinance institutions is to provide financial services to the poor and disadvantaged households who are not assisted by traditional banking sectors. This paper examines the existing performance and progress over the span of five years of microfinance institutions in Haryana. The awareness level of women and their satisfaction level after joining MFIs. The study was conducted by taking primary data from 80 respondents based on scheduled questionnaire in Hisar, Bhiwani and Karnal district of Haryana state in 2022-23. Data revealed that, there was continuous increase in formation of new self help groups in year 2020-21 (16.37%), 2021-22 (17.27%) and 2022-23 (2.20%) respectively. In addition, majority of women were found to be aware about services of Microfinance Institution(s). 95 per cent of women agreed that creditor’s staff is friendly and warm and loan utilization check is strictly followed. Thus the study concluded that overall microfinance institutions have become successful initiatives in the state of Haryana and if more women can be associated with it will lead to holistic development of the rural women. Top Keywords Micro-finance institutions, Women, Socio-economic, Income. Top |