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The History Of Micro Credit As A Means For Development Of Poor Nations

1689 words - 7 pages

The Indian population lacks opportunities such as financial resources and the ability to get jobs. They are stuck in an endless cycle with no opportunities for people to lift themselves out of poverty. Microcredit has been used as a method by governments in developing countries, international funding organizations and donor agencies, in order to help the poor make money since the 1950’s. During the 1950s and1960s, the Indian government started disbursing loans to families in rural areas that worked in the agricultural sector as well as city-dwelling families to promote economic growth throughout India with collaboration with the Indian Government. Households in the agricultural market were divided into three different groups of workers who did different types of work. The ones doing similar work were put in the same group and the amount of loan they would get depended on the type of work they did.
The first group was medium to small agricultural farmers. They were the artisans and people who rear poultry and other landless livestock. The second group was micro-enterprise workers. They were either agricultural or poultry/dairy farmers who sell their crops and produce. The non-farm sector-micro-enterprise workers who work in repair shops, wooden furniture making shops, etc were also included in this group. The third group was small agricultural, poultry, dairy-based enterprises; and non-farming individuals. The group employ 6-10 workers, working in enterprises. By 1969, Prime Minister Indira Gandhi started to nationalize commercial banks. The nationalisation of commercial banks was beneficial as they could go public in order to meet some of the new policy goals, such as making it easier for non-wealthy individuals to have access to a bank. Nationalization had four main goals: 1.“to stop corporations from controlling all the banks; to use bank resources to distribute the wealth more equally; to organize public savings (including the rural areas); and to focus on agriculture and small industry”. As a result of this, thousands of new bank branches were opened throughout rural India in the 1970s. During this time, loans were given to artisans as well as to agricultural and dairy farmers. One of the main goals of these new banks was to stop the moneylenders from providing loans. The banks as well as their policies became an important part of the economy. The government started focusing on economic development and credit planning. The banks therefore started distributing loans in rural communities to agriculture and small-scale industries. The aim was to bring about economic and social change. They aimed to do this through the allocation of loans. Two decades later in the 1990s as the economy started expanding and becoming more competitive, microfinance institutions (MFIs) started to become popular in India as the economy started expanding and becoming more competitive. In 1992, the National Bank for Agriculture and Rural Development (NABARD) started a...

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