The Holistic Metamorphosis of Rural Lives Through Microfinance

Abstract

Microfinance has been associated with playing a radical role in transforming any economy, especially where the goals are to uplift the disadvantaged sectors. It is also considered to be an important tool for helping poor people in order to fulfil their basic needs. It has got an immense capability to safeguard the vulnerable by its ripple effects from certain financial risks and poverty. Some call it a “poverty vaccine” for people living in rural areas. It also aims at assisting the various communities, economically as well as the socially excluded, focus on asset creation as well as for creating source of income. The holistic metamorphosis of rural lives is possible through the microcredit interventions, and the instances are plenty. In this pandemic, where the economies are facing huge economic crises, the rural vulnerable and the excluded sections have suffered the most. In this phase of transformation, the microfinance intervention with re-oriented objectives can again prove to be an effective tool for reviving the economy as a whole.