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Abstract
In globalization era along with increasing global disparity between rich and poor people, it shows that the world has seen the ups and down with rise of a new poverty-fighting strategy. The world over at its culmination of the growing identity of micro finance as an instrument of poverty alleviation in the society at large. After this, micro finance role in poverty eradication as well as empowerment of the poor and weaker sections has gained excellent recognition in many countries and then even in a few developed nations too.
As per above meaning Microfinance organizations, by definition, small loans to help poor individuals/entrepreneurs to start or grow their businesses. It also includes various provisions of their other services such as micro-insurance, savings and other opportunities to the poor. Since micro finance beginnings in the late 1970s, it has spread exponentially worldwide and backing with countless governments along with influential international world organizations such as the United Nations-UN and the International Monetary Fund (IMF).