Question
Explain the term Micro Finance Institutions (MFIs).
✓
Answer
Micro Finance Institutions (MFIs):
- They offer rural credit on concessional interest rates.
- The beneficiaries of this scheme are the marginal farmers, landless labourers, artisans, and craftsmen in the rural areas.
- However, small farmers are unable to access rural credit.
- It is due to its inflexible procedure and high transaction cost.
- Thus, NGOs (Non- government Organisations) help the rural poor.
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