A Study of perception and satisfaction of women for Microfinance Services in Rural and Urban Areas in Haryana (India)

Abstract

Microfinance, characterized by the provision of financial services without collateral, plays a pivotal role in improving the livelihoods of poor and low-income individuals. This study explores the transformative potential of microfinance in the context of women's empowerment, emphasizing its dual objectives of economic sustainability and gender equality. The study reveals a positive correlation between government policies and opportunities, suggesting a significant role for policymakers in enhancing financial inclusivity through sound regulations. The women in both rural and urban areas express satisfaction with microfinance services, acknowledging their economic and social impact. Importantly, microfinance is identified as a tool for financial inclusion, enabling women to break free from traditional domestic roles and achieve financial independence. To further strengthen the impact of microfinance, the study recommends tailored training programs for microfinance institution employees, particularly those interacting with less literate women in rural areas. Financial literacy campaigns are proposed to ensure widespread understanding, while minimal interest rates and simplified repayment policies are advocated for the benefit of impoverished women. The study concludes that microfinance services are instrumental in empowering women, fostering economic independence, and contributing to positive societal changes.