BANKING AFFAIRS

Detailed explanation-1: -Micro credit or micro-finance is a novel approach to banking with the poor. In this approach, bank credit is extended to the poor through .

Detailed explanation-2: -Microfinance, also called microcredit, is a type of banking service provided to unemployed or low-income individuals or groups who otherwise would have no other access to financial services.

Detailed explanation-3: -Microcredit is a method of lending very small sums to individuals to start or expand a small business. Microcredit borrowers tend to be low-income individuals living in parts of the developing world; the practice originated in its modern form in Bangladesh.

Detailed explanation-4: -Micro credit refers to credit and other financial services provided to the poor through Self Help Groups (SHGs) and non government organisations. The Self Help Groups are playing a crucial role in meeting the credit requirements of the poor by inculcating saving habits among the rural households.