Microfinance in the state of Jammu & Kashmir

Wani, Mohmmad Younus
The author presented more than 10 papers in many international conferences that held in many parts of India and also published more than 6 papers in different reputed journals. This is his second book.

Microfinance can broadly be defined as financial services provided to entrepreneurs and small businesses that lack access to such services or do not generally qualify for such services (bank loans). In present day era, microfinance can be associated with the Grameen Bank of Bangladesh. Mohammad Yunus of Bangladesh was the trailblazer of this idea which received much attention and support throughout the world. The idea was to create economic and social development from grass root levels especially poor which were left by the market growth process. The concept behind his idea was quite simple, which the modern day and the ancient economists have all agreed to, that the sustainable development cannot be achieved without the larger chunk of population creating ways and means to break the shackles of the vicious circle poverty. He started his experiment by becoming a guarantor of loans to the poor, especially women, who otherwise were not qualified to subscribe to the loans due to lack of confidence in repaying the loans. Surprisingly poor people paid back these loans. And there his experimentation paved way for building what he called the social business.