Role of microfinance in poverty alleviation: A case study on Patna district

Abstract

Poverty has been a chronic problem in India and around the globe. A major part of Bihar's population is also affected by acute poverty for decades. Microfinance has been proven to be an effective tool in alleviating poverty in different parts of the world, including India. A lot of experiments have been done by different models of microfinance institutions in Bihar to change the lives of poor and deprived in the state. And these have borne fruits over the years. This paper is focused on the role of microfinance in the Patna district of Bihar. It tries to provide an overview of how microfinance has made weak and poor people confident and bread-winners by providing them financial aids. This paper presents an incisive critique of microfinance in Patna as a full-proven strategy in growth and development of Patna district.