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Micro- Finance-
We observe changes occuring in the Indian Finance Department.
Micro-Finance is one such change. It is to improve the economical status of the people of India, to do Social service, and provide valid reasons to live.
What is Micro-Finance?
Micro-Finance provides small loans to the down-trodden and economically backward people to do small business and thereby earn money.
Loans varying from Rs. 500 to 50,000 can be availed against security. The minimum interest and the principal must be returned by the borrower within the specified period. The loan thus collected will again be lent to those in need. The Micro-Finance division of the Private and the government recognized banks are engaged in these activities.
The economically down-trodden who avail money through Micro-Finance invest the loan not only to pick up better life style but also to earn money to get things they require.
How to avail Loan?
These loans aim at women to improve their financial status. The women take-up ‘Micro-Enterprises self-employment’ like manufacturing pickles, selling vegetables etc., and generate income with the loan amount. There will be a plenty of job opportunities created in future, in this new, fast developing sector.
What are the areas of work?
There is a great need for field officers to ensure that the loan got through Micro-Finance reaches the poor properly. Professionally efficient persons are required to plan and train those who have received ‘Micro-Finance’ to carry out their business systematically. The Micro- finance Institutions, ‘MFI’, plan these activities and take steps to implement them. There are numerous opportunities for professionals in the Micro-Finance division of ABN Amro, the State Bank of India, ICICI, and HDFC and in prime micro financing institutions like Bandhan Micro-Finance, Share Microfin and S.K.S.Microfinance. Experts from a few selected sectors can also work as consultants in Micro-Finance.
What is the Salary like?
Those who join after their completion of Plus 2 may get Rs. 5,000. Fresh graduates and M.B.As have scope to earn between Rs. 15,000 -- 20,000 pm., and after a period their salary is likely to go up to one lakh pm. Besides, they can also get accommodation and food from government grants.
What is the eligibility?
Any graduate is eligible to be selected as a field officer, but the first choice is, persons who have completed their degree in Social Science.
Micro-Finance activities are carried out in the concerned villages coordinating with those who have completed plus 2. Management of Rural Development and Micro Finance Studies are offered at IRMA Anand (Gujarat), XIMP at Bhuvaneshwar, Delhi school of Social Work and Enterprises Development Institute at Ahmedabad.
U.N. also offers an online study in this. For the past few years , this sector has been experiencing an exceptional growth of 300% per year in the fast growing Indian economy. Due to the growth in Indian economy and because of the potential in many villages, this sector’s progress is phenomenal.
