Define Microfinance ?

          Microfinance

 In India, Task  Force on micro finance define micro finance as "provision of thrift, credit and other services and product of very  small amount  to the poor in rural, semi urban , or urban areas for enabling them to raise their income levels and improved living standards".

            Micro finance , according to United Nation ,"refers to loans, saving , insurance and other financial products targeted low-income clients".

            As per the definition of international  Labour  Organisation (ILO), microfinance is an economic development approach that involves providing financial services through institutions to low income clients.

             Consultative  Group to Assist the  poor (CGAP) defines microfinance  as the supply of loan, savings  and other basic financial services to the poor.

               According to Marguerite S. Robinson , 'Microfinance refers to small scale financial  services for both credits and deposits that are provided to people who farm or fish or herd ; operate small or microenterprises where good are produce , recycled , repaired, or traded ; provide services ; work for wages or commissions  ; gain income from renting out small amount of land , vehicles , draft animals , or machinery and tools; and to other individuals and local groups in developing countries , in both rural and ruban areas', 

                     Prof. Md. Yunus, 2006 Nobel Peace Price Winner defines microfinance as "Availability of loans to rural people without obtaining collaterals for income generating purpose in order to reduce the poverty level'.