Micro Finance and Self Help Groups in Women Empowerment: A Refection from Tripura.

Abstract

Microfinance had evolved over the past quarter of the 21st century across the country into various operating forms. It has been considered a powerful tool to fight against poverty through the provision of basic financial services such as loans, savings, insurance, transfer services, micro credit loans etc. Thus, microfinance plays a significant role in poverty alleviation and development of a country. Analogously, Self-Help Groups (SHGs) are an alternative development strategy that helps economically weaker sections of society become socially and economically empowered. Actually, SHGs are affinity groups of rural poor voluntarily formed to save and mutually agree to contribute to a common fund to enable the lending of small interest-bearing loans to their members. This gradually builds financial discipline and credit history and savings habit for themselves. Thus, SHGs aid to reduce poverty by providing financial services, income-generating activities, and access to livelihood opportunities. The participation of women in Self Help Groups made a significant impact on their empowerment both in social and economical aspects. Beside this, microfinance institutions empower women to take control of their economic destinies by providing access to small loans, savings, and other financial services. The paper overviewed the present status of microfinance and SHGs in Tripura. This paper highlighted the complete picture of Micro Finance and Self Help Groups for the empowerment of women in Tripura. The research paper also examined the status of women under Self-Help Groups in Tripura. Beside this, the performances of women SHGs in Tripura were also evaluated through the study. Finally, some suggestions offered in the study regarding further prospect of micro finance and Self Help Groups for the empowerment of women in Tripura.