International Journal For Multidisciplinary Research

E-ISSN: 2582-2160   •   Impact Factor: 9.24

A Widely Indexed Open Access Peer Reviewed Multidisciplinary Bi-monthly Scholarly International Journal

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Volume 8 Issue 5
September-October 2026

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The Role of Micro Finance: For Social Innovation in Banking, Financial Services, and Insurance (BFSI)

Author(s) Ms. Disha Khandelwal
Country India
Abstract Traditional commercial banking operates on a margin driven model that relies on transaction size physical collateral and formal credit histories to mitigate risk. In emerging economies, this leaves a vast population – predominantly rural workers Informal urban labour and women- excluded due to high service delivery costs and asymmetric information This exclusion forces low-income households into informal credit ma markets dominated by local money lenders where interest rates often exceed 50 to 100 percent annually. This Locke’s families into a debt trap and hinders a set accumulation smoothening of consumption shocks, and investments in health and education. Overall leading to a huge population Into Something With least reach to the correct channels of banking.

Microfinance has emerged as a transformative instrument within the banking, financial services, and insurance (BFSI) sector, Promoting financial inclusion and social innovation. By providing small collateral free loans and financial services to uncovered population Microfinance institutions (MFIs) Enable entrepreneurship poverty reduction and inclusive growth. This paper examines the role of microfinance as a social innovation tool its integration with fintech and its impact on economic and social development. It also highlights key challenges and future prospects in the BFSI ecosystem.
Keywords MICRO CREDIT MICRO FINANCE MICRO INSURANCE
Field Business Administration
Published In Volume 8, Issue 4, July-August 2026
Published On 2026-08-28
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E-ISSN 2582-2160
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CrossRef DOI prefix of IJFMR is 10.36948/ijfmr

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