Impact of Micro Finance on Socio Economic Development (with special reference to Rural People of Rajouri District in Jammu and Kashmir State)

Microfinance gives access to financial and non-financial services to low-income people, who wish to access money for starting or developing an income generation activity. Microfinance has put an end to the poverty of majority of people by providing micro loans to large no. of families. It enhanced the livelihood of people and includes the micro loans to encourage the development of small scale entrepreneurial activities. In this research paper an attempt has been made to investigate the impact of microfinance on socio economic development with special reference to Rajouri district of Jammu and Kashmir state. The paper concentrates on how microfinance institutions have been established in order to promote the living standard of people, saving habits, credit and insurance facilities in Rajouri District. It further emphasizes on the need of microfinance initiatives and also throws light on how micro financial services are dependent of interest, satisfaction level and financial condition of rural people in Rajouri district of Jammu and Kashmir.