Hey as Micro-credit for the poor has emerged as an idea that appeals to several sections of people

Micro-credit in India

Micro-credit is not a new idea in India. Research conducted in India by t he National Bank for Agriculture and Rural Development ( NABARD)
During the early-’80s showed that despite a wide network of rural bank branches which implemented specific poverty alleviation programmes that sought creation of self-employment opportunities through bank credit for almost two decades
A very large number of the poor continued to remain outside the fold of the formal banking system.

Origin of Microcredit:

The innovative idea of Microcredit originated with the Grameen Bank in Bangladesh.
The Grameen Bank is a microfinance organization and community development bank started in Bangladesh that makes small loans known as microcredit.
In 1976 Professor Muhammad Yunus launched a research project to examine the possibility of designing a credit delivery system to provide banking services targeted to the rural poor.
In October 1983, the Grameen Bank Project was transformed into an independent bank by government legislation.
The organization and its founder, Muhammad Yunus, were jointly awarded the Nobel Peace Prize in 2006; the organisation’s Low-cost Housing Programme won a World Habitat Award in 1998.

Forms of micro credit

Banks
Financial Corporations
NBFCs regulated by the RBI
Trusts, Societies, Co- Operative Societies and Section 25 companies
Non- banking corporates