Impact Factor: 5.2 IJAR
Innovative micro finance approaches have materialized in India over the past decade, involving the provision of thrift, credit and other financial services and products, with the aim to raise income levels and improve living standards. The most prominent among these microfinance approaches is a nationwide attempt, initiated by Non-Governmental Organizations and also by the State, to create links between commercial banks and NGOs and informal local groups. Micro finance is a participative model
... articipative model that can address the needs of the poor particularly women members. "Bandhan Financial Services" what started as a non-profit organization in the Indian state of West Bengal, to alleviate poverty and empower rural women, soon developed into a microfinance institution. Today, Bandhan serves over 6.5 million borrowers in the most under banked parts of the country, mostly women, and operates from over 2000 branches in 22 Indian states. Last year, Bandhan obtained the Indian Central Bank's approval to set up a bank. Bandhan Bank was launched on August 23, 2015, signaling a new era in Indian banking. This article aims to comprehend the journey and mechanism of Bandhan to address the dual objective of poverty alleviation and women empowerment, in its journey of a decade and a half.