Role of Microfinance in India: A Thematic Review

Studying the role of microfinance in facilitating the availability of credit is an important field of research. A review of the literature on microfinance highlights the growing attention of the researchers on its various aspects. Therefore, this review attempts to present a systematic summary of research in the domain of microfinance in India over the last two decades. This includes 95 published research articles on microfinance. These articles are identified through a systematic search of electronic databases by focusing on the major keywords microfinance, poverty, sustainability, and India. Seven major themes have been identified, and each theme is further grouped into sub-themes. The identified main themes include women empowerment, self-help group, financial inclusion, sustainability, Andhra Pradesh crises, status of microfinance in India, and poverty. The key findings of the articles are briefly summarised. Thus, this paper attempts to highlight the current trend and pattern of research in this field of study. It will provide direction for future research in the field of microfinance and also offer insights to policy makers on various issues pertaining to microfinance.