Reimagining Microfinance

Microfinance has long been regarded as a powerful tool for financial inclusion, but changing economic realities call for a fresh look at the model. In this thought-provoking article, Prof. M. S. Sriram examines the evolution of microfinance in India, the challenges confronting the sector today, and why incremental reforms may no longer be enough. He argues for a reimagining of microfinance that better reflects the realities of borrowers and the broader financial ecosystem.