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Explain the term Micro Finance Institutions (MFIs).

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Micro Finance Institutions (MFIs): 

  • They offer rural credit on concessional interest rates.
  • The beneficiaries of this scheme are the marginal farmers, landless labourers, artisans, and craftsmen in the rural areas. 
  • However, small farmers are unable to access rural credit.
  •  It is due to its inflexible procedure and high transaction cost. 
  • Thus, NGOs (Non- government Organisations) help the rural poor.
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