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[vakilkarosblog]

Who is known as the mother of Indian microfinance?

Introduction: Microfinance has played a pivotal role in transforming the economic landscape of India, particularly in empowering the financially underserved sections of society. At the forefront of this revolution is a remarkable figure often hailed as the "Mother of Indian Microfinance." In this article, we delve into Who is known as the mother of Indian microfinance?, Section 8 Microfinance Company Registration and explore the significant contributions that have earned her this prestigious title.

Who is known as the Mother of Indian Microfinance? The title "Mother of Indian Microfinance" is bestowed upon Dr. Ela Bhatt, a distinguished social worker and the founder of the Self-Employed Women's Association (SEWA). Dr. Bhatt's unwavering commitment to uplifting the impoverished and marginalized through financial inclusion has left an indelible mark on the microfinance sector in India.

Ela Bhatt's Vision and Achievements: Dr. Ela Bhatt founded SEWA in 1972 with the primary objective of providing support and empowerment to self-employed women workers. Her vision extended beyond mere charity; she aimed to create a sustainable model that would enable these women to become economically self-reliant. Recognizing the transformative potential of microfinance, Dr. Bhatt pioneered the integration of financial services into SEWA's initiatives.

Under her leadership, SEWA's microfinance programs flourished, offering financial assistance, training, and resources to countless women engaged in various small-scale enterprises. Dr. Bhatt's emphasis on self-help and community-driven initiatives became a blueprint for other microfinance institutions across India.

Section 8 Microfinance Company Registration: In the contemporary landscape, the regulatory framework for microfinance entities in India falls under the ambit of Section 8 Companies. Section 8 Microfinance Company Registration of the Companies Act, 2013, allows for the establishment of non-profit organizations with the objective of promoting commerce, art, science, sports, education, research, social welfare, religion, charity, and more.

Microfinance institutions seeking registration under Section 8 benefit from a legal structure that facilitates their mission-driven approach without the mandate of dividend distribution. This aligns with the ethos of organizations like SEWA, which prioritize social impact over profit.

Conclusion: Dr. Ela Bhatt's moniker as the Mother of Indian Microfinance is a testament to her groundbreaking contributions in fostering financial inclusion and empowerment. Her legacy lives on through the countless lives transformed by the microfinance initiatives she pioneered. As India continues to evolve economically, the impact of microfinance and the vision of leaders like Dr. Bhatt remain instrumental in creating a more inclusive and equitable society.