Microfinance began in India in 1974 with the establishment of the SEWA Bank in Ahmedabad by Ela Bhatt, as SEWA (Self Employed Women’s Association) members found that nationalised banks mandated to serve the poor were not accessible. SEWA Bank was a cooperative and it extended credit out of its members’ savings.
In 1976, two years later, Professor Mohammed Yunus set up the Grameen Bank as an experiment. Due to the tragic circumstances. . .
