The age old saying, "India is a rich country where poor people live", still holds well. In the present era there is a need for practical and workable solutions to improve the socioeconomic conditions of the poor in India, thereby helping in wiping out the deep-rooted problem of poverty. Globalization has brought substantial benefits around the world, but in many developing countries it is contributing to a growing disparity between the rich and the poor. Microfinance emerged as a noble substitute for informal credit and an effective and powerful instrument for poverty reduction among...