Microfinance and Socio-Economic Empowerment of Women Self-Help Group Members: An Empirical Study of Ranchi District, Jharkhand
DOI:
https://doi.org/10.29070/vb5hre82Keywords:
Microfinance, SHG, Women Empowerment, Socio-Economic Empowerment, Financial Inclusion, Rural Development, Ranchi District, JharkhandAbstract
Women in rural areas can gain economic independence and participate fully in society through SHG and microfinance. Microfinance has helped Ranchi district women SHG members become economically independent, according to this report. This research examines how microfinance affects women's socioeconomic status across demographic characteristics including age, education, and employment. Study data came from primary and secondary sources. Secondary data came from books, journals, papers, as well as published literature, while primary data came from 200 SHG women who completed a structured questionnaire. Data was analysed using descriptive statistics, frequency analysis, percentage analysis, or one-way ANOVA in SPSS. The findings show that microfinance has improved SHG members' socioeconomic conditions by increasing incomes, savings, bank accounts, asset creation, credit accessibility, or household asset ownership. It has also empowered women by improving their decision-making, confidence, public engagement, familial recognition, and community service. ANOVA shows significant age, education, or occupational disparities in economic and social empowerment. Younger, more educated government workers and businesswomen felt more powerful socially and economically, respectively. Results show that microfinance, especially through SHGs, has empowered rural women in Ranchi district economically and socially. The findings impact governments, banks, and development organisations to promote inclusive rural development and expand women's microfinance programs.
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