Mumbai, Nov. 28 -- Reserve Bank of India (RBI) Deputy Governor Swaminathan J said that microfinance, when delivered responsibly, can become a driver of broad-based economic progress and play a pivotal role in advancing India's journey towards Viksit Bharat 2047.

Speaking at the release of Micro Matters: Macro View - India Microfinance Review FY 2024-25 at an MFIN event in Mumbai, he said the core idea guiding the sector is simple yet powerful, "When microfinance is delivered responsibly, it does not remain 'micro.' It becomes macro progress. It turns access into livelihoods, borrowers into business owners, and informal activity into measurable economic output," noted Swaminathan

He emphasised that microfinance is poised to expand its im...