India, Jan. 31 -- While commercial banks waive off loans to stay healthy, the women-led world's largest microfinance operation thrives on near 100% repayment, for decades

The Economic Survey 2022-2023, presented by the Union finance minister to Parliament January 31, has a special mention of India's little-known but high-impact banking operation: the women-led self-help groups (SHG) disbursing billions of rupees every year.

India boasts of some 12 million SHGs, of which 88 per cent are all-women-member ones. These groups usually consist of 20-25 members, mostly residents of villages. In 1992, these groups were linked to banks for disbursal of small loans - called SHG Bank Linkage Project, SHG-BLP - for taking up livelihood options, like...