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Microfinance helped 45 million Indians to come out of poverty: Survey

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New Delhi: Nearly 9 million households and 45 million Indians have come out of poverty because of micro finance institutions between 1990 and 2010, says a report by Micro-credit Summit Campaign.

The campaign is a programme of the American advocacy group Results Educational Fund.

The survey found that the people involved in microfinance found an increase in their daily income above the threshold of USD 1.25 between 1990 and 2010.

The report comes in wake of a successful Initial public offer (IPO) by India's SKS Microfinance in 2010.

Microfinance has gathered momentum to become a significant force in India since 1998. The self help group (SHG) model with bank lending to groups of poor women without collateral has become an accepted part of rural finance.