Microfinance involves providing small loans, savings opportunities, and other basic financial services to low-income individuals. It began in the 1970s with programs loaning small amounts to groups of poor women for business purposes. These programs found that poor people without collateral could repay loans at high rates when given the opportunity. In India, microfinance has been practiced informally for ages and various government policies and programs have aimed to promote access to rural credit, though currently only 5% of rural poor have access to microfinance due to high costs, unfavorable policies, and other barriers. Major microfinance institutions operating in India are listed.