Globalization has brought substantial benefits all around the world, but it is contributing to a growing disparity between the

rich and the poor in many developing countries. In India, The nature of the economy is dualistic. There are Growing Companies, booming stock market and soaring profits, making the rich, richer on the one hand while faltering incomes and wages in the field of agriculture and allied activities is making the poor, poorer on the other. This worsens the access of the poor to the economic opportunities through which they could build up their assets and enhance income in order to come out of poverty cycle. The potentials to avail such economic opportunities mainly depends on the degree of access to financial services. The commercial banking sector does not consider the poor bankable owing mainly to their inability to meet the eligibility criteria, including collateral. Thus the poor in most countries have had no access to formal financial services.