“According to Dr. A.P.J. Abdul Kalam, empowerment of women is a precondition for creating a good nation. Empowerment of women is essential for development of a good family, good society and ultimately good nation.” Access to social security is a fundamental human right. Development cannot carry harmony and wealth. Financial security is a crucial instrument for social security. Financial security is a precondition of development. Microfinance institutions approach is based on the availability of microfinance to rural women. Its effective utilization ensures promoting sustainable livelihood and earnings. It is in this context that Microfinance Institutions have played a major role in empowerment of women. Microfinance is seen as provision of financial service for very poor who has no tangible assets. These MFIs are helping to overcome exploitation, create confidence for the economic self-sufficiency of the rural poor. According to Meenai, these MFIs provide opportunity to attain the ability and entitlement for the poor, gain skills, gain strength, solve problems and develop independence. The Paper explains a study of microfinance institution in Prayagraj. Name of this microfinance institution is Utkarsh Microfinance Institution in Prayagraj City Branch. This institution is making joint liability group. This Paper is divided in to two sections. First part of the paper introduces microfinance institutions as a tool for women empowerment. Second section of the paper focuses on a study of Utkarsh microfinance institution in Prayagraj. This part of the paper also explains the role of UTK-MFI in economic empowerment of the women.

Keywords: SHG, UTK-MFI, ICRA, M-CRIL, Economic Development, Microfinance.