Indian economy is a developing economy. Micro Finance programmes play very significant role for boosting entrepreneurial activities for creating productive assets coupled with employment generation. Government spends crores of rupees through various financing schemes to boost Indian economy. Indian Population is characterized with low standard of living , inequality, low income and illiteracy. To boost Indian Economy and Entrepreneurial skills Government has came up with Micro finance schemes through various institutions for Entrepreneurial Growth and Development. However lack of awareness of Micro Finance schemes among the major portion of Indian Population has led to slow growth in development of Industries, Agriculture, Trade and other related activities. To achieve the socio economic objective and making formal banking sector accessible to poor people various micro finance schemes has been introduced by Government. These schemes puts credit, savings and other financial services within the reach of poor people. This paper deals with role of Micro finance in India and its models.