Women in both rural and urban areas face a higher risk of poverty and more limited economic opportunities. The number of rural women living in extreme poverty rose by about 50 percent over the past twenty years. World Data Lab anticipates the effects of these methodological adjustment will result in a level of extreme poverty in India today of 50 million people, which is expected to come down to 40 million (a poverty rate of below 3 percent) by end 2019. As per the latest Indian Human Development Survey released on May 11, 2019, the Indian households that have more than five children are severely deprived of shelter, water, sanitation, health and education as compare to 7.8 per cent of poor families without children. Under these circumstances, it has become essential to take some definite measures for new employment opportunities and to reduce poverty among rural women. Microfinancing through self help groups in India has been viewed as a development tool which would generate employment, remove inequality and enhance the growth of the country through financial services to the needy poor. Self help Groups provides training to the borrowers to increase their productivity, to increase their income and consumptions, which contribute to lowering vulnerability. This paper examines the role of micro finance through self help groups for the upliftment of social and economic condition of poor women in rural India.