This paper attempts to examine specific issues in the delivery of micro financial services and outlines some new approaches towards scaling up. Section I reiterates the crucial role of micro finance in reducing vulnerability and enhancing the prospects of growth for poor households. Section II examines the broad challenges in micro finance; Section III provides an overview of the various micro financial services (insurance, savings and investment, credit and other risk management instruments). Section IV examines the issues specific to Micro Finance Institutions (MFI) in India and Section V concludes the paper by identifying the key areas for further research and debate.