BANKING & FINANCIAL INDUSTRY
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Activity:
Question posted: 07 02 2011 07:08:33 +0000,
4 answers, 84 views, last activity
07 04 2011 09:21:28 +0000
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Whether it is the IPO of SKS Microfinance company or political backlash at Andhara Pradesh,the microfinance companies have been point of controversies.But,upto what extent they have been sucessful.Whether they have really done commendable job in rural areas or are they just missionaries of banks to disburse loans haphazardly to meet their(banks) minimum Loan disbursements criteria to rural population.
Thanks Murlidharan sir and Suresh sir for valuable information..i shall look for genuine reading material..
No. Not really! In Andhra Pradesh, politicians have told borrowers not to repay, causing a repayment crisis for the micro-finance industry in biggest single Indian market. As the Indian government and the RBI grapple with how to change the industry to avoid the sorts of meltdown it has had in Andhra Pradesh, Mr.Y.V. Reddy, former RBI Governor, launched his book entitled “Global Crisis, Recession and Uneven Recovery.” In it, he says of microfinance (the business of giving small loans to micro entrepreneurs): “There may therefore be merit in a detailed analysis in a sort of supervisory review, in order to check any incipient tendency towards irresponsible or usurious lending through MFI-PS.” MFI-PS is central banker-speak for profit-seeking microfinance institutions, a reference to the fact that the industry has undergone a transformation from charity to profit-based in the past few years. In the process, it has drawn greater scrutiny from regulators, politicians and critics, who charge that some lenders have lost sight of their original mission in the search for profit and are now overburdening the poor with debt.
Thanks for the info..
But i just checked about this book on the internet and found the recommendations not so encouraging.
I visited the below mentioned link.
http://blogs.cgdev.org/open_book/2010/08/why-doesnt-milford-batemans-book-work.php
Hi,this debate has been answered by one of the most insightful books written on the subject-'Why Doesn't Microfinance Work? by Milford Bateman,price Rs.450.00,published by Books for Change,139,Richmond Road,Bangalore-25(to order pls write to marketing@booksforchange.info0.This book convincingly argues that Microfinance model as practised by microfinance companies will remove the poverty of the people who own the insituttions,rather than remove the poverty of borrowers!!
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