Opening the door to
micro lenders focused on rural and semi-urban areas is widely viewed as a move to encourage financial inclusion of a large unbanked segment while mobilising rural savings and making them available for local investments.
Shiimi said when people borrow money from financial institutions, including
micro lenders, they should at least use this money for productive purposes such as investing in assets that will yield results that are beneficial to the economy and their financial positions.
With our web-based solution being used by
micro lenders worldwide, we now want to target those who do not have access to stable Internet connectivity or have to work completely off line," Technical Director Sergey Fomin was quoted as saying.
Even as the Reserve Bank of India is gearing up to release the guidelines for the issue of banking licences,
micro lenders in the country are considering applying for the permits.
Credit unions and
micro lenders tend to be more willing to fund nontraditional businesses, Arora said.
Usual credit channels have been closed off, with locals saying
micro lenders are refusing loans as they know the workers are going without pay.
On the other hand, it approved a Bill to regulate the micro finance industry and bring
micro lenders under the purview of the Reserve Bank of India.
He noted that the harsh conditions have created a situation that
micro lenders, such as Map Financial Group, must now fill.
He noted that the harsh economic conditions have created a situation that
micro lenders, such as Map Financial Group, must now fill.
Micro lenders are interested in social responsibility as well as repayment of the loan.
Other
micro lenders may loan as little as $1,000 for starting or growing a business, or up to $35,000, she says.
We also now have
micro lenders which are great for small loans of a few thousand dollars.
