Microfinance: rewind and play

Abstract

It’s time for a mature private sector to fill the increasing gaps that the welfarist state will leave. In 1995, Vijay Mahajan was knocking on the doors of several public financial institutions with a ? 100 crore investment proposal to set up a bank that would focus on people not covered by formal banking channels. His proposal was aimed at creating livelihood and employment opportunities for the poor. He offered to put his savings of about ? 8 lakh in the venture, but expected financial institutions to help create an entity like ICICI, Housing Development Finance Corp. Ltd and Gruh Finance Ltd, owned widely and run by professionals. Read more at: https://www.livemint.com/Home-Page/VXBBj2g22OhvZpiNygZeYI/Microfinance-rewind-and-play.html