"Microfinance is the best bridge between the financially-excluded and the mainstream markets. Or, between India and Bharat. In Chennai alone, 55 per cent of households don't have a bank account. The biggest challenge to microfinance is the cost of delivery, to meet which we need to leverage the technological and operational efficiencies of retail banking to benefit the customers in the social sector. Annual demand for microcredit is Rs 2 lakh crore, against which supply is about 10 per cent. Of this 5 per cent comes from banks and SHG and the balance from all the MFIs (microfinance institutions)."
P.N. Vasudevan, Managing Director, Equitas Micro Finance Company India (P) Ltd, Chennai
Meeting on April 29, 1 pm
April 7, 2010, 7.30 am (Nag)
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