'Corporates must get into microfinancing'
Micro credit has been slow to pick up in India, Bangladesh’s Nobel laureate Mohammad Yunus said on Tuesday. Nearly 160 million or 80% of the poorest population in the country need to be brought under the banking net, he said.
By TNN |
NEW DELHI: Micro credit has been slow to pick up in India, Bangladesh���s Nobel laureate Mohammad Yunus said on Tuesday. Nearly 160 million or 80% of the poorest population in the country need to be brought under the banking net, he said.
Mr Yunus, also mooted a ���social stock market��� to list companies that are engaged in businesses in the social sector.
Mr Yunus asked the Indian industry to get into microfinance activities and urged the government to enable a legal framework for promotion of ���social business��� in the country.
���Corporate houses should take up social business initiatives that aim at serving the poor through a no-loss, no-dividend business,��� the chief architect of the Grameen Bank said, adding that this model should not be misunderstood as philanthropy. Such a market would allow people to pick and invest in firms involved in the social development field.
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