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Description
Microfinance has demonstrated the potential of building the social capital of the poorest communities.
April 1992: It was the first time that Hanuman Van Vikas Samiti¡¦s Raj Karan Yadav sat across the branch manager of the Sakroda branch of Mewar Aanchalik Gramin Bank in the Udaipur district of Rajasthan. A group of women had accompanied Raj Karan to negotiate for a loan for their SHG. The brokering of this small loan of Rs. 3,000 was a protracted process both for the reluctant banker as well as for the SHG members. It took a full day- copious paper work, many thumb impressions and detailed discussions. This was among the first SHG loans given by a bank in India and a part of a pilot project initiated by NABARD to link 500 SHGs in the country.
August 6, 2005: Malik the CEO of Biswa, an MFI from Sambhalpur, sits comfortably in a hotel lobby in Bhubaneswar discussing a Rs. 30 cr bank loan with visitors from ICICI Bank, Mumbai. The meeting lasts about an hour, and once Malik submits a few more documents, the deal will be finalized.
