The Indian microfinance industry was once the darling of global investors and bankers. Offering small loans to better the lives of the poor was both a noble and profitable goal. In hindsight, it may have been too profitable. Overzealous industry commercialization and an obsession with profits transformed an inclusive financial system, with potential to succeed, into all-out profiteering, with tragic results.
Just how tragic became clear in 2010, when the government of Andhra Pradesh, the "microfinance capital of India," reported that fifty-four people committed suicide in response to...
The Indian microfinance industry was once the darling of global investors and bankers. Offering small loans to better the lives of the poor was bot...
"On the stroke of twelve, the spell will be broken, and everything will be as it was before" - Fairy Godmother, Cinderella (1950 film) At least Cinderella had fair warning. India's 1000 and 500 rupee notes weren't given any. On the evening of November 8, 2016, Prime Minister Narendra Modi went on national television to announce his government's decision to demonetize the specified bank notes. His countrymen were given four hours notice to prepare themselves for the demise of the notes that accounted for 86% of the country's currency in value. The objective of the mission was to purge the...
"On the stroke of twelve, the spell will be broken, and everything will be as it was before" - Fairy Godmother, Cinderella (1950 film) At least Cinder...
