Bangladesh’’s ”micro-credit” man says India needs legislation for micro-credit service

August 20th, 2008 - 12:46 pm ICT by ANI  

Bangalore, Aug 20 (ANI): Nobel Laureate and founder of Grameen Bank of Bangladesh Mohammad Yunus has said that India needs legislative and regulatory back to provide micro credit service to the poor.
Speaking to media here last evening, the Nobel laureate said, “Two things are important in spreading micro-credit in India. One is legislation to create micro-credit banks, small banks, who does this lending of micro-credit to the poorest people and then a regulatory authority which oversees this operation.”
Elaborating the need for extending micro-credit service in the healthcare sector, Yunus accentuated the inability of poor people to access money in crucial times.
“We are trying to go into healthcare, because if you are poor it almost implies without question that you are poor in health. So it goes together. So, we are trying to see now that we have brought the micro-credit, the financial service, how to bring the health care to the poor people and its possible,” added Yunus.
He also pressed upon the fact that the mission of the micro-credit banks should be service oriented and not profit making. He was here to launch micro-credit scheme for cardiac patients.
The loan scheme of the State Bank of India (SBI) is first of its kind in which the bank is offering loan up to 50,000 at 8.5 per cent interest for cardiac patients who are below poverty line and their earning is less than two dollars a day. (ANI)

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