tag:blogger.com,1999:blog-3778570096826367144.post4506031750636822067..comments2024-03-28T16:09:44.638+05:30Comments on Ground Reality: 'Microfinance borrowers are forced to commit suicide'Devinder Sharmahttp://www.blogger.com/profile/05867902048509662981noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-3778570096826367144.post-51473842395460417422010-11-10T21:46:15.876+05:302010-11-10T21:46:15.876+05:30“I’ve made a tonne of money… more than I ever thou...“I’ve made a tonne of money… more than I ever thought I would make in my lifetime and my kid’s lifetime combined,” says Vikram Akula in a recent interview to Business Standard.<br /><br />Yes no one would crib if he became overnight a multi-billionaire tycoon. Except that he made this money by squeezing the blood of the poor and pressurizing them to take their lives while all the time cultivating an image of the "saviour of the poor"<br /><br />Micro-Finance to Face Slow Painful Death. SKS Share to enter Free Fall. Sell, Sell, Sell!<br /><br />SKS, the Indian micro-finance giant’s IPO was supposed to signal the coming of age of the micro-finance (MF). Instead, it contained the seed for the destruction of the entire industry. Their Rs 10 share on listing attracted a premium of Rs 975 and such was the investor confidence, it touched a high of Rs 1,490 in a matter of days. Then hell broke loose with the industry hit by charges of them profiteering and causing farmer suicides. Its reverberations were so strong that it had been felt by the industry all over the world. The stock plunged to Rs 890 before recovering to be a tad over its listing price and hovering around this range for the last one week. We expose the dark underbelly of a Frankenstein unleashed by NGOs.<br /><br />Read more: http://devconsultgroup.blogspot.com/2010/11/micro-finance-to-face-slow-painful.htmlRajan Alexanderhttps://www.blogger.com/profile/07496301416048254072noreply@blogger.comtag:blogger.com,1999:blog-3778570096826367144.post-29647730220703377992010-11-10T21:45:58.066+05:302010-11-10T21:45:58.066+05:30“I’ve made a tonne of money… more than I ever thou...“I’ve made a tonne of money… more than I ever thought I would make in my lifetime and my kid’s lifetime combined,” says Vikram Akula in a recent interview to Business Standard.<br /><br />Yes no one would crib if he became overnight a multi-billionaire tycoon. Except that he made this money by squeezing the blood of the poor and pressurizing them to take their lives while all the time cultivating an image of the "saviour of the poor"<br /><br />Micro-Finance to Face Slow Painful Death. SKS Share to enter Free Fall. Sell, Sell, Sell!<br /><br />SKS, the Indian micro-finance giant’s IPO was supposed to signal the coming of age of the micro-finance (MF). Instead, it contained the seed for the destruction of the entire industry. Their Rs 10 share on listing attracted a premium of Rs 975 and such was the investor confidence, it touched a high of Rs 1,490 in a matter of days. Then hell broke loose with the industry hit by charges of them profiteering and causing farmer suicides. Its reverberations were so strong that it had been felt by the industry all over the world. The stock plunged to Rs 890 before recovering to be a tad over its listing price and hovering around this range for the last one week. We expose the dark underbelly of a Frankenstein unleashed by NGOs.<br /><br />Read more: http://devconsultgroup.blogspot.com/2010/11/micro-finance-to-face-slow-painful.htmlRajan Alexanderhttps://www.blogger.com/profile/07496301416048254072noreply@blogger.comtag:blogger.com,1999:blog-3778570096826367144.post-45738641383229066252010-11-10T12:28:59.063+05:302010-11-10T12:28:59.063+05:30Although I do believe that the recent events in An...Although I do believe that the recent events in Andhra Pradesh are quite sad, I feel that the hit on microfinance has occured because the true goal of microfinance- to end poverty has been forgotten. Companies are turning into for-profit models and they just want high returns on their investments. Prof. Muhammad Yunus himself has said “Poor people should not be presented as an opportunity to make money."<br /><br />Microfinance should stay under a non-profit model and interest rates should be regulated. We are here to end extreme global poverty, not create more of it.<br /><br />I volunteer with an organization called United Prosperity and we have a different model than other MFIs out there. Lenders can "guarantee loans" and for every 1$ guaranteed, twice that amount will be lent to women in India. <br /><br />Ajiwika, our microfinance partner works in the states of Jharkhand and Bihar. Unlike Andhra Pradesh, these two states have low levels of penetration of microfinance and Ajiwika is not having any difficulty collecting repayments from borrowers. <br /><br />Our main goal is truly to help end extreme global poverty and it shows through our community website that the women entrepreneurs have been successful in starting their own business ventures and helping their families financially.Tavishihttp://www.unitedprosperity.org/noreply@blogger.com