THE INTERNATIONAL - International Indian

[ MICRO FINANCE ]
The Dark Horse of the
Meltdown
“It is interesting to note that while the whole
world can talk of little besides the global financial
meltdown and even as the IMF is working
overtime to come up with ways to alleviate
the effect of the financial crisis on developing
countries, there is one sector that is poised to be
unaffected by the crisis.
Micro-credit – which has proved to be a major
liberating force catering to neglected groups
of humanity including women, the urban
and rural poor and the deprived – is thriving
like never before. There may be a minor
crimp in the upcoming short term by a lack
of monetary infusion from banks, but that is
being rapidly countered by the rush of healthy
investment into micro-finance companies. In
the development paradigm, micro-finance has
become an irrepressible need-based policy and
program that is being protectively embraced by
all developing countries for empowerment of the
poor and the reduction of poverty.
Every human being on the face of the earth has
a right to try to live a decent life. Through Ujjivan
Financial Service and Parinaam Foundation,
Samit and Elaine Ghosh have proved that even
the poorest of the poor can rise above repressive
social and economic conditions by working to
bring about their own development.”
Samit Ghosh, Founder and CEO of Ujjivan Services: Lives are transformed!
[ By INgRId AlBuquERquE ]
At the outset, it comes across like an incredible if not foolhardy
idea. Why would any institution want to give loans to poor
people without any financial security or surety?
And yet that’s exactly what Samit had in mind when on August 1,
2004, he issued the invitation to the public to invest in Ujjivan. After
academic empowerment at Jadavpur University and Wharton School,
Samit was pulled into the significant tracks of international banking.
He also pioneered consumer banking in India with Jerry Rao, Ravi
Bahl and Steven Pinto at Citibank. Thereafter, he was at the helm of
the launch of retail banking for Standard Chartered in the Middle
East and South Asia, and for HDFC Bank in India.
It was an impressive track record in international banking for over
three decades. Samit says: “After covering the entire gamut of banking:
Corporate, Investment & Retail, providing financial services to the
poor was the last frontier; it was a professional challenge which I had
to take up.”
54
THE INTERNATIONAL INDIAN