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ICICI Seeks 25 Million Rural Clients to Lift Growth
ICICI Bank Ltd., India’s biggest by market value, plans to lend to 25 million rural clients in five years to sustain record loan growth as the government curbs credit to customers in the cities. The bank will use branches, franchises, telephone kiosks and automated teller machines to lift its rural customer base eightfold, Deputy Managing Director Chanda Kochhar said in an interview in Hyderabad, southern India. Mumbai-based ICICI aims to screen borrowers and approve loans of as l...
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New Report Reveals Potential for the World’s Poor to Bank Through Mobile Phones
Vodafone Group, with the permission of The Consultative Group to Assist the Poor (CGAP), today publishes a report that reveals the economic and social benefits being created by mobile banking (m-banking) amongst the world?s poorest communities. The report, titled Economic Empowerment through Mobile, is the third in a series of Corporate Responsibility Dialogues produced by Vodafone and includes the results from three independent research projects. Vodafone partnered with Th...
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Micro health insurance hedges risk for India’s poorest
Nandakumar Rajeshirke was suspicious of health insurance when he first heard about the idea three years ago. He had trouble understanding why it made sense to gamble on an unforeseen illness or accident when there was no guarantee he would ever see any money in return. But his insurance provider, a network of nongovernmental organizations called UpLift India Association, had already earned his trust by supplying him with reliable microcredit to fund his stone carving business in the c...
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Mobile Phones Offer New Banking Opportunities for the Poor
The Consultative Group to Assist the Poor (CGAP), United Nations Foundation (UN Foundation), and The Vodafone Group Foundation (VGF) have released the first public findings on how low-income individuals in South Africa use mobile phone banking (m-banking). The findings show that m-banking can be up to a third cheaper for customers than the current banking alternatives, and users value the service for its security and easy use. However, this study shows more needs to be done to address...
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Credit will cut rural poverty in India
Microfinance in India, -currently focused on small loans for the rural poor, is growing fast enough to make an impact over the next -decade, according to a new report. However, the sector must focus on transparency and governance, training local partners, and developing a more diverse menu of services, says the report, released yesterday at a microfinance conference in New Delhi. Microfinance serves about one fifth of poor households in India and has helped to widen the rea...
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Visa encourages banks to partner with microfinance institutions
Microfinance can provide tangible commercial opportunities for banks in the region notably if they partner with a microfinance institution, said Debbie Arnold, VP of Emerging Markets at Visa International, the world’s leading provider of electronic payments. Local commercial banks can benefit in various ways from commercial microfinance opportunities. They gain access to a new customer segment, can cross-sell non-competitive products and also benefit from new deposits and ne...
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Investment climate boosts telecom industry robust growth
Ramadhan Chorogondo, 31, an industrious fish dealer, always nurses the headache caused by the ghost called time. First bother, he must monthly service a USD20, 000 bank loan that helped him secure motorized fishing boats. The second anxiety is the harshest: How and when to know his nocturnal fishermen have netted profitable fish loads and when to advise transporters to collect them from his Indian Ocean landing site. The headache about time essentially hinges on ...
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Tech Firms Woo Next Billion Users
Intel hopes to work with local companies and governments to replicate the setup in hundreds of other villages in China, and is helping deliver computers and Internet access to rural health clinics and schools. It is also rolling out similar initiatives in India. Dressed in a red turban and shawl, Mr. Barrett inaugurated a high-speed wireless network in the rural town of Baramati on Thursday. The goal for Intel, which makes the chips that run most of the world’s PCs, is to hook a new part of ...
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