NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Friday, September 17, 2004

“The poor are clearly a business opportunity for any sector, including banks, speakers at a session on agriculture and micro-financing at the Federation of Indian Chambers of Commerce and Industry conference on ’Global banking: paradigm shift’ said on Wednesday. R V Shastri, chairman and managing director, Canara Bank, said, ’Financing self-help groups has proved beyond doubt that the poor are bankable. While the concept has established itself as a collateral substitute, it has also reached a critical mass by crossing the Rs 3,000 crore (Rs 30 billion) mark,’ he said.” Read full article here.