Microfinance

I was first in my class, Loan Officer Uncle, I swear – NRI banks cater to needs of Indians

Finally. An actual reason to care about your rep in the NRI community.

It seems banks are sprouting up in the US that cater specifically to Indians, according to this Hindustan Times article, which says a dozen such already exist. Indians sans credit history who might be viewed unfavorably at the big banks – where sub-prime angst runs thicker than unclarified butter – turn to these Amma and Appa joints to be properly judged.

Sushil Patel, son of Chan Patel (founder, president, chairman and CEO of the State Bank of Texas) explains:

“Ethnic banks avoid bad loans as they take decisions based on factors like culture, background, social status. They are able to judge a person’s character better than regular American banks, who don’t know their clients as well. We are able to check the guy’s character because of the close-knit Indian community in the US.”

Hmm. So the aggressive pursuit of social standing produces real results these days, not just the downfall of budding young novelists.

Read more on sepiamutiny.com

Abhay N

Author : 

Abhay is the founder and managing editor of India Microfinance. He is passionate about microfinance, financial inclusion and social entrepreneurship in India.

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