Microfinance

Karnataka Govt to create new post of Micro Financing Minister

Karnataka’s Minister for co-operatives Mr Lakshmana Sangappa today announced at a function that the government was planning to introduce additional micro financing facilities for the poor and to implement this it was looking into creating a new post of Micro Financing Minister.

According to Mr Lakshmana Sangappa, a bill is  also being drafted to reign in pawn brokers and money lenders, which includes a jail term for the violators. A vigilance committee is also expected to be formed to keep track of pawn brokers. He did not elaborate if microfinance companies would come under the purview of the newly formed ministry.
karnataka micro financing
Senior officials from the department of co-operatives are expected to visit Bangladesh to study the concept evolved by the Grameen Bank. Mr Lakshman Savadi, who will be part of the delegation visiting Bangladesh is expected to travel more than 2000 Km to study what he could have found  15 Km’s from his ministry’s HQ’s.

If our honorable co-operatives minister Mr Lakshmana Sangappa had cared to open his eyes and looked around, then he would have been able to see that there are hundreds of microfinance institutions who are already implementing the Grameen JLG lending model and if he spent a week at one of these organisations he would be able to understand the A,B,C’s of JLG lending.

It’s seems like this is nothing but a new stunt by our political masters to waste public money on fully faltoo trips.

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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