Bangalore August 19, 2008: The Nobel laureate Muhammad Yunus who was awarded the Nobel prize for his contributions in the field of micro credit was in the city and had interaction with few specialists in health sector and media representatives.
For the first time the city’s high flying and creamy layer was thumped with the simplicity of a Nobel Prize winner. The day long interaction with the Nobel laureate turned out to be an eye opener to them as to how social indicators can change prospects of a country.
Update January 2017
Since he first won the nobel peace prize in 2006, the microfinance sector has been turned upside down. When Mohammed Yunus first founded Grameen Foundation the poor were not considered to be credit worthy and most of the micro-lending was being done by NGO’s.
As of 2017, this has completely changed and NGO’s now account for less than 10% of the microloans. NBFC’s now account for the bulk of the micro-loans around the world. In fact the lending has reached such saturation levels that many individuals now have multiple loans from different microfinance companies.
The Reserve Bank Of India has also appointed several new Self Regulatory Organizations to ensure the growth of the sector is monitored. You can read the latest info about Microfinance Sector in India below