Given below are the comments of Mr Samit Ghosh,MD of Ujjivan Financial Services Pvt Ltd which appeared in the Hindustan Times towards the end of November.Excerpts follow below
It’s in everyone’s interest
By Samit Ghosh
In AP, the Self Help Groups (SHGs) including the state government-led programmes reach 54% of the rural households, followed by moneylenders (37%) and MFIs (17%). Yet the MFIs, without any independent investigation, have been blamed for the suicides.
Read the rest on Hindustan Times
M S Sriram: What the Malegam Committee cannot do
There are several recommendations (including mine) floating around for the Malegam committee on how to fix microfinance. However, when we reflect on the current crisis, we find that no recommendation or regulation could have prevented the current mess. There is no way in which one can mandate a business to operate in a certain manner.
One can lay the rules and framework, but cannot mandate patience, compassion, integrity and satisfaction in a business. Read more on Business Standard