Micro finance can bail out eco crisis: Yunus
New Delhi: Nobel Laureate from Bangladesh and founder of the Grameen Bank, Muhammad Yunus called for strengthening the micro-finance movement particularly in developing countries as one of the options to counter the fallout of the recent global financial crisis. He said that appropriate regulations should be put in place to facilitate the growth of this 'social business'.
Saying that micro-finance movement needed to take deeper roots in India, Yunus said, “India should set up an appropriate regulatory authority for micro-finance institutions (MFIs). Regulations for banks and MFIs should be different as MFIs cater to the poor and should be regarded as a social business as distinguished from the purely commercial banking operation.”
See full Press Release.
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