Microcredit Fights to Regain Credibility
Manipadma Jena – IPS – Wednesday, 12 October 2011 (originally published 09 Oct)
Basket-weavers in Kerala, funded by microcredit. Image: ESAF/IPS
BHUBANESWAR, Oct 9, 2011 (IPS) – As microcredit institutions – once touted as the vital ‘last mile’ in extending credit to poor rural women -fight a government backlash that has encouraged honest borrowers to turn defaulters, hopes for revival hinge on a new bill awaiting passage in India’s parliament.
Far from repaying their debts, borrowers are now demanding that microfinance institutions (MFIs) pay them back for charging interest at thrice the advertised rates.
“The MFIs must refund us half of the loans that we took seven to 10 years back, because they have taken repayment twice over with interest,” says Vijaya Kasipati, 32, a woman borrower in the village of Lachapet in southern Andhra Pradesh state . . .
. . . read complete article . . .
____________________________
You may also like -
Lift up women to lift the worldMelanne Verveer and Penny Abeywardena - CNN - Friday, 28 September 2012 (originally published 24 Sept) Women wanting to get loans wait to speak with a representative from a ... 
Mongolia: A Microfinance Test CaseS. Adam Cardais - East of Center - Thursday June 28, 2012 (originally published June 21) Rural women of Mongolia use an old satellite dish to separate milk curds. Image: ... 
Chinese Women Step Forward in the BackwatersClarissa Sebag-Montefiore - IPS - Thursday, 31 May 2012 ( originally published 30 May) BEIJING, May 30, 2012 (IPS) - For years Gou Suqin had to rely on her ... 
Short URL: http://womennewsnetwork.net/?p=11228
