Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 73
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::printArticle() - APP/Controller/ArtileDetailController.php, line 73
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 88
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 74
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::printArticle() - APP/Controller/ArtileDetailController.php, line 74
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 88
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Code Context
            if (Configure::read('debug')) {

                trigger_error($message, E_USER_WARNING);

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-The Hindu Business Line&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;Roy tracks how microfinance, despite its blemishes, has empowered the unbanked in the country&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
For the poor in rural India, till not very long ago, credit meant the unscrupulous mahajans who roamed the villages with wads of cash. Dime a dozen Bollywood movies had depicted the wily moneylender who not just ripped off the hapless creditors, but who was also cruel enough to grab their movable and immovable property. Moneylenders are still prevalent in the Indian hinterland, even though their grip on rural credit market has loosened considerably in the last 2-3 decades, thanks to the advent of microfinance institutions (MFI), which started mushrooming in India by the 1990s.&lt;br /&gt;
&lt;br /&gt;
The late blooming of microfinance as a concept in India is an irony considering that there is a shining example from the neighbouring Bangladesh how micro-credit can bring about a substantial difference to the lives of the poor. Since the mid-1970s, Muhammad Yunus and his microfinance organisation, Grameen Bank &amp;mdash; winner of the 2006 Nobel Peace Prize &amp;mdash; have been making affordable finance a reality for rural people in Bangladesh, particularly for women.&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;Credit to poor&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
Microfinance is defined as the provision of thrift, credit and other financial services &amp;mdash; often of very small amounts &amp;mdash; to the poor in rural, semi-urban or urban areas for enabling them to raise their income levels and attain a meaningful livelihood. Notwithstanding their late entry on the Indian scene, MFIs &amp;mdash; be they are formed as societies, trusts or non-banking finance corporations (NBFCs) &amp;mdash; assumed a lead role in providing credit to the poor.&lt;br /&gt;
&lt;br /&gt;
In Ujjivan: Transforming With Technology, senior journalist Subir Roy chronicles the tale of a latest entrant into the field, Ujjivan, but in the process he also retraces the history of the organised microfinance landscape in India.&lt;br /&gt;
&lt;br /&gt;
The book briefly touches upon the sporadic history of governments extending taccavi , or short-term loans, to villagers by rulers in medieval India, during British period as well as immediately after India attaining independence. Ujjivan, which Samit Ghosh, a banker of 40-odd years of experience, and others founded in 2005, is unique in many senses. In its brief existence, The Bengaluru-headquartered MFI negotiated several unexpected policy minefields &amp;mdash; an existential crisis precipitated by an ordinance, and subsequently a State law, passed by Andhra Pradesh government in 2010 to restrict the operations of MFIs and demonetisation by the Narendra Modi government in November 2016 &amp;mdash; with aplomb.&lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;https://www.thehindubusinessline.com/opinion/books/no-small-change-this/article25280015.ece?homepage=true&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;
&lt;/div&gt;&#039;,
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Roy tracks how microfinance, despite its blemishes, has empowered the unbanked in the country

For the poor in rural India, till not very long ago, credit meant the unscrupulous mahajans who roamed the villages with wads of cash....&#039;,
	&#039;disp&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;-The Hindu Business Line&lt;br /&gt;&lt;br /&gt;&lt;em&gt;Roy tracks how microfinance, despite its blemishes, has empowered the unbanked in the country&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;For the poor in rural India, till not very long ago, credit meant the unscrupulous mahajans who roamed the villages with wads of cash. Dime a dozen Bollywood movies had depicted the wily moneylender who not just ripped off the hapless creditors, but who was also cruel enough to grab their movable and immovable property. Moneylenders are still prevalent in the Indian hinterland, even though their grip on rural credit market has loosened considerably in the last 2-3 decades, thanks to the advent of microfinance institutions (MFI), which started mushrooming in India by the 1990s.&lt;br /&gt;&lt;br /&gt;The late blooming of microfinance as a concept in India is an irony considering that there is a shining example from the neighbouring Bangladesh how micro-credit can bring about a substantial difference to the lives of the poor. Since the mid-1970s, Muhammad Yunus and his microfinance organisation, Grameen Bank &amp;mdash; winner of the 2006 Nobel Peace Prize &amp;mdash; have been making affordable finance a reality for rural people in Bangladesh, particularly for women.&lt;br /&gt;&lt;br /&gt;&lt;em&gt;Credit to poor&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;Microfinance is defined as the provision of thrift, credit and other financial services &amp;mdash; often of very small amounts &amp;mdash; to the poor in rural, semi-urban or urban areas for enabling them to raise their income levels and attain a meaningful livelihood. Notwithstanding their late entry on the Indian scene, MFIs &amp;mdash; be they are formed as societies, trusts or non-banking finance corporations (NBFCs) &amp;mdash; assumed a lead role in providing credit to the poor.&lt;br /&gt;&lt;br /&gt;In Ujjivan: Transforming With Technology, senior journalist Subir Roy chronicles the tale of a latest entrant into the field, Ujjivan, but in the process he also retraces the history of the organised microfinance landscape in India.&lt;br /&gt;&lt;br /&gt;The book briefly touches upon the sporadic history of governments extending taccavi , or short-term loans, to villagers by rulers in medieval India, during British period as well as immediately after India attaining independence. Ujjivan, which Samit Ghosh, a banker of 40-odd years of experience, and others founded in 2005, is unique in many senses. In its brief existence, The Bengaluru-headquartered MFI negotiated several unexpected policy minefields &amp;mdash; an existential crisis precipitated by an ordinance, and subsequently a State law, passed by Andhra Pradesh government in 2010 to restrict the operations of MFIs and demonetisation by the Narendra Modi government in November 2016 &amp;mdash; with aplomb.&lt;br /&gt;&lt;br /&gt;Please &lt;a href=&quot;https://www.thehindubusinessline.com/opinion/books/no-small-change-this/article25280015.ece?homepage=true&quot; title=&quot;https://www.thehindubusinessline.com/opinion/books/no-small-change-this/article25280015.ece?homepage=true&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;&lt;/div&gt;&#039;,
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&lt;br /&gt;
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&lt;br /&gt;
&lt;em&gt;Credit to poor&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
Microfinance is defined as the provision of thrift, credit and other financial services &amp;mdash; often of very small amounts &amp;mdash; to the poor in rural, semi-urban or urban areas for enabling them to raise their income levels and attain a meaningful livelihood. Notwithstanding their late entry on the Indian scene, MFIs &amp;mdash; be they are formed as societies, trusts or non-banking finance corporations (NBFCs) &amp;mdash; assumed a lead role in providing credit to the poor.&lt;br /&gt;
&lt;br /&gt;
In Ujjivan: Transforming With Technology, senior journalist Subir Roy chronicles the tale of a latest entrant into the field, Ujjivan, but in the process he also retraces the history of the organised microfinance landscape in India.&lt;br /&gt;
&lt;br /&gt;
The book briefly touches upon the sporadic history of governments extending taccavi , or short-term loans, to villagers by rulers in medieval India, during British period as well as immediately after India attaining independence. Ujjivan, which Samit Ghosh, a banker of 40-odd years of experience, and others founded in 2005, is unique in many senses. In its brief existence, The Bengaluru-headquartered MFI negotiated several unexpected policy minefields &amp;mdash; an existential crisis precipitated by an ordinance, and subsequently a State law, passed by Andhra Pradesh government in 2010 to restrict the operations of MFIs and demonetisation by the Narendra Modi government in November 2016 &amp;mdash; with aplomb.&lt;br /&gt;
&lt;br /&gt;
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Roy tracks how microfinance, despite its blemishes, has empowered the unbanked in the country

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Cake\Controller\Controller::render() - CORE/src/Controller/Controller.php, line 791
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 126
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
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-The Hindu Business Line

Roy tracks how microfinance, despite its blemishes, has empowered the unbanked in the country

For the poor in rural India, till not very long ago, credit meant the unscrupulous mahajans who roamed the villages with wads of cash...."/>
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                <strong>No small change this -TV Jayan</strong></h1>
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                <div align="justify">-The Hindu Business Line<br /><br /><em>Roy tracks how microfinance, despite its blemishes, has empowered the unbanked in the country<br /></em><br />For the poor in rural India, till not very long ago, credit meant the unscrupulous mahajans who roamed the villages with wads of cash. Dime a dozen Bollywood movies had depicted the wily moneylender who not just ripped off the hapless creditors, but who was also cruel enough to grab their movable and immovable property. Moneylenders are still prevalent in the Indian hinterland, even though their grip on rural credit market has loosened considerably in the last 2-3 decades, thanks to the advent of microfinance institutions (MFI), which started mushrooming in India by the 1990s.<br /><br />The late blooming of microfinance as a concept in India is an irony considering that there is a shining example from the neighbouring Bangladesh how micro-credit can bring about a substantial difference to the lives of the poor. Since the mid-1970s, Muhammad Yunus and his microfinance organisation, Grameen Bank &mdash; winner of the 2006 Nobel Peace Prize &mdash; have been making affordable finance a reality for rural people in Bangladesh, particularly for women.<br /><br /><em>Credit to poor<br /></em><br />Microfinance is defined as the provision of thrift, credit and other financial services &mdash; often of very small amounts &mdash; to the poor in rural, semi-urban or urban areas for enabling them to raise their income levels and attain a meaningful livelihood. Notwithstanding their late entry on the Indian scene, MFIs &mdash; be they are formed as societies, trusts or non-banking finance corporations (NBFCs) &mdash; assumed a lead role in providing credit to the poor.<br /><br />In Ujjivan: Transforming With Technology, senior journalist Subir Roy chronicles the tale of a latest entrant into the field, Ujjivan, but in the process he also retraces the history of the organised microfinance landscape in India.<br /><br />The book briefly touches upon the sporadic history of governments extending taccavi , or short-term loans, to villagers by rulers in medieval India, during British period as well as immediately after India attaining independence. Ujjivan, which Samit Ghosh, a banker of 40-odd years of experience, and others founded in 2005, is unique in many senses. In its brief existence, The Bengaluru-headquartered MFI negotiated several unexpected policy minefields &mdash; an existential crisis precipitated by an ordinance, and subsequently a State law, passed by Andhra Pradesh government in 2010 to restrict the operations of MFIs and demonetisation by the Narendra Modi government in November 2016 &mdash; with aplomb.<br /><br />Please <a href="https://www.thehindubusinessline.com/opinion/books/no-small-change-this/article25280015.ece?homepage=true" title="https://www.thehindubusinessline.com/opinion/books/no-small-change-this/article25280015.ece?homepage=true">click here</a> to read more. <br /></div>               </font>
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-The Hindu Business Line&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;Roy tracks how microfinance, despite its blemishes, has empowered the unbanked in the country&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
For the poor in rural India, till not very long ago, credit meant the unscrupulous mahajans who roamed the villages with wads of cash. Dime a dozen Bollywood movies had depicted the wily moneylender who not just ripped off the hapless creditors, but who was also cruel enough to grab their movable and immovable property. Moneylenders are still prevalent in the Indian hinterland, even though their grip on rural credit market has loosened considerably in the last 2-3 decades, thanks to the advent of microfinance institutions (MFI), which started mushrooming in India by the 1990s.&lt;br /&gt;
&lt;br /&gt;
The late blooming of microfinance as a concept in India is an irony considering that there is a shining example from the neighbouring Bangladesh how micro-credit can bring about a substantial difference to the lives of the poor. Since the mid-1970s, Muhammad Yunus and his microfinance organisation, Grameen Bank &amp;mdash; winner of the 2006 Nobel Peace Prize &amp;mdash; have been making affordable finance a reality for rural people in Bangladesh, particularly for women.&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;Credit to poor&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
Microfinance is defined as the provision of thrift, credit and other financial services &amp;mdash; often of very small amounts &amp;mdash; to the poor in rural, semi-urban or urban areas for enabling them to raise their income levels and attain a meaningful livelihood. Notwithstanding their late entry on the Indian scene, MFIs &amp;mdash; be they are formed as societies, trusts or non-banking finance corporations (NBFCs) &amp;mdash; assumed a lead role in providing credit to the poor.&lt;br /&gt;
&lt;br /&gt;
In Ujjivan: Transforming With Technology, senior journalist Subir Roy chronicles the tale of a latest entrant into the field, Ujjivan, but in the process he also retraces the history of the organised microfinance landscape in India.&lt;br /&gt;
&lt;br /&gt;
The book briefly touches upon the sporadic history of governments extending taccavi , or short-term loans, to villagers by rulers in medieval India, during British period as well as immediately after India attaining independence. Ujjivan, which Samit Ghosh, a banker of 40-odd years of experience, and others founded in 2005, is unique in many senses. In its brief existence, The Bengaluru-headquartered MFI negotiated several unexpected policy minefields &amp;mdash; an existential crisis precipitated by an ordinance, and subsequently a State law, passed by Andhra Pradesh government in 2010 to restrict the operations of MFIs and demonetisation by the Narendra Modi government in November 2016 &amp;mdash; with aplomb.&lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;https://www.thehindubusinessline.com/opinion/books/no-small-change-this/article25280015.ece?homepage=true&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;
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	&#039;disp&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;-The Hindu Business Line&lt;br /&gt;&lt;br /&gt;&lt;em&gt;Roy tracks how microfinance, despite its blemishes, has empowered the unbanked in the country&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;For the poor in rural India, till not very long ago, credit meant the unscrupulous mahajans who roamed the villages with wads of cash. Dime a dozen Bollywood movies had depicted the wily moneylender who not just ripped off the hapless creditors, but who was also cruel enough to grab their movable and immovable property. Moneylenders are still prevalent in the Indian hinterland, even though their grip on rural credit market has loosened considerably in the last 2-3 decades, thanks to the advent of microfinance institutions (MFI), which started mushrooming in India by the 1990s.&lt;br /&gt;&lt;br /&gt;The late blooming of microfinance as a concept in India is an irony considering that there is a shining example from the neighbouring Bangladesh how micro-credit can bring about a substantial difference to the lives of the poor. Since the mid-1970s, Muhammad Yunus and his microfinance organisation, Grameen Bank &amp;mdash; winner of the 2006 Nobel Peace Prize &amp;mdash; have been making affordable finance a reality for rural people in Bangladesh, particularly for women.&lt;br /&gt;&lt;br /&gt;&lt;em&gt;Credit to poor&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;Microfinance is defined as the provision of thrift, credit and other financial services &amp;mdash; often of very small amounts &amp;mdash; to the poor in rural, semi-urban or urban areas for enabling them to raise their income levels and attain a meaningful livelihood. Notwithstanding their late entry on the Indian scene, MFIs &amp;mdash; be they are formed as societies, trusts or non-banking finance corporations (NBFCs) &amp;mdash; assumed a lead role in providing credit to the poor.&lt;br /&gt;&lt;br /&gt;In Ujjivan: Transforming With Technology, senior journalist Subir Roy chronicles the tale of a latest entrant into the field, Ujjivan, but in the process he also retraces the history of the organised microfinance landscape in India.&lt;br /&gt;&lt;br /&gt;The book briefly touches upon the sporadic history of governments extending taccavi , or short-term loans, to villagers by rulers in medieval India, during British period as well as immediately after India attaining independence. Ujjivan, which Samit Ghosh, a banker of 40-odd years of experience, and others founded in 2005, is unique in many senses. In its brief existence, The Bengaluru-headquartered MFI negotiated several unexpected policy minefields &amp;mdash; an existential crisis precipitated by an ordinance, and subsequently a State law, passed by Andhra Pradesh government in 2010 to restrict the operations of MFIs and demonetisation by the Narendra Modi government in November 2016 &amp;mdash; with aplomb.&lt;br /&gt;&lt;br /&gt;Please &lt;a href=&quot;https://www.thehindubusinessline.com/opinion/books/no-small-change-this/article25280015.ece?homepage=true&quot; title=&quot;https://www.thehindubusinessline.com/opinion/books/no-small-change-this/article25280015.ece?homepage=true&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;&lt;/div&gt;&#039;,
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&lt;br /&gt;
&lt;em&gt;Roy tracks how microfinance, despite its blemishes, has empowered the unbanked in the country&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
For the poor in rural India, till not very long ago, credit meant the unscrupulous mahajans who roamed the villages with wads of cash. Dime a dozen Bollywood movies had depicted the wily moneylender who not just ripped off the hapless creditors, but who was also cruel enough to grab their movable and immovable property. Moneylenders are still prevalent in the Indian hinterland, even though their grip on rural credit market has loosened considerably in the last 2-3 decades, thanks to the advent of microfinance institutions (MFI), which started mushrooming in India by the 1990s.&lt;br /&gt;
&lt;br /&gt;
The late blooming of microfinance as a concept in India is an irony considering that there is a shining example from the neighbouring Bangladesh how micro-credit can bring about a substantial difference to the lives of the poor. Since the mid-1970s, Muhammad Yunus and his microfinance organisation, Grameen Bank &amp;mdash; winner of the 2006 Nobel Peace Prize &amp;mdash; have been making affordable finance a reality for rural people in Bangladesh, particularly for women.&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;Credit to poor&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
Microfinance is defined as the provision of thrift, credit and other financial services &amp;mdash; often of very small amounts &amp;mdash; to the poor in rural, semi-urban or urban areas for enabling them to raise their income levels and attain a meaningful livelihood. Notwithstanding their late entry on the Indian scene, MFIs &amp;mdash; be they are formed as societies, trusts or non-banking finance corporations (NBFCs) &amp;mdash; assumed a lead role in providing credit to the poor.&lt;br /&gt;
&lt;br /&gt;
In Ujjivan: Transforming With Technology, senior journalist Subir Roy chronicles the tale of a latest entrant into the field, Ujjivan, but in the process he also retraces the history of the organised microfinance landscape in India.&lt;br /&gt;
&lt;br /&gt;
The book briefly touches upon the sporadic history of governments extending taccavi , or short-term loans, to villagers by rulers in medieval India, during British period as well as immediately after India attaining independence. Ujjivan, which Samit Ghosh, a banker of 40-odd years of experience, and others founded in 2005, is unique in many senses. In its brief existence, The Bengaluru-headquartered MFI negotiated several unexpected policy minefields &amp;mdash; an existential crisis precipitated by an ordinance, and subsequently a State law, passed by Andhra Pradesh government in 2010 to restrict the operations of MFIs and demonetisation by the Narendra Modi government in November 2016 &amp;mdash; with aplomb.&lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;https://www.thehindubusinessline.com/opinion/books/no-small-change-this/article25280015.ece?homepage=true&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;
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Roy tracks how microfinance, despite its blemishes, has empowered the unbanked in the country

For the poor in rural India, till not very long ago, credit meant the unscrupulous mahajans who roamed the villages with wads of cash....&#039;
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-The Hindu Business Line

Roy tracks how microfinance, despite its blemishes, has empowered the unbanked in the country

For the poor in rural India, till not very long ago, credit meant the unscrupulous mahajans who roamed the villages with wads of cash...."/>
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                <strong>No small change this -TV Jayan</strong></h1>
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                <div align="justify">-The Hindu Business Line<br /><br /><em>Roy tracks how microfinance, despite its blemishes, has empowered the unbanked in the country<br /></em><br />For the poor in rural India, till not very long ago, credit meant the unscrupulous mahajans who roamed the villages with wads of cash. Dime a dozen Bollywood movies had depicted the wily moneylender who not just ripped off the hapless creditors, but who was also cruel enough to grab their movable and immovable property. Moneylenders are still prevalent in the Indian hinterland, even though their grip on rural credit market has loosened considerably in the last 2-3 decades, thanks to the advent of microfinance institutions (MFI), which started mushrooming in India by the 1990s.<br /><br />The late blooming of microfinance as a concept in India is an irony considering that there is a shining example from the neighbouring Bangladesh how micro-credit can bring about a substantial difference to the lives of the poor. Since the mid-1970s, Muhammad Yunus and his microfinance organisation, Grameen Bank &mdash; winner of the 2006 Nobel Peace Prize &mdash; have been making affordable finance a reality for rural people in Bangladesh, particularly for women.<br /><br /><em>Credit to poor<br /></em><br />Microfinance is defined as the provision of thrift, credit and other financial services &mdash; often of very small amounts &mdash; to the poor in rural, semi-urban or urban areas for enabling them to raise their income levels and attain a meaningful livelihood. Notwithstanding their late entry on the Indian scene, MFIs &mdash; be they are formed as societies, trusts or non-banking finance corporations (NBFCs) &mdash; assumed a lead role in providing credit to the poor.<br /><br />In Ujjivan: Transforming With Technology, senior journalist Subir Roy chronicles the tale of a latest entrant into the field, Ujjivan, but in the process he also retraces the history of the organised microfinance landscape in India.<br /><br />The book briefly touches upon the sporadic history of governments extending taccavi , or short-term loans, to villagers by rulers in medieval India, during British period as well as immediately after India attaining independence. Ujjivan, which Samit Ghosh, a banker of 40-odd years of experience, and others founded in 2005, is unique in many senses. In its brief existence, The Bengaluru-headquartered MFI negotiated several unexpected policy minefields &mdash; an existential crisis precipitated by an ordinance, and subsequently a State law, passed by Andhra Pradesh government in 2010 to restrict the operations of MFIs and demonetisation by the Narendra Modi government in November 2016 &mdash; with aplomb.<br /><br />Please <a href="https://www.thehindubusinessline.com/opinion/books/no-small-change-this/article25280015.ece?homepage=true" title="https://www.thehindubusinessline.com/opinion/books/no-small-change-this/article25280015.ece?homepage=true">click here</a> to read more. <br /></div>               </font>
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-The Hindu Business Line&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;Roy tracks how microfinance, despite its blemishes, has empowered the unbanked in the country&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
For the poor in rural India, till not very long ago, credit meant the unscrupulous mahajans who roamed the villages with wads of cash. Dime a dozen Bollywood movies had depicted the wily moneylender who not just ripped off the hapless creditors, but who was also cruel enough to grab their movable and immovable property. Moneylenders are still prevalent in the Indian hinterland, even though their grip on rural credit market has loosened considerably in the last 2-3 decades, thanks to the advent of microfinance institutions (MFI), which started mushrooming in India by the 1990s.&lt;br /&gt;
&lt;br /&gt;
The late blooming of microfinance as a concept in India is an irony considering that there is a shining example from the neighbouring Bangladesh how micro-credit can bring about a substantial difference to the lives of the poor. Since the mid-1970s, Muhammad Yunus and his microfinance organisation, Grameen Bank &amp;mdash; winner of the 2006 Nobel Peace Prize &amp;mdash; have been making affordable finance a reality for rural people in Bangladesh, particularly for women.&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;Credit to poor&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
Microfinance is defined as the provision of thrift, credit and other financial services &amp;mdash; often of very small amounts &amp;mdash; to the poor in rural, semi-urban or urban areas for enabling them to raise their income levels and attain a meaningful livelihood. Notwithstanding their late entry on the Indian scene, MFIs &amp;mdash; be they are formed as societies, trusts or non-banking finance corporations (NBFCs) &amp;mdash; assumed a lead role in providing credit to the poor.&lt;br /&gt;
&lt;br /&gt;
In Ujjivan: Transforming With Technology, senior journalist Subir Roy chronicles the tale of a latest entrant into the field, Ujjivan, but in the process he also retraces the history of the organised microfinance landscape in India.&lt;br /&gt;
&lt;br /&gt;
The book briefly touches upon the sporadic history of governments extending taccavi , or short-term loans, to villagers by rulers in medieval India, during British period as well as immediately after India attaining independence. Ujjivan, which Samit Ghosh, a banker of 40-odd years of experience, and others founded in 2005, is unique in many senses. In its brief existence, The Bengaluru-headquartered MFI negotiated several unexpected policy minefields &amp;mdash; an existential crisis precipitated by an ordinance, and subsequently a State law, passed by Andhra Pradesh government in 2010 to restrict the operations of MFIs and demonetisation by the Narendra Modi government in November 2016 &amp;mdash; with aplomb.&lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;https://www.thehindubusinessline.com/opinion/books/no-small-change-this/article25280015.ece?homepage=true&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;
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-The Hindu Business Line

Roy tracks how microfinance, despite its blemishes, has empowered the unbanked in the country

For the poor in rural India, till not very long ago, credit meant the unscrupulous mahajans who roamed the villages with wads of cash....&#039;,
	&#039;disp&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;-The Hindu Business Line&lt;br /&gt;&lt;br /&gt;&lt;em&gt;Roy tracks how microfinance, despite its blemishes, has empowered the unbanked in the country&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;For the poor in rural India, till not very long ago, credit meant the unscrupulous mahajans who roamed the villages with wads of cash. Dime a dozen Bollywood movies had depicted the wily moneylender who not just ripped off the hapless creditors, but who was also cruel enough to grab their movable and immovable property. Moneylenders are still prevalent in the Indian hinterland, even though their grip on rural credit market has loosened considerably in the last 2-3 decades, thanks to the advent of microfinance institutions (MFI), which started mushrooming in India by the 1990s.&lt;br /&gt;&lt;br /&gt;The late blooming of microfinance as a concept in India is an irony considering that there is a shining example from the neighbouring Bangladesh how micro-credit can bring about a substantial difference to the lives of the poor. Since the mid-1970s, Muhammad Yunus and his microfinance organisation, Grameen Bank &amp;mdash; winner of the 2006 Nobel Peace Prize &amp;mdash; have been making affordable finance a reality for rural people in Bangladesh, particularly for women.&lt;br /&gt;&lt;br /&gt;&lt;em&gt;Credit to poor&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;Microfinance is defined as the provision of thrift, credit and other financial services &amp;mdash; often of very small amounts &amp;mdash; to the poor in rural, semi-urban or urban areas for enabling them to raise their income levels and attain a meaningful livelihood. Notwithstanding their late entry on the Indian scene, MFIs &amp;mdash; be they are formed as societies, trusts or non-banking finance corporations (NBFCs) &amp;mdash; assumed a lead role in providing credit to the poor.&lt;br /&gt;&lt;br /&gt;In Ujjivan: Transforming With Technology, senior journalist Subir Roy chronicles the tale of a latest entrant into the field, Ujjivan, but in the process he also retraces the history of the organised microfinance landscape in India.&lt;br /&gt;&lt;br /&gt;The book briefly touches upon the sporadic history of governments extending taccavi , or short-term loans, to villagers by rulers in medieval India, during British period as well as immediately after India attaining independence. Ujjivan, which Samit Ghosh, a banker of 40-odd years of experience, and others founded in 2005, is unique in many senses. In its brief existence, The Bengaluru-headquartered MFI negotiated several unexpected policy minefields &amp;mdash; an existential crisis precipitated by an ordinance, and subsequently a State law, passed by Andhra Pradesh government in 2010 to restrict the operations of MFIs and demonetisation by the Narendra Modi government in November 2016 &amp;mdash; with aplomb.&lt;br /&gt;&lt;br /&gt;Please &lt;a href=&quot;https://www.thehindubusinessline.com/opinion/books/no-small-change-this/article25280015.ece?homepage=true&quot; title=&quot;https://www.thehindubusinessline.com/opinion/books/no-small-change-this/article25280015.ece?homepage=true&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;&lt;/div&gt;&#039;,
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-The Hindu Business Line&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;Roy tracks how microfinance, despite its blemishes, has empowered the unbanked in the country&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
For the poor in rural India, till not very long ago, credit meant the unscrupulous mahajans who roamed the villages with wads of cash. Dime a dozen Bollywood movies had depicted the wily moneylender who not just ripped off the hapless creditors, but who was also cruel enough to grab their movable and immovable property. Moneylenders are still prevalent in the Indian hinterland, even though their grip on rural credit market has loosened considerably in the last 2-3 decades, thanks to the advent of microfinance institutions (MFI), which started mushrooming in India by the 1990s.&lt;br /&gt;
&lt;br /&gt;
The late blooming of microfinance as a concept in India is an irony considering that there is a shining example from the neighbouring Bangladesh how micro-credit can bring about a substantial difference to the lives of the poor. Since the mid-1970s, Muhammad Yunus and his microfinance organisation, Grameen Bank &amp;mdash; winner of the 2006 Nobel Peace Prize &amp;mdash; have been making affordable finance a reality for rural people in Bangladesh, particularly for women.&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;Credit to poor&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
Microfinance is defined as the provision of thrift, credit and other financial services &amp;mdash; often of very small amounts &amp;mdash; to the poor in rural, semi-urban or urban areas for enabling them to raise their income levels and attain a meaningful livelihood. Notwithstanding their late entry on the Indian scene, MFIs &amp;mdash; be they are formed as societies, trusts or non-banking finance corporations (NBFCs) &amp;mdash; assumed a lead role in providing credit to the poor.&lt;br /&gt;
&lt;br /&gt;
In Ujjivan: Transforming With Technology, senior journalist Subir Roy chronicles the tale of a latest entrant into the field, Ujjivan, but in the process he also retraces the history of the organised microfinance landscape in India.&lt;br /&gt;
&lt;br /&gt;
The book briefly touches upon the sporadic history of governments extending taccavi , or short-term loans, to villagers by rulers in medieval India, during British period as well as immediately after India attaining independence. Ujjivan, which Samit Ghosh, a banker of 40-odd years of experience, and others founded in 2005, is unique in many senses. In its brief existence, The Bengaluru-headquartered MFI negotiated several unexpected policy minefields &amp;mdash; an existential crisis precipitated by an ordinance, and subsequently a State law, passed by Andhra Pradesh government in 2010 to restrict the operations of MFIs and demonetisation by the Narendra Modi government in November 2016 &amp;mdash; with aplomb.&lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;https://www.thehindubusinessline.com/opinion/books/no-small-change-this/article25280015.ece?homepage=true&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;
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-The Hindu Business Line

Roy tracks how microfinance, despite its blemishes, has empowered the unbanked in the country

For the poor in rural India, till not very long ago, credit meant the unscrupulous mahajans who roamed the villages with wads of cash....&#039;
$disp = &#039;&lt;div align=&quot;justify&quot;&gt;-The Hindu Business Line&lt;br /&gt;&lt;br /&gt;&lt;em&gt;Roy tracks how microfinance, despite its blemishes, has empowered the unbanked in the country&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;For the poor in rural India, till not very long ago, credit meant the unscrupulous mahajans who roamed the villages with wads of cash. Dime a dozen Bollywood movies had depicted the wily moneylender who not just ripped off the hapless creditors, but who was also cruel enough to grab their movable and immovable property. Moneylenders are still prevalent in the Indian hinterland, even though their grip on rural credit market has loosened considerably in the last 2-3 decades, thanks to the advent of microfinance institutions (MFI), which started mushrooming in India by the 1990s.&lt;br /&gt;&lt;br /&gt;The late blooming of microfinance as a concept in India is an irony considering that there is a shining example from the neighbouring Bangladesh how micro-credit can bring about a substantial difference to the lives of the poor. Since the mid-1970s, Muhammad Yunus and his microfinance organisation, Grameen Bank &amp;mdash; winner of the 2006 Nobel Peace Prize &amp;mdash; have been making affordable finance a reality for rural people in Bangladesh, particularly for women.&lt;br /&gt;&lt;br /&gt;&lt;em&gt;Credit to poor&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;Microfinance is defined as the provision of thrift, credit and other financial services &amp;mdash; often of very small amounts &amp;mdash; to the poor in rural, semi-urban or urban areas for enabling them to raise their income levels and attain a meaningful livelihood. Notwithstanding their late entry on the Indian scene, MFIs &amp;mdash; be they are formed as societies, trusts or non-banking finance corporations (NBFCs) &amp;mdash; assumed a lead role in providing credit to the poor.&lt;br /&gt;&lt;br /&gt;In Ujjivan: Transforming With Technology, senior journalist Subir Roy chronicles the tale of a latest entrant into the field, Ujjivan, but in the process he also retraces the history of the organised microfinance landscape in India.&lt;br /&gt;&lt;br /&gt;The book briefly touches upon the sporadic history of governments extending taccavi , or short-term loans, to villagers by rulers in medieval India, during British period as well as immediately after India attaining independence. Ujjivan, which Samit Ghosh, a banker of 40-odd years of experience, and others founded in 2005, is unique in many senses. In its brief existence, The Bengaluru-headquartered MFI negotiated several unexpected policy minefields &amp;mdash; an existential crisis precipitated by an ordinance, and subsequently a State law, passed by Andhra Pradesh government in 2010 to restrict the operations of MFIs and demonetisation by the Narendra Modi government in November 2016 &amp;mdash; with aplomb.&lt;br /&gt;&lt;br /&gt;Please &lt;a href=&quot;https://www.thehindubusinessline.com/opinion/books/no-small-change-this/article25280015.ece?homepage=true&quot; title=&quot;https://www.thehindubusinessline.com/opinion/books/no-small-change-this/article25280015.ece?homepage=true&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;&lt;/div&gt;&#039;
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-The Hindu Business Line

Roy tracks how microfinance, despite its blemishes, has empowered the unbanked in the country

For the poor in rural India, till not very long ago, credit meant the unscrupulous mahajans who roamed the villages with wads of cash...."/>
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                <strong>No small change this -TV Jayan</strong></h1>
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                <div align="justify">-The Hindu Business Line<br /><br /><em>Roy tracks how microfinance, despite its blemishes, has empowered the unbanked in the country<br /></em><br />For the poor in rural India, till not very long ago, credit meant the unscrupulous mahajans who roamed the villages with wads of cash. Dime a dozen Bollywood movies had depicted the wily moneylender who not just ripped off the hapless creditors, but who was also cruel enough to grab their movable and immovable property. Moneylenders are still prevalent in the Indian hinterland, even though their grip on rural credit market has loosened considerably in the last 2-3 decades, thanks to the advent of microfinance institutions (MFI), which started mushrooming in India by the 1990s.<br /><br />The late blooming of microfinance as a concept in India is an irony considering that there is a shining example from the neighbouring Bangladesh how micro-credit can bring about a substantial difference to the lives of the poor. Since the mid-1970s, Muhammad Yunus and his microfinance organisation, Grameen Bank &mdash; winner of the 2006 Nobel Peace Prize &mdash; have been making affordable finance a reality for rural people in Bangladesh, particularly for women.<br /><br /><em>Credit to poor<br /></em><br />Microfinance is defined as the provision of thrift, credit and other financial services &mdash; often of very small amounts &mdash; to the poor in rural, semi-urban or urban areas for enabling them to raise their income levels and attain a meaningful livelihood. Notwithstanding their late entry on the Indian scene, MFIs &mdash; be they are formed as societies, trusts or non-banking finance corporations (NBFCs) &mdash; assumed a lead role in providing credit to the poor.<br /><br />In Ujjivan: Transforming With Technology, senior journalist Subir Roy chronicles the tale of a latest entrant into the field, Ujjivan, but in the process he also retraces the history of the organised microfinance landscape in India.<br /><br />The book briefly touches upon the sporadic history of governments extending taccavi , or short-term loans, to villagers by rulers in medieval India, during British period as well as immediately after India attaining independence. Ujjivan, which Samit Ghosh, a banker of 40-odd years of experience, and others founded in 2005, is unique in many senses. In its brief existence, The Bengaluru-headquartered MFI negotiated several unexpected policy minefields &mdash; an existential crisis precipitated by an ordinance, and subsequently a State law, passed by Andhra Pradesh government in 2010 to restrict the operations of MFIs and demonetisation by the Narendra Modi government in November 2016 &mdash; with aplomb.<br /><br />Please <a href="https://www.thehindubusinessline.com/opinion/books/no-small-change-this/article25280015.ece?homepage=true" title="https://www.thehindubusinessline.com/opinion/books/no-small-change-this/article25280015.ece?homepage=true">click here</a> to read more. <br /></div>               </font>
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-The Hindu Business Line<br />
<br />
<em>Roy tracks how microfinance, despite its blemishes, has empowered the unbanked in the country<br />
</em><br />
For the poor in rural India, till not very long ago, credit meant the unscrupulous mahajans who roamed the villages with wads of cash. Dime a dozen Bollywood movies had depicted the wily moneylender who not just ripped off the hapless creditors, but who was also cruel enough to grab their movable and immovable property. Moneylenders are still prevalent in the Indian hinterland, even though their grip on rural credit market has loosened considerably in the last 2-3 decades, thanks to the advent of microfinance institutions (MFI), which started mushrooming in India by the 1990s.<br />
<br />
The late blooming of microfinance as a concept in India is an irony considering that there is a shining example from the neighbouring Bangladesh how micro-credit can bring about a substantial difference to the lives of the poor. Since the mid-1970s, Muhammad Yunus and his microfinance organisation, Grameen Bank &mdash; winner of the 2006 Nobel Peace Prize &mdash; have been making affordable finance a reality for rural people in Bangladesh, particularly for women.<br />
<br />
<em>Credit to poor<br />
</em><br />
Microfinance is defined as the provision of thrift, credit and other financial services &mdash; often of very small amounts &mdash; to the poor in rural, semi-urban or urban areas for enabling them to raise their income levels and attain a meaningful livelihood. Notwithstanding their late entry on the Indian scene, MFIs &mdash; be they are formed as societies, trusts or non-banking finance corporations (NBFCs) &mdash; assumed a lead role in providing credit to the poor.<br />
<br />
In Ujjivan: Transforming With Technology, senior journalist Subir Roy chronicles the tale of a latest entrant into the field, Ujjivan, but in the process he also retraces the history of the organised microfinance landscape in India.<br />
<br />
The book briefly touches upon the sporadic history of governments extending taccavi , or short-term loans, to villagers by rulers in medieval India, during British period as well as immediately after India attaining independence. Ujjivan, which Samit Ghosh, a banker of 40-odd years of experience, and others founded in 2005, is unique in many senses. In its brief existence, The Bengaluru-headquartered MFI negotiated several unexpected policy minefields &mdash; an existential crisis precipitated by an ordinance, and subsequently a State law, passed by Andhra Pradesh government in 2010 to restrict the operations of MFIs and demonetisation by the Narendra Modi government in November 2016 &mdash; with aplomb.<br />
<br />
Please <a href="https://www.thehindubusinessline.com/opinion/books/no-small-change-this/article25280015.ece?homepage=true">click here</a> to read more. <br />
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-The Hindu Business Line

Roy tracks how microfinance, despite its blemishes, has empowered the unbanked in the country

For the poor in rural India, till not very long ago, credit meant the unscrupulous mahajans who roamed the villages with wads of cash....',
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-The Hindu Business Line<br />
<br />
<em>Roy tracks how microfinance, despite its blemishes, has empowered the unbanked in the country<br />
</em><br />
For the poor in rural India, till not very long ago, credit meant the unscrupulous mahajans who roamed the villages with wads of cash. Dime a dozen Bollywood movies had depicted the wily moneylender who not just ripped off the hapless creditors, but who was also cruel enough to grab their movable and immovable property. Moneylenders are still prevalent in the Indian hinterland, even though their grip on rural credit market has loosened considerably in the last 2-3 decades, thanks to the advent of microfinance institutions (MFI), which started mushrooming in India by the 1990s.<br />
<br />
The late blooming of microfinance as a concept in India is an irony considering that there is a shining example from the neighbouring Bangladesh how micro-credit can bring about a substantial difference to the lives of the poor. Since the mid-1970s, Muhammad Yunus and his microfinance organisation, Grameen Bank &mdash; winner of the 2006 Nobel Peace Prize &mdash; have been making affordable finance a reality for rural people in Bangladesh, particularly for women.<br />
<br />
<em>Credit to poor<br />
</em><br />
Microfinance is defined as the provision of thrift, credit and other financial services &mdash; often of very small amounts &mdash; to the poor in rural, semi-urban or urban areas for enabling them to raise their income levels and attain a meaningful livelihood. Notwithstanding their late entry on the Indian scene, MFIs &mdash; be they are formed as societies, trusts or non-banking finance corporations (NBFCs) &mdash; assumed a lead role in providing credit to the poor.<br />
<br />
In Ujjivan: Transforming With Technology, senior journalist Subir Roy chronicles the tale of a latest entrant into the field, Ujjivan, but in the process he also retraces the history of the organised microfinance landscape in India.<br />
<br />
The book briefly touches upon the sporadic history of governments extending taccavi , or short-term loans, to villagers by rulers in medieval India, during British period as well as immediately after India attaining independence. Ujjivan, which Samit Ghosh, a banker of 40-odd years of experience, and others founded in 2005, is unique in many senses. In its brief existence, The Bengaluru-headquartered MFI negotiated several unexpected policy minefields &mdash; an existential crisis precipitated by an ordinance, and subsequently a State law, passed by Andhra Pradesh government in 2010 to restrict the operations of MFIs and demonetisation by the Narendra Modi government in November 2016 &mdash; with aplomb.<br />
<br />
Please <a href="https://www.thehindubusinessline.com/opinion/books/no-small-change-this/article25280015.ece?homepage=true">click here</a> to read more. <br />
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$metaTitle = 'LATEST NEWS UPDATES | No small change this -TV Jayan'
$metaKeywords = 'Microfinance institutions (MFIs),Poverty Reduction'
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-The Hindu Business Line

Roy tracks how microfinance, despite its blemishes, has empowered the unbanked in the country

For the poor in rural India, till not very long ago, credit meant the unscrupulous mahajans who roamed the villages with wads of cash....'
$disp = '<div align="justify">-The Hindu Business Line<br /><br /><em>Roy tracks how microfinance, despite its blemishes, has empowered the unbanked in the country<br /></em><br />For the poor in rural India, till not very long ago, credit meant the unscrupulous mahajans who roamed the villages with wads of cash. Dime a dozen Bollywood movies had depicted the wily moneylender who not just ripped off the hapless creditors, but who was also cruel enough to grab their movable and immovable property. Moneylenders are still prevalent in the Indian hinterland, even though their grip on rural credit market has loosened considerably in the last 2-3 decades, thanks to the advent of microfinance institutions (MFI), which started mushrooming in India by the 1990s.<br /><br />The late blooming of microfinance as a concept in India is an irony considering that there is a shining example from the neighbouring Bangladesh how micro-credit can bring about a substantial difference to the lives of the poor. Since the mid-1970s, Muhammad Yunus and his microfinance organisation, Grameen Bank &mdash; winner of the 2006 Nobel Peace Prize &mdash; have been making affordable finance a reality for rural people in Bangladesh, particularly for women.<br /><br /><em>Credit to poor<br /></em><br />Microfinance is defined as the provision of thrift, credit and other financial services &mdash; often of very small amounts &mdash; to the poor in rural, semi-urban or urban areas for enabling them to raise their income levels and attain a meaningful livelihood. Notwithstanding their late entry on the Indian scene, MFIs &mdash; be they are formed as societies, trusts or non-banking finance corporations (NBFCs) &mdash; assumed a lead role in providing credit to the poor.<br /><br />In Ujjivan: Transforming With Technology, senior journalist Subir Roy chronicles the tale of a latest entrant into the field, Ujjivan, but in the process he also retraces the history of the organised microfinance landscape in India.<br /><br />The book briefly touches upon the sporadic history of governments extending taccavi , or short-term loans, to villagers by rulers in medieval India, during British period as well as immediately after India attaining independence. Ujjivan, which Samit Ghosh, a banker of 40-odd years of experience, and others founded in 2005, is unique in many senses. In its brief existence, The Bengaluru-headquartered MFI negotiated several unexpected policy minefields &mdash; an existential crisis precipitated by an ordinance, and subsequently a State law, passed by Andhra Pradesh government in 2010 to restrict the operations of MFIs and demonetisation by the Narendra Modi government in November 2016 &mdash; with aplomb.<br /><br />Please <a href="https://www.thehindubusinessline.com/opinion/books/no-small-change-this/article25280015.ece?homepage=true" title="https://www.thehindubusinessline.com/opinion/books/no-small-change-this/article25280015.ece?homepage=true">click here</a> to read more. <br /></div>'
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No small change this -TV Jayan

-The Hindu Business Line Roy tracks how microfinance, despite its blemishes, has empowered the unbanked in the country For the poor in rural India, till not very long ago, credit meant the unscrupulous mahajans who roamed the villages with wads of cash. Dime a dozen Bollywood movies had depicted the wily moneylender who not just ripped off the hapless creditors, but who was also cruel enough to grab their movable and immovable property. Moneylenders are still prevalent in the Indian hinterland, even though their grip on rural credit market has loosened considerably in the last 2-3 decades, thanks to the advent of microfinance institutions (MFI), which started mushrooming in India by the 1990s. The late blooming of microfinance as a concept in India is an irony considering that there is a shining example from the neighbouring Bangladesh how micro-credit can bring about a substantial difference to the lives of the poor. Since the mid-1970s, Muhammad Yunus and his microfinance organisation, Grameen Bank — winner of the 2006 Nobel Peace Prize — have been making affordable finance a reality for rural people in Bangladesh, particularly for women. Credit to poor Microfinance is defined as the provision of thrift, credit and other financial services — often of very small amounts — to the poor in rural, semi-urban or urban areas for enabling them to raise their income levels and attain a meaningful livelihood. Notwithstanding their late entry on the Indian scene, MFIs — be they are formed as societies, trusts or non-banking finance corporations (NBFCs) — assumed a lead role in providing credit to the poor. In Ujjivan: Transforming With Technology, senior journalist Subir Roy chronicles the tale of a latest entrant into the field, Ujjivan, but in the process he also retraces the history of the organised microfinance landscape in India. The book briefly touches upon the sporadic history of governments extending taccavi , or short-term loans, to villagers by rulers in medieval India, during British period as well as immediately after India attaining independence. Ujjivan, which Samit Ghosh, a banker of 40-odd years of experience, and others founded in 2005, is unique in many senses. In its brief existence, The Bengaluru-headquartered MFI negotiated several unexpected policy minefields — an existential crisis precipitated by an ordinance, and subsequently a State law, passed by Andhra Pradesh government in 2010 to restrict the operations of MFIs and demonetisation by the Narendra Modi government in November 2016 — with aplomb. Please click here to read more.