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\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

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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</span></span></code>
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</span></span></code></pre><pre id="cakeErr680ed8a9c88f1-context" class="cake-context" style="display: none;">$viewFile = &#039;/home/brlfuser/public_html/src/Template/Layout/printlayout.ctp&#039;
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&lt;font face=&quot;arial,helvetica,sans-serif&quot; size=&quot;3&quot;&gt;The
recent crisis in the micro-finance industry, brought about by some 
incidents in Andhra Pradesh, has led to the development of a new concept
in the Indian thinking on development &amp;mdash; that of &amp;ldquo;responsible finance&amp;rdquo;. 
Responsible finance is supposed to mean financial activities by 
companies that make just about enough returns to stay in business and 
charge rates of interest on loans to the poor that are only marginally 
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people pushing for this approach are the very same ones who had at one 
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&lt;font face=&quot;arial,helvetica,sans-serif&quot; size=&quot;3&quot;&gt;The success of the 
Grameen Bank in Bangladesh convinced Indian policy-makers, politicians, 
intellectuals and almost everyone else that this was the way to go for 
India. With similar micro-finance institutions, India would solve the 
problem of financial exclusion faced by poorer households. Consequently,
such institutions mushroomed all over India and poor households started
getting loans they had never been able to get from anyone but the local
moneylenders. India was proud of its micro-finance movement and waited 
for great things to happen. Given the romance with micro-finance, few, 
apart from the &amp;ldquo;financial inclusion&amp;rdquo; enthusiasts, asked why banks never 
lent to the poor. The reason, of course, lay in the fact that the cost 
of such lending to a commercial bank is much more than what banks could 
charge as interest rate. In other words, it was irrational to think that
any and everyone could set up micro-finance institutions and charge 
commercially viable interest rates that were not too high. Micro-finance
institutions working with committed NGOs can reach a large group of 
excluded households. From this it does not follow that anyone who sets 
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reducing costs of lending to poor borrowers, rather than of identifying
good Samaritans who will act responsibly. Worse, there is an assumption
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romantic approach to micro-finance led us to unreal expectations. The 
idea of &amp;ldquo;responsible finance&amp;rdquo; is also a romantic one that will 
disappoint policy-makers. Problems relating to delivering low cost and 
affordable finance in a sustainable way are better solved with the mind,
rather than the heart. &lt;/font&gt;&lt;br /&gt;
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The
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incidents in Andhra Pradesh, has led to the development of a new concept
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Responsible finance is supposed to mean financial activities by 
companies that make just about enough returns to stay in business and 
charge rates of interest on loans to the poor that are only marginally 
higher than what the banks charge their prime customers. Many of the 
people pushing for this approach are the very same ones who had at one 
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&lt;br /&gt;
&lt;font face=&quot;arial,helvetica,sans-serif&quot; size=&quot;3&quot;&gt;The success of the 
Grameen Bank in Bangladesh convinced Indian policy-makers, politicians, 
intellectuals and almost everyone else that this was the way to go for 
India. With similar micro-finance institutions, India would solve the 
problem of financial exclusion faced by poorer households. Consequently,
such institutions mushroomed all over India and poor households started
getting loans they had never been able to get from anyone but the local
moneylenders. India was proud of its micro-finance movement and waited 
for great things to happen. Given the romance with micro-finance, few, 
apart from the &amp;ldquo;financial inclusion&amp;rdquo; enthusiasts, asked why banks never 
lent to the poor. The reason, of course, lay in the fact that the cost 
of such lending to a commercial bank is much more than what banks could 
charge as interest rate. In other words, it was irrational to think that
any and everyone could set up micro-finance institutions and charge 
commercially viable interest rates that were not too high. Micro-finance
institutions working with committed NGOs can reach a large group of 
excluded households. From this it does not follow that anyone who sets 
up such an institution will do it to help the poor; on the contrary, 
opportunists will use the euphoria to rake in as much as they can.&lt;/font&gt;&lt;br /&gt;
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micro-finance institutions. The unhappiness with moneylenders took banks
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to permit the mushrooming of micro-finance. Now, the unhappiness with 
these institutions is making policy-makers look for &amp;ldquo;responsible 
financiers&amp;rdquo; in the name of financial inclusion. The real issue is one of
reducing costs of lending to poor borrowers, rather than of identifying
good Samaritans who will act responsibly. Worse, there is an assumption
that good Samaritans can be created with ad hoc rules and policies. The
romantic approach to micro-finance led us to unreal expectations. The 
idea of &amp;ldquo;responsible finance&amp;rdquo; is also a romantic one that will 
disappoint policy-makers. Problems relating to delivering low cost and 
affordable finance in a sustainable way are better solved with the mind,
rather than the heart. &lt;/font&gt;&lt;br /&gt;
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The
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Cake\View\View::renderLayout() - CORE/src/View/View.php, line 927
Cake\View\View::render() - CORE/src/View/View.php, line 885
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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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
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The
recent crisis in the micro-finance industry, brought about by some 
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in the Indian thinking on development &mdash; that of &ldquo;responsible finance&rdquo;. 
Responsible finance is supposed to mean financial..."/>
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            <h1 class="news_headlines" style="font-style:normal">
                <strong>Responsible finance</strong></h1>
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        <td width="100%" style="font-family:Arial, 'Segoe Script', 'Segoe UI', sans-serif, serif"><font size="3">
                <font ><br /></font><div align="justify"><font >Therecent crisis in the micro-finance industry, brought about by some incidents in Andhra Pradesh, has led to the development of a new conceptin the Indian thinking on development &mdash; that of &ldquo;responsible finance&rdquo;. Responsible finance is supposed to mean financial activities by companies that make just about enough returns to stay in business and charge rates of interest on loans to the poor that are only marginally higher than what the banks charge their prime customers. Many of the people pushing for this approach are the very same ones who had at one time firmly believed that micro-finance institutions will be the panaceafor all those households that are financially excluded.</font><br /><br /><font >The success of the Grameen Bank in Bangladesh convinced Indian policy-makers, politicians, intellectuals and almost everyone else that this was the way to go for India. With similar micro-finance institutions, India would solve the problem of financial exclusion faced by poorer households. Consequently,such institutions mushroomed all over India and poor households startedgetting loans they had never been able to get from anyone but the localmoneylenders. India was proud of its micro-finance movement and waited for great things to happen. Given the romance with micro-finance, few, apart from the &ldquo;financial inclusion&rdquo; enthusiasts, asked why banks never lent to the poor. The reason, of course, lay in the fact that the cost of such lending to a commercial bank is much more than what banks could charge as interest rate. In other words, it was irrational to think thatany and everyone could set up micro-finance institutions and charge commercially viable interest rates that were not too high. Micro-financeinstitutions working with committed NGOs can reach a large group of excluded households. From this it does not follow that anyone who sets up such an institution will do it to help the poor; on the contrary, opportunists will use the euphoria to rake in as much as they can.</font><br /><br /><font >Markets develop whereprofits can be made. That was what the moneylenders did and that is what micro-finance institutions will do. Indian policy sought to discourage moneylenders and now everyone is baying for the blood of micro-finance institutions. The unhappiness with moneylenders took banksto rural India, and the unhappiness with banks encouraged authorities to permit the mushrooming of micro-finance. Now, the unhappiness with these institutions is making policy-makers look for &ldquo;responsible financiers&rdquo; in the name of financial inclusion. The real issue is one ofreducing costs of lending to poor borrowers, rather than of identifyinggood Samaritans who will act responsibly. Worse, there is an assumptionthat good Samaritans can be created with ad hoc rules and policies. Theromantic approach to micro-finance led us to unreal expectations. The idea of &ldquo;responsible finance&rdquo; is also a romantic one that will disappoint policy-makers. Problems relating to delivering low cost and affordable finance in a sustainable way are better solved with the mind,rather than the heart. </font><br /></div>               </font>
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    <link rel="canonical" href="https://im4change.in/<pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr680ed8a9c88f1-trace').style.display = (document.getElementById('cakeErr680ed8a9c88f1-trace').style.display == 'none' ? '' : 'none');"><b>Notice</b> (8)</a>: Undefined variable: urlPrefix [<b>APP/Template/Layout/printlayout.ctp</b>, line <b>8</b>]<div id="cakeErr680ed8a9c88f1-trace" class="cake-stack-trace" style="display: none;"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr680ed8a9c88f1-code').style.display = (document.getElementById('cakeErr680ed8a9c88f1-code').style.display == 'none' ? '' : 'none')">Code</a> <a href="javascript:void(0);" onclick="document.getElementById('cakeErr680ed8a9c88f1-context').style.display = (document.getElementById('cakeErr680ed8a9c88f1-context').style.display == 'none' ? '' : 'none')">Context</a><pre id="cakeErr680ed8a9c88f1-code" class="cake-code-dump" style="display: none;"><code><span style="color: #000000"><span style="color: #0000BB"></span><span style="color: #007700">&lt;</span><span style="color: #0000BB">head</span><span style="color: #007700">&gt;
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&lt;font face=&quot;arial,helvetica,sans-serif&quot; size=&quot;3&quot;&gt;The
recent crisis in the micro-finance industry, brought about by some 
incidents in Andhra Pradesh, has led to the development of a new concept
in the Indian thinking on development &amp;mdash; that of &amp;ldquo;responsible finance&amp;rdquo;. 
Responsible finance is supposed to mean financial activities by 
companies that make just about enough returns to stay in business and 
charge rates of interest on loans to the poor that are only marginally 
higher than what the banks charge their prime customers. Many of the 
people pushing for this approach are the very same ones who had at one 
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for all those households that are financially excluded.&lt;/font&gt;&lt;br /&gt;
&lt;br /&gt;
&lt;font face=&quot;arial,helvetica,sans-serif&quot; size=&quot;3&quot;&gt;The success of the 
Grameen Bank in Bangladesh convinced Indian policy-makers, politicians, 
intellectuals and almost everyone else that this was the way to go for 
India. With similar micro-finance institutions, India would solve the 
problem of financial exclusion faced by poorer households. Consequently,
such institutions mushroomed all over India and poor households started
getting loans they had never been able to get from anyone but the local
moneylenders. India was proud of its micro-finance movement and waited 
for great things to happen. Given the romance with micro-finance, few, 
apart from the &amp;ldquo;financial inclusion&amp;rdquo; enthusiasts, asked why banks never 
lent to the poor. The reason, of course, lay in the fact that the cost 
of such lending to a commercial bank is much more than what banks could 
charge as interest rate. In other words, it was irrational to think that
any and everyone could set up micro-finance institutions and charge 
commercially viable interest rates that were not too high. Micro-finance
institutions working with committed NGOs can reach a large group of 
excluded households. From this it does not follow that anyone who sets 
up such an institution will do it to help the poor; on the contrary, 
opportunists will use the euphoria to rake in as much as they can.&lt;/font&gt;&lt;br /&gt;
&lt;br /&gt;
&lt;font face=&quot;arial,helvetica,sans-serif&quot; size=&quot;3&quot;&gt;Markets develop where
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what micro-finance institutions will do. Indian policy sought to 
discourage moneylenders and now everyone is baying for the blood of 
micro-finance institutions. The unhappiness with moneylenders took banks
to rural India, and the unhappiness with banks encouraged authorities 
to permit the mushrooming of micro-finance. Now, the unhappiness with 
these institutions is making policy-makers look for &amp;ldquo;responsible 
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reducing costs of lending to poor borrowers, rather than of identifying
good Samaritans who will act responsibly. Worse, there is an assumption
that good Samaritans can be created with ad hoc rules and policies. The
romantic approach to micro-finance led us to unreal expectations. The 
idea of &amp;ldquo;responsible finance&amp;rdquo; is also a romantic one that will 
disappoint policy-makers. Problems relating to delivering low cost and 
affordable finance in a sustainable way are better solved with the mind,
rather than the heart. &lt;/font&gt;&lt;br /&gt;
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	&#039;disp&#039; =&gt; &#039;&lt;font &gt;&lt;br /&gt;&lt;/font&gt;&lt;div align=&quot;justify&quot;&gt;&lt;font &gt;Therecent crisis in the micro-finance industry, brought about by some incidents in Andhra Pradesh, has led to the development of a new conceptin the Indian thinking on development &amp;mdash; that of &amp;ldquo;responsible finance&amp;rdquo;. Responsible finance is supposed to mean financial activities by companies that make just about enough returns to stay in business and charge rates of interest on loans to the poor that are only marginally higher than what the banks charge their prime customers. Many of the people pushing for this approach are the very same ones who had at one time firmly believed that micro-finance institutions will be the panaceafor all those households that are financially excluded.&lt;/font&gt;&lt;br /&gt;&lt;br /&gt;&lt;font &gt;The success of the Grameen Bank in Bangladesh convinced Indian policy-makers, politicians, intellectuals and almost everyone else that this was the way to go for India. With similar micro-finance institutions, India would solve the problem of financial exclusion faced by poorer households. Consequently,such institutions mushroomed all over India and poor households startedgetting loans they had never been able to get from anyone but the localmoneylenders. India was proud of its micro-finance movement and waited for great things to happen. Given the romance with micro-finance, few, apart from the &amp;ldquo;financial inclusion&amp;rdquo; enthusiasts, asked why banks never lent to the poor. The reason, of course, lay in the fact that the cost of such lending to a commercial bank is much more than what banks could charge as interest rate. In other words, it was irrational to think thatany and everyone could set up micro-finance institutions and charge commercially viable interest rates that were not too high. Micro-financeinstitutions working with committed NGOs can reach a large group of excluded households. From this it does not follow that anyone who sets up such an institution will do it to help the poor; on the contrary, opportunists will use the euphoria to rake in as much as they can.&lt;/font&gt;&lt;br /&gt;&lt;br /&gt;&lt;font &gt;Markets develop whereprofits can be made. That was what the moneylenders did and that is what micro-finance institutions will do. Indian policy sought to discourage moneylenders and now everyone is baying for the blood of micro-finance institutions. The unhappiness with moneylenders took banksto rural India, and the unhappiness with banks encouraged authorities to permit the mushrooming of micro-finance. Now, the unhappiness with these institutions is making policy-makers look for &amp;ldquo;responsible financiers&amp;rdquo; in the name of financial inclusion. The real issue is one ofreducing costs of lending to poor borrowers, rather than of identifyinggood Samaritans who will act responsibly. Worse, there is an assumptionthat good Samaritans can be created with ad hoc rules and policies. Theromantic approach to micro-finance led us to unreal expectations. The idea of &amp;ldquo;responsible finance&amp;rdquo; is also a romantic one that will disappoint policy-makers. Problems relating to delivering low cost and affordable finance in a sustainable way are better solved with the mind,rather than the heart. &lt;/font&gt;&lt;br /&gt;&lt;/div&gt;&#039;,
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incidents in Andhra Pradesh, has led to the development of a new concept
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Responsible finance is supposed to mean financial activities by 
companies that make just about enough returns to stay in business and 
charge rates of interest on loans to the poor that are only marginally 
higher than what the banks charge their prime customers. Many of the 
people pushing for this approach are the very same ones who had at one 
time firmly believed that micro-finance institutions will be the panacea
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&lt;font face=&quot;arial,helvetica,sans-serif&quot; size=&quot;3&quot;&gt;The success of the 
Grameen Bank in Bangladesh convinced Indian policy-makers, politicians, 
intellectuals and almost everyone else that this was the way to go for 
India. With similar micro-finance institutions, India would solve the 
problem of financial exclusion faced by poorer households. Consequently,
such institutions mushroomed all over India and poor households started
getting loans they had never been able to get from anyone but the local
moneylenders. India was proud of its micro-finance movement and waited 
for great things to happen. Given the romance with micro-finance, few, 
apart from the &amp;ldquo;financial inclusion&amp;rdquo; enthusiasts, asked why banks never 
lent to the poor. The reason, of course, lay in the fact that the cost 
of such lending to a commercial bank is much more than what banks could 
charge as interest rate. In other words, it was irrational to think that
any and everyone could set up micro-finance institutions and charge 
commercially viable interest rates that were not too high. Micro-finance
institutions working with committed NGOs can reach a large group of 
excluded households. From this it does not follow that anyone who sets 
up such an institution will do it to help the poor; on the contrary, 
opportunists will use the euphoria to rake in as much as they can.&lt;/font&gt;&lt;br /&gt;
&lt;br /&gt;
&lt;font face=&quot;arial,helvetica,sans-serif&quot; size=&quot;3&quot;&gt;Markets develop where
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discourage moneylenders and now everyone is baying for the blood of 
micro-finance institutions. The unhappiness with moneylenders took banks
to rural India, and the unhappiness with banks encouraged authorities 
to permit the mushrooming of micro-finance. Now, the unhappiness with 
these institutions is making policy-makers look for &amp;ldquo;responsible 
financiers&amp;rdquo; in the name of financial inclusion. The real issue is one of
reducing costs of lending to poor borrowers, rather than of identifying
good Samaritans who will act responsibly. Worse, there is an assumption
that good Samaritans can be created with ad hoc rules and policies. The
romantic approach to micro-finance led us to unreal expectations. The 
idea of &amp;ldquo;responsible finance&amp;rdquo; is also a romantic one that will 
disappoint policy-makers. Problems relating to delivering low cost and 
affordable finance in a sustainable way are better solved with the mind,
rather than the heart. &lt;/font&gt;&lt;br /&gt;
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The
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                <strong>Responsible finance</strong></h1>
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                <font ><br /></font><div align="justify"><font >Therecent crisis in the micro-finance industry, brought about by some incidents in Andhra Pradesh, has led to the development of a new conceptin the Indian thinking on development &mdash; that of &ldquo;responsible finance&rdquo;. Responsible finance is supposed to mean financial activities by companies that make just about enough returns to stay in business and charge rates of interest on loans to the poor that are only marginally higher than what the banks charge their prime customers. Many of the people pushing for this approach are the very same ones who had at one time firmly believed that micro-finance institutions will be the panaceafor all those households that are financially excluded.</font><br /><br /><font >The success of the Grameen Bank in Bangladesh convinced Indian policy-makers, politicians, intellectuals and almost everyone else that this was the way to go for India. With similar micro-finance institutions, India would solve the problem of financial exclusion faced by poorer households. Consequently,such institutions mushroomed all over India and poor households startedgetting loans they had never been able to get from anyone but the localmoneylenders. India was proud of its micro-finance movement and waited for great things to happen. Given the romance with micro-finance, few, apart from the &ldquo;financial inclusion&rdquo; enthusiasts, asked why banks never lent to the poor. The reason, of course, lay in the fact that the cost of such lending to a commercial bank is much more than what banks could charge as interest rate. In other words, it was irrational to think thatany and everyone could set up micro-finance institutions and charge commercially viable interest rates that were not too high. Micro-financeinstitutions working with committed NGOs can reach a large group of excluded households. From this it does not follow that anyone who sets up such an institution will do it to help the poor; on the contrary, opportunists will use the euphoria to rake in as much as they can.</font><br /><br /><font >Markets develop whereprofits can be made. That was what the moneylenders did and that is what micro-finance institutions will do. Indian policy sought to discourage moneylenders and now everyone is baying for the blood of micro-finance institutions. The unhappiness with moneylenders took banksto rural India, and the unhappiness with banks encouraged authorities to permit the mushrooming of micro-finance. Now, the unhappiness with these institutions is making policy-makers look for &ldquo;responsible financiers&rdquo; in the name of financial inclusion. The real issue is one ofreducing costs of lending to poor borrowers, rather than of identifyinggood Samaritans who will act responsibly. Worse, there is an assumptionthat good Samaritans can be created with ad hoc rules and policies. Theromantic approach to micro-finance led us to unreal expectations. The idea of &ldquo;responsible finance&rdquo; is also a romantic one that will disappoint policy-makers. Problems relating to delivering low cost and affordable finance in a sustainable way are better solved with the mind,rather than the heart. </font><br /></div>               </font>
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&lt;font face=&quot;arial,helvetica,sans-serif&quot; size=&quot;3&quot;&gt;The
recent crisis in the micro-finance industry, brought about by some 
incidents in Andhra Pradesh, has led to the development of a new concept
in the Indian thinking on development &amp;mdash; that of &amp;ldquo;responsible finance&amp;rdquo;. 
Responsible finance is supposed to mean financial activities by 
companies that make just about enough returns to stay in business and 
charge rates of interest on loans to the poor that are only marginally 
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&lt;font face=&quot;arial,helvetica,sans-serif&quot; size=&quot;3&quot;&gt;The success of the 
Grameen Bank in Bangladesh convinced Indian policy-makers, politicians, 
intellectuals and almost everyone else that this was the way to go for 
India. With similar micro-finance institutions, India would solve the 
problem of financial exclusion faced by poorer households. Consequently,
such institutions mushroomed all over India and poor households started
getting loans they had never been able to get from anyone but the local
moneylenders. India was proud of its micro-finance movement and waited 
for great things to happen. Given the romance with micro-finance, few, 
apart from the &amp;ldquo;financial inclusion&amp;rdquo; enthusiasts, asked why banks never 
lent to the poor. The reason, of course, lay in the fact that the cost 
of such lending to a commercial bank is much more than what banks could 
charge as interest rate. In other words, it was irrational to think that
any and everyone could set up micro-finance institutions and charge 
commercially viable interest rates that were not too high. Micro-finance
institutions working with committed NGOs can reach a large group of 
excluded households. From this it does not follow that anyone who sets 
up such an institution will do it to help the poor; on the contrary, 
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reducing costs of lending to poor borrowers, rather than of identifying
good Samaritans who will act responsibly. Worse, there is an assumption
that good Samaritans can be created with ad hoc rules and policies. The
romantic approach to micro-finance led us to unreal expectations. The 
idea of &amp;ldquo;responsible finance&amp;rdquo; is also a romantic one that will 
disappoint policy-makers. Problems relating to delivering low cost and 
affordable finance in a sustainable way are better solved with the mind,
rather than the heart. &lt;/font&gt;&lt;br /&gt;
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The
recent crisis in the micro-finance industry, brought about by some 
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Responsible finance is supposed to mean financial activities by 
companies that make just about enough returns to stay in business and 
charge rates of interest on loans to the poor that are only marginally 
higher than what the banks charge their prime customers. Many of the 
people pushing for this approach are the very same ones who had at one 
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for all those households that are financially excluded.&lt;/font&gt;&lt;br /&gt;
&lt;br /&gt;
&lt;font face=&quot;arial,helvetica,sans-serif&quot; size=&quot;3&quot;&gt;The success of the 
Grameen Bank in Bangladesh convinced Indian policy-makers, politicians, 
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India. With similar micro-finance institutions, India would solve the 
problem of financial exclusion faced by poorer households. Consequently,
such institutions mushroomed all over India and poor households started
getting loans they had never been able to get from anyone but the local
moneylenders. India was proud of its micro-finance movement and waited 
for great things to happen. Given the romance with micro-finance, few, 
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The
recent crisis in the micro-finance industry, brought about by some 
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The
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                <strong>Responsible finance</strong></h1>
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                <font ><br /></font><div align="justify"><font >Therecent crisis in the micro-finance industry, brought about by some incidents in Andhra Pradesh, has led to the development of a new conceptin the Indian thinking on development &mdash; that of &ldquo;responsible finance&rdquo;. Responsible finance is supposed to mean financial activities by companies that make just about enough returns to stay in business and charge rates of interest on loans to the poor that are only marginally higher than what the banks charge their prime customers. Many of the people pushing for this approach are the very same ones who had at one time firmly believed that micro-finance institutions will be the panaceafor all those households that are financially excluded.</font><br /><br /><font >The success of the Grameen Bank in Bangladesh convinced Indian policy-makers, politicians, intellectuals and almost everyone else that this was the way to go for India. With similar micro-finance institutions, India would solve the problem of financial exclusion faced by poorer households. Consequently,such institutions mushroomed all over India and poor households startedgetting loans they had never been able to get from anyone but the localmoneylenders. India was proud of its micro-finance movement and waited for great things to happen. Given the romance with micro-finance, few, apart from the &ldquo;financial inclusion&rdquo; enthusiasts, asked why banks never lent to the poor. The reason, of course, lay in the fact that the cost of such lending to a commercial bank is much more than what banks could charge as interest rate. In other words, it was irrational to think thatany and everyone could set up micro-finance institutions and charge commercially viable interest rates that were not too high. Micro-financeinstitutions working with committed NGOs can reach a large group of excluded households. From this it does not follow that anyone who sets up such an institution will do it to help the poor; on the contrary, opportunists will use the euphoria to rake in as much as they can.</font><br /><br /><font >Markets develop whereprofits can be made. That was what the moneylenders did and that is what micro-finance institutions will do. Indian policy sought to discourage moneylenders and now everyone is baying for the blood of micro-finance institutions. The unhappiness with moneylenders took banksto rural India, and the unhappiness with banks encouraged authorities to permit the mushrooming of micro-finance. Now, the unhappiness with these institutions is making policy-makers look for &ldquo;responsible financiers&rdquo; in the name of financial inclusion. The real issue is one ofreducing costs of lending to poor borrowers, rather than of identifyinggood Samaritans who will act responsibly. Worse, there is an assumptionthat good Samaritans can be created with ad hoc rules and policies. Theromantic approach to micro-finance led us to unreal expectations. The idea of &ldquo;responsible finance&rdquo; is also a romantic one that will disappoint policy-makers. Problems relating to delivering low cost and affordable finance in a sustainable way are better solved with the mind,rather than the heart. </font><br /></div>               </font>
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<font face="arial,helvetica,sans-serif" size="3">The
recent crisis in the micro-finance industry, brought about by some 
incidents in Andhra Pradesh, has led to the development of a new concept
in the Indian thinking on development &mdash; that of &ldquo;responsible finance&rdquo;. 
Responsible finance is supposed to mean financial activities by 
companies that make just about enough returns to stay in business and 
charge rates of interest on loans to the poor that are only marginally 
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<font face="arial,helvetica,sans-serif" size="3">The success of the 
Grameen Bank in Bangladesh convinced Indian policy-makers, politicians, 
intellectuals and almost everyone else that this was the way to go for 
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problem of financial exclusion faced by poorer households. Consequently,
such institutions mushroomed all over India and poor households started
getting loans they had never been able to get from anyone but the local
moneylenders. India was proud of its micro-finance movement and waited 
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apart from the &ldquo;financial inclusion&rdquo; enthusiasts, asked why banks never 
lent to the poor. The reason, of course, lay in the fact that the cost 
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charge as interest rate. In other words, it was irrational to think that
any and everyone could set up micro-finance institutions and charge 
commercially viable interest rates that were not too high. Micro-finance
institutions working with committed NGOs can reach a large group of 
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micro-finance institutions. The unhappiness with moneylenders took banks
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good Samaritans who will act responsibly. Worse, there is an assumption
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romantic approach to micro-finance led us to unreal expectations. The 
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The
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Responsible finance is supposed to mean financial...',
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<font face="arial,helvetica,sans-serif" size="3">The
recent crisis in the micro-finance industry, brought about by some 
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in the Indian thinking on development &mdash; that of &ldquo;responsible finance&rdquo;. 
Responsible finance is supposed to mean financial activities by 
companies that make just about enough returns to stay in business and 
charge rates of interest on loans to the poor that are only marginally 
higher than what the banks charge their prime customers. Many of the 
people pushing for this approach are the very same ones who had at one 
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for all those households that are financially excluded.</font><br />
<br />
<font face="arial,helvetica,sans-serif" size="3">The success of the 
Grameen Bank in Bangladesh convinced Indian policy-makers, politicians, 
intellectuals and almost everyone else that this was the way to go for 
India. With similar micro-finance institutions, India would solve the 
problem of financial exclusion faced by poorer households. Consequently,
such institutions mushroomed all over India and poor households started
getting loans they had never been able to get from anyone but the local
moneylenders. India was proud of its micro-finance movement and waited 
for great things to happen. Given the romance with micro-finance, few, 
apart from the &ldquo;financial inclusion&rdquo; enthusiasts, asked why banks never 
lent to the poor. The reason, of course, lay in the fact that the cost 
of such lending to a commercial bank is much more than what banks could 
charge as interest rate. In other words, it was irrational to think that
any and everyone could set up micro-finance institutions and charge 
commercially viable interest rates that were not too high. Micro-finance
institutions working with committed NGOs can reach a large group of 
excluded households. From this it does not follow that anyone who sets 
up such an institution will do it to help the poor; on the contrary, 
opportunists will use the euphoria to rake in as much as they can.</font><br />
<br />
<font face="arial,helvetica,sans-serif" size="3">Markets develop where
profits can be made. That was what the moneylenders did and that is 
what micro-finance institutions will do. Indian policy sought to 
discourage moneylenders and now everyone is baying for the blood of 
micro-finance institutions. The unhappiness with moneylenders took banks
to rural India, and the unhappiness with banks encouraged authorities 
to permit the mushrooming of micro-finance. Now, the unhappiness with 
these institutions is making policy-makers look for &ldquo;responsible 
financiers&rdquo; in the name of financial inclusion. The real issue is one of
reducing costs of lending to poor borrowers, rather than of identifying
good Samaritans who will act responsibly. Worse, there is an assumption
that good Samaritans can be created with ad hoc rules and policies. The
romantic approach to micro-finance led us to unreal expectations. The 
idea of &ldquo;responsible finance&rdquo; is also a romantic one that will 
disappoint policy-makers. Problems relating to delivering low cost and 
affordable finance in a sustainable way are better solved with the mind,
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The
recent crisis in the micro-finance industry, brought about by some 
incidents in Andhra Pradesh, has led to the development of a new concept
in the Indian thinking on development &mdash; that of &ldquo;responsible finance&rdquo;. 
Responsible finance is supposed to mean financial...'
$disp = '<font ><br /></font><div align="justify"><font >Therecent crisis in the micro-finance industry, brought about by some incidents in Andhra Pradesh, has led to the development of a new conceptin the Indian thinking on development &mdash; that of &ldquo;responsible finance&rdquo;. Responsible finance is supposed to mean financial activities by companies that make just about enough returns to stay in business and charge rates of interest on loans to the poor that are only marginally higher than what the banks charge their prime customers. Many of the people pushing for this approach are the very same ones who had at one time firmly believed that micro-finance institutions will be the panaceafor all those households that are financially excluded.</font><br /><br /><font >The success of the Grameen Bank in Bangladesh convinced Indian policy-makers, politicians, intellectuals and almost everyone else that this was the way to go for India. With similar micro-finance institutions, India would solve the problem of financial exclusion faced by poorer households. Consequently,such institutions mushroomed all over India and poor households startedgetting loans they had never been able to get from anyone but the localmoneylenders. India was proud of its micro-finance movement and waited for great things to happen. Given the romance with micro-finance, few, apart from the &ldquo;financial inclusion&rdquo; enthusiasts, asked why banks never lent to the poor. The reason, of course, lay in the fact that the cost of such lending to a commercial bank is much more than what banks could charge as interest rate. In other words, it was irrational to think thatany and everyone could set up micro-finance institutions and charge commercially viable interest rates that were not too high. Micro-financeinstitutions working with committed NGOs can reach a large group of excluded households. From this it does not follow that anyone who sets up such an institution will do it to help the poor; on the contrary, opportunists will use the euphoria to rake in as much as they can.</font><br /><br /><font >Markets develop whereprofits can be made. That was what the moneylenders did and that is what micro-finance institutions will do. Indian policy sought to discourage moneylenders and now everyone is baying for the blood of micro-finance institutions. The unhappiness with moneylenders took banksto rural India, and the unhappiness with banks encouraged authorities to permit the mushrooming of micro-finance. Now, the unhappiness with these institutions is making policy-makers look for &ldquo;responsible financiers&rdquo; in the name of financial inclusion. The real issue is one ofreducing costs of lending to poor borrowers, rather than of identifyinggood Samaritans who will act responsibly. Worse, there is an assumptionthat good Samaritans can be created with ad hoc rules and policies. Theromantic approach to micro-finance led us to unreal expectations. The idea of &ldquo;responsible finance&rdquo; is also a romantic one that will disappoint policy-makers. Problems relating to delivering low cost and affordable finance in a sustainable way are better solved with the mind,rather than the heart. </font><br /></div>'
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Responsible finance

Therecent crisis in the micro-finance industry, brought about by some incidents in Andhra Pradesh, has led to the development of a new conceptin the Indian thinking on development — that of “responsible finance”. Responsible finance is supposed to mean financial activities by companies that make just about enough returns to stay in business and charge rates of interest on loans to the poor that are only marginally higher than what the banks charge their prime customers. Many of the people pushing for this approach are the very same ones who had at one time firmly believed that micro-finance institutions will be the panaceafor all those households that are financially excluded. The success of the Grameen Bank in Bangladesh convinced Indian policy-makers, politicians, intellectuals and almost everyone else that this was the way to go for India. With similar micro-finance institutions, India would solve the problem of financial exclusion faced by poorer households. Consequently,such institutions mushroomed all over India and poor households startedgetting loans they had never been able to get from anyone but the localmoneylenders. India was proud of its micro-finance movement and waited for great things to happen. Given the romance with micro-finance, few, apart from the “financial inclusion” enthusiasts, asked why banks never lent to the poor. The reason, of course, lay in the fact that the cost of such lending to a commercial bank is much more than what banks could charge as interest rate. In other words, it was irrational to think thatany and everyone could set up micro-finance institutions and charge commercially viable interest rates that were not too high. Micro-financeinstitutions working with committed NGOs can reach a large group of excluded households. From this it does not follow that anyone who sets up such an institution will do it to help the poor; on the contrary, opportunists will use the euphoria to rake in as much as they can. Markets develop whereprofits can be made. That was what the moneylenders did and that is what micro-finance institutions will do. Indian policy sought to discourage moneylenders and now everyone is baying for the blood of micro-finance institutions. The unhappiness with moneylenders took banksto rural India, and the unhappiness with banks encouraged authorities to permit the mushrooming of micro-finance. Now, the unhappiness with these institutions is making policy-makers look for “responsible financiers” in the name of financial inclusion. The real issue is one ofreducing costs of lending to poor borrowers, rather than of identifyinggood Samaritans who will act responsibly. Worse, there is an assumptionthat good Samaritans can be created with ad hoc rules and policies. Theromantic approach to micro-finance led us to unreal expectations. The idea of “responsible finance” is also a romantic one that will disappoint policy-makers. Problems relating to delivering low cost and affordable finance in a sustainable way are better solved with the mind,rather than the heart.