Microfinancing' was introduced in India in the 1980s as a solution to poverty and to empower women. Despite its strong potential, the microfinance sector faces challenges related to accessibility in rural India. Further clearing the air about the potential of `microfinance', Devesh Sachdev, MD & CEO of Fusion Microfinance, says "Microfinance sector is very important for an economy like India's, where more than 80% of people work in the informal sector. These enterprises have been dependent on informal channels of finance like local money lenders, who charge non -transparent exorbitant rates and with various exploitations attached in case of delayed/non-payment. Microfinance model of providing simple, transparent, collateral free financial products at the door step of the clients along...
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