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Scaling-up Access to Finance for India’s Rural Poor



Shashank Shetty

Welingkar Institute of Management Development and Research



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Synopsis
Despite the depth of the Indian financial system, and the country’s wide network of rural banks, India’s poor households, who are concentrated in rural areas, still have very little access to formal finance. A recent World Bank-NCAER Survey on rural access to finance (the Rural Finance Access Survey-RFAS, 2003) indicates that 70% of the rural poor do not have a bank account and 87% have no access to credit from a formal source. Informal sector lenders remain a strong presence in rural India, delivering finance to the poor: the RFAS, 2003 finds that 48% of landless and marginal farmers borrowed from an informal source at least once in the past 12 months, at rates averaging 48% per year.
But new approaches designed to deliver finance to the poor have emerged in India over the past decade, involving the provision of......

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Approximate Word Count: 14530
Approximate Pages: 59 (250 words per double-spaced page)

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