Need different financial institutions to cater to the bottom of pyramid: Prof. Muhammad Yunus
Bangalore, 9th Feb 2017: Microfinance Institutions Network along with Association of Karnataka Microfinance Institutions organized a panel discussion on “Can Microfinance make development more equitable?” at Hotel Taj West End, Bangalore. Nobel Laureate and founder of Grameen Bank, Bangladesh Prof. Muhammad Yunus was part of the panel which also included Ratna Vishwanathan, CEO, MFIN, Shri S.C. Khuntia, IAS, Chief Secretary, Government of Karnataka and Aloysius Fernandez, founder of Myrada.
Ratna Vishwanathan , CEO, MFIN
ProfMuhammad Yunus, whois also known as the father of microfinance, stressed on the need for differentfinancial institutions to cater to the bottom of pyramid where the need ofaccess to finance is the greatest. He further added that the financialinstitutions should not only service credit & deposits but should alsocomplement it with developing social indicators such as health, education etc.
The paneldiscussion focused on how the sector will shape itself to the growing andchanging needs of its clients. As the microfinance institutions are turninginto small finance banks, it has become more relevant and important for themicrofinance institutions to align themselves to the requirements of itscustomers.
Themicrofinance space has witnessed tremendous changes in the past many years andhas enabled qualitative impact on the lives of millions of people. Microfinanceinstitutions also play an important role in the government’s agenda offinancial inclusion.