With a population of more than 1.2 billion, India is the world’s largest democracy. Over the past decade, the country’s integration into the global economy has been accompanied by economic growth. India has now emerged as a global player.
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Glimpses of people who have benefitted from the microfinance project:Sumita DasKaibortapara, Sualkuchi, Assam“We were struggling to meet our daily needs. We had to borrow money. Life was hard,” said Sumita... Show More + Das, 24, about her life few years ago.Sumita, her husband Champak Das, and their son subsisted on her husband’s weekly wage of Rs.300. Sumita earned another Rs.200 by weaving traditional Assamese clothing like mekhala chadar and gamchas woven on a single loom in their cramped one-room house. “Then, I took a loan from Bandhan, ( a microfinance company) bought more looms and raw material. My husband began to work from home. We now have three looms and one of our neighbors works for us,” she said.“Now, we earn Rs.9,000 a month. We have a color television, a home theatre, a fan, a mobile phone and a power inverter. We also send our only son to a private school. After paying a monthly installment of Rs.1,680, we save Rs.3,000 every month. All this was unthinkable for us few years bac Show Less -
BeneficiariesAchiron Bibi joined the Graduation Program in West Bengal. She wanted to build a fish pond, start a vegetable garden, and expand her bangle business. This would allow her to send all five... Show More + children to school and help treat her husband's stomach tumor. Two years later, she had a vegetable garden through the program, built the fish pond with government support, and doubled the initial stock through savings to expand the bangle shop. Her children are in school, and her husband sought help from a government clinic. Achiron sums it up: “Now, I can stand on my own two feet.”In the NewsThe Economist, May 12, 2012, "Hope springs a trap"The Huffington Post, July 18, 2012, "The Power of Hope: Graduation Programs for the Extreme Poor Do More Than Directly Reduce Poverty"Geo-ReferenceHaiti: Rural Boukan Kare, Twoudino and LagonavIndia: West Bengal and Andhra PradeshPakistan: Coastal SindhHonduras: LempiraPeru: CuscoEthiopia: TigrayYemen: Aden, Lahj, and TaizGhana: T Show Less -
ResultsWith continuing support from the World Bank Group, the Alliance for Financial Inclusion, and others, 38 countries have now made headline commitments to financial inclusion targets and action plans,... Show More + with countries such as South Africa, India, the UK, and Brazil leading the way in prioritizing financial inclusion. The World Bank is committed to supporting low- and middle income countries in designing reforms and other initiatives to meet those commitments and goals, including through a planned new Financial Inclusion Support Framework. To provide the necessary financial infrastructure that underpins financial inclusion, the World Bank has led comprehensive reforms of national payments system in over 100 countries. These reforms have included pillars such as Legal Framework, Large Value Payments, Retail Payment Systems, Government Payments, Interbank Money Markets, Securities Settlement Systems, International Remittances, Oversight Framework, and Cooperative Frameworks. The Wo Show Less -
WASHINGTON, DC, June 1, 2010 ─ The World Bank approved two projects worth US$407 million to India, consisting of a US$300 million credit/ loan for the Scaling up Sustainable and Responsible Microfinance... Show More + Project and a US$107 million loan for the Statistical Strengthening Loan.While India has a well-developed banking system and there has been significant progress in banking sector reforms, performance, and stability, a significant portion of its population is still estimated to have only limited or no access to financial services.“Increasing access to finance for millions of India’s financially under-served people remains a challenge,” said Niraj Verma, World Bank Senior Financial Sector Specialist and project team leader. “India’s microfinance sector has grown exponentially in recent years and has contributed to reducing the gap between the unmet demand and supply of financial services for households and microenterprises – but there is still a long way to go. In addition to providing fu Show Less -