‘Moneylenders as the BCs would be the best choice’
Second panel discussion
FINANCIAL INCLUSION: WILL A GOOD MISSION MEET A GOOD MARKET.
Microfinance is the answer to the exorbitant rate of interest the moneylenders charge in villages, BK Mishra, chairman, Vananchal Gramin Bank, said. “Moneylenders charge as much 10 percent per day of interest for the money they lend. And despite the high rate of interest why are they are much sought after in villages? It is because of the flexibility and ease with which the money is available with the moneylenders,” he said. The only way to reduce the control of the moneylenders in the rural areas is to make available credit to them easily and at affordable rate of interest, he added.