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Micro-finance guru unveils new vision for poor

Tuesday, 16 March 2010, 04:23 Hrs | 4 Comments

Micro-finance guru unveils new vision for poor

Rutherford, who has written two other books, "The Poor and Their Money" and "The Pledge", feels borrowing is a positive activity for the poor.

"I have seen people in Bangladesh borrow money even to buy shirts. If you cannot buy something from a current income, you have to find a way to buy it from past and future incomes. Savings are what is left over from our past income and our future incomes are loans. Think of loans as advances against future flow of savings," Rutherford said.
Source: IANS

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Reader's comments(4)

Posted by: - 17 Mar, 2010

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2: Four years back, sitting with my friends at native, I was giving good business idea to my friend who was worried about his future. He was in need of some business with less money and quick returns. I suggested him to loan out 50-100 Rs. to the local sabjiwallah, cobblers, door to door vendors in morning and ask them to repay 52 - 102 Rs. in evening. I suggested that If this amount is given to 200 people daily the profit at the end of day is 2 X 200 = 400 Rs. Moreover, the local vendor would easily return 2 rs. extra as he / she would be able to make 20 rs. extra out of that 50 rs.
While we discussed and forgot this business plan, I was not aware that this simple business policy could be current mega idea "MICRO FINANCE". If there is a patent for this, I should be the owner. Ha Ha Ha !

Posted by:Ravish Kumar - 16 Mar, 2010

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3: yes Ram you are exactly right. We have been facing problem of naxalites in Bihar and oorisa.
I think micro-finance cam solve the problem there. Thanks for such a beautiful news with us.

Posted by:Rituraj - Online marketing guru - 16 Mar, 2010

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4: Very good initiative, hope it gets replicated in countries like India also..

Posted by:Ram - 16 Mar, 2010

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