The microfinance industry is proving an unexpected source of security for the elderly women in underprivileged communities. Apart from growth in SME, retail loans, microfinance institutions (MFIs) saw pension accounts grow 108%, MFIN’s quarterly report said.
Extending pension accounts to more than 21 lakh clients through the MFI network, MFIN CEO Ratna Viswanathan says, “We are offering door-to-door credit and the model is similar to the post-office network. With pensions we are just leveraging on our existing customer base. And its also a very positive thrust as we are turning traditional patriarchal systems on their head.”
For more on this story visit the following link: Pension accounts growing with microfinance thrust: MFIN
Source: Times of India