A Wall Street View of Rural India by Sahgal Sujit

Author:Sahgal, Sujit
Language: eng
Format: epub
Publisher: Olympia Publishers
Published: 2020-06-25T00:00:00+00:00

Trip Diary #6: Finance Row

It was another hot summer afternoon in May, and we were walking the streets of a small feeder town in rural Madhya Pradesh, just a couple of hours drive from Indore—the commercial hub of MP. Our consultant had arranged four to five meetings with various micro finance and small finance banks as well as visits to the branches of a few non-bank finance companies. I wondered how we would manage to cover three to five meetings in the two hours that we had. Well, I realised in a short while, why he was pretty cool about it. In fact, it dawned upon me the moment he said, “We can leave our car here and just walk about to the next few meetings.” Yes, they were all very close by but to my real surprise, they were not even close by, they were all located on the same street! Finance Row as it were. We literally went door to door, one “shop” after the other and met four companies in all. They were all financiers across the spectrum of the system. From extremely local micro finance companies, to regional small finance banks, to well established NBFCs, to national private sector top tier banks. Yes, they were all there on that one street hawking their loans to the rural folks armed with their tablets and access to the bureaus database. I marvelled at this financial “all you can eat” supermarket and what it means for the future…

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