India microlender trumps billionaires in race to change banking


NEW DELHI, May 7, 2014 (AFP) - Chandra Shekhar Ghosh is a man in a hurry since he beat India's financial titans to win a prized banking licence for his microfinance firm that lends to poor borrowers.

The founder of Bandhan Financial Services - Bandhan means "bonding" - must transform his microfinance company into a bank in just 18 months to serve India's millions of "unbanked poor" under the licence terms.

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microlending , billionaires , india , banks

   

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