wordpress blog stats
Connect with us

Hi, what are you looking for?

Crowdsourcing Based Microlending Service Kiva Launches In India

Kiva, a crowd-sourcing microlending website, has launched in India. Lenders can give out a loan of as little as $25 to Indian borrowers across sectors. For the same Kivas has partnered with field partners that will make sure the loans taken via Kiva reach where they are needed the most. The field partners include People's Forum, a nonprofit organization based in the state of Odisha; Mahashakti Foundation, also based in Odisha, which provides business training and microcredit to community development, fair price pharmacy services, food security, support for farmers, and loans for clean water and sanitation infrastructure; and  WSDS, a nonprofit organization based in Manipur which lends money to women over the age of 55. How Kiva works? Lenders can offer a loan of as little as $25 via Kiva which has partnered with field partners who administers and disburse each loans. Once lenders make a loan, they get progress updates throughout the life of the loan. As the borrower repays, money gets credited without any interest to lenders account as Kiva credits which can reused to make another loan or can be withdrawn to spend on something else. Like in the case of WSDS, it offers clients credit to purchase solar lamps. Workaround for RBI's 3 year regulation The Reserve Bank of India (RBI) requires loan funds sent to non-government microfinance institutions to remain in the country for at least 3 years. As a work around for this, Kiva's field partners will hold on to loan funds for the minimum 3-year term before sending repayments back to lenders.…

Please subscribe/login to read the full story.
Written By

Free Reads

News

The tech giant will only have a minor stake in Anthropic and hence won't be part of its board.

News

The Board said that Meta’s approach to moderating content using “shaheed” to refer to individuals designated as dangerous “substantially and disproportionately restricts free expression.”

News

Foreign fintech entities like Google Pay and PhonePe are dominating the UPI market and CCI has been urged to regulate this in the past.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

NPCI CEO Dilip Asbe recently said that what is not written in regulations is a no-go for fintech entities. But following this advice could...

News

Notably, Indus Appstore will allow app developers to use third-party billing systems for in-app billing without having to pay any commission to Indus, a...

News

The existing commission-based model, which companies like Uber and Ola have used for a long time and still stick to, has received criticism from...

News

Factors like Indus not charging developers any commission for in-app payments and antitrust orders issued by India's competition regulator against Google could contribute to...

News

Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ