the Executive Director of Rickshaw Bank, an initiative of the Centre for Rural Development, India. The Bank is an award-winning example of a microfinancier of income-earning assets, in this case a transportation vehicle, a cycle rickshaw or pedicab. Their asset-based loan to the rickshaw driver is repaid daily over a one-to-two year loan duration. Full and timely repayment leads to ownership by the driver. The Bank have made some 10,000 loans to-date and over 4,000 of the drivers are now full owners. Growth opportunities are huge, given that there are 8 million drivers in India alone, most of whom simply rent their vehicles and never become owners. While this example is in India and is about a specific vehicle-type, there are many compelling lessons to be learned about building and/or operating a microfinance venture, payment systems and practices, asset manufacturing, distribution, and repair, and more. Dr Sarmah's visiting MIT for two weeks and will speak again together with D-Lab Cycle Ventures instructor Gwyn Jones next week in a discussion I'm moderating...D-Lab Innovators Series featuring
Dr Pradip Sarmah of Rickshaw Bank
7PM on Tue, Oct 26 @ MIT 3-133
Hosted by the MIT International Development Initiative
And here's a Wall Street Journal article on Dr Sarmah and the Bank, Rickshaws Drive Entrepreneurship.
Dr Pradip Sarmah of Rickshaw Bank
7PM on Tue, Oct 26 @ MIT 3-133
Hosted by the MIT International Development Initiative
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