Micro credit has been slow to pick up in India, Bangladesh's Nobel laureate Mohammad Yunus said on Tuesday. Nearly 160 million or 80% of the poorest population in the country need to be brought under the banking net, he said.
Mr Yunus, also mooted a 'social stock market' to list companies that are engaged in businesses in the social sector. Mr Yunus asked the Indian industry to get into microfinance activities and urged the government to enable a legal framework for promotion of 'social business' in the country.
"Corporate houses should take up social business initiatives that aim at serving the poor through a no-loss, no-dividend business," the chief architect of the Grameen Bank said, adding that this model should not be misunderstood as philanthropy. Such a market would allow people to pick and invest in firms involved in the social development field.