Short Story
The rural credit market faces significant challenges. Borrowers have limited access to formal credit, with only 33% of bank branches in rural areas, leading to reliance on money lenders. They struggle with tracking multiple lenders, lack trust in loan disbursement, face complex borrowing processes, and suffer from low financial literacy, resulting in frequent miss-selling.
Lenders also face hurdles, including limited reach to rural borrowers, high customer acquisition and servicing costs, increasing non-performing assets (NPAs) due to fraud, and complicated recovery processes.
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Project Name: Samriddh Kendra-Financial Inclusion For All
Team Member: Suman Saurav- CEO
Program: EDPI IIT Patna Cohort 2.0
Category: ELDP
More Information:
The rural credit market faces significant challenges. Borrowers have limited access to formal credit, with only 33% of bank branches in rural areas, leading to reliance on money lenders. They struggle with tracking multiple lenders, lack trust in loan disbursement, face complex borrowing processes, and suffer from low financial literacy, resulting in frequent miss-selling.
Lenders also face hurdles, including limited reach to rural borrowers, high customer acquisition and servicing costs, increasing non-performing assets (NPAs) due to fraud, and complicated recovery processes.
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