Episode details

Radio 4,17 May 2011,40 mins
The Bankers and the Bottom Billion
Available for over a year
The bankers are back in the spotlight - this time financing an explosion in lending services for the poorest people on earth. They are building on the original dream of "micro-finance" with an array of new products for very poor people, funded in part by raising private debt and equity in London and the world's other financial capitals. It is thought credit, insurance and mortgages could improve the lives of people in slums and villages from Bangladesh to Bolivia. Yet with mounting attacks on micro-finance's idealistic founder Muhammad Yunus, there are also concerns that this rapid injection of investment capital could hurt the poorest. Mukul Devichand tells the intimate story of one slum lane in India, where a group of women have been targeted by the audacious plan to create financial services for the "bottom billion." His report asks one of the most important questions of our time: can financial markets help the poorest, or do they need to be protected from the profit motive? Contributors, in order of appearance, include: David Roodman, Centre for Global Development Tanmay Chetan, Agora Microfinance Meenal Patole, Agora Microfinance India Limited Jayesh Modi, HSBC Yezdi Malegam, Reserve Bank of India Nitin Aggarwal, Spandana Sphoorty Financial Services R Subramanyam, Principal Secretary of Rural Development, Andhra Pradesh Vijay Mahajan, Basix Professor Abhijit Banerjee, MIT Rajnish Dhall, Micro Housing Financial Corporation Presenter: Mukul Devichand Producer: Ruth Alexander.
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