Money & Banking

For-profit MFIs are loan sharks, says Yunus

Mumbai | Updated on March 12, 2018 Published on February 20, 2011

BL21_YUNUS

Muhammad Yunus, the Bangladeshi Nobel laureate who revolutionised the micro-credit sector in his country, has opined that profit-oriented MFIs should stop calling themselves micro-financiers as they are nothing but “loan-sharks”.

“If you want to commercialise, please choose a different name... Real microfinanciers are not commercially minded. Grameen Bank and all my enterprises are not commercial entities but social businesses,” Professor Yunus told PTI on the sidelines of CSR meet organised by Wockhardt Foundation here last evening.

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Published on February 20, 2011
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