Reports suggest that some microfinance institutions (MFIs) like Cashpor and Utkarsh are successfully meeting the financial service needs of rural areas in north India, especially Bihar and Uttar Pradesh.
Some reports suggest that in the next few years, people in Eastern Uttar Pradesh and Northern Bihar will have sound access to basic financial services because of these organisations.
At the initial stage, both the MFIs battled significant odds including infrastructure and operating risks in moving cash.
While Utkarsh was set up by a former employee of ICICI Bank (Govind Singh) a few years ago, Cashpor was founded by Professor David Gibbons in Eastern Uttar Pradesh.
Utkarsh has rapidly emerged as one of the most promising MFIs in India. The institution is said to be adopting several innovative client protection processes. Notable among them was a grievance redressal system where a client is provided a toll-free line to call Head Office and share any concern they might have.
Utkarsh has tied up with a service provider in Delhi that provides the entire toll-free service, including recording, classification and retrieval of call information.
Cashpor has deployed a remarkable mobile-based payment and reporting solution in order to reduce operating costs.
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