The rapid growth of the microfinance sector in the last few years has completely changed its complexion and nature. Detractors of typical ‘Grameen’ replicators have been saying for a while that high rates of growth have led to mono-products and multiple lending to a vulnerable section of the population. Overall, the need for microfinance in India cannot be understated and the role of private sector microfinance whether in ‘for-profit’ or ‘not-for-profit’ formats will remain. However, any business which forgets its client cannot have a bright future.

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