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Around the world, the overwhelming majority of poor people do
not have access to formal financial services, including loans,
credit or insurance. Money lenders, who charge exorbitant
interest, are often the only resource for people seeking to
launch or invest in their own business. With such inadequate —
and often financially crippling options — people living in
poverty rarely have the chance to raise their standard of
living.
Microcredit, and its broader application, microfinance, have
proven to be the most successful tools over the last thirty
years in the global fight against poverty. Providing the poor
with basic financial services enables them to increase their
incomes, educate and feed their children, and ultimately, lead
healthy, productive lives.
In India , where nearly 260 million people earn less than dollar
a day, only 20 million have access to basic financial services.
PCI has offered credit and other financial services in India
since 2002, with a growing portfolio to assist people in need
throughout the country, concentrating in areas where the
organization has offices — New Delhi (country office); Jaipur,
Rajasthan; Pune, Maharashtra; Salem, Tamil Nadu; Nagappattinam,
Tamil Nadu; Warangal, Andra Pradesh; and, Ranchi, Jharkhand.
As one of 25
Grameen
Bank replicators, PCI India established its first
Microfinance Institution in December 2005, Planned Social
Concern (PSC). PSC began with seed funds from the Grameen Trust
of Bangladesh and investment capital from a group of Americans.
PSC plans to consolidate and expand its microfinance portfolio
by substantially increasing its outreach of all microfinance
activities with a target population of nearly 500,000 and 50,000
loan clients by 2015.
PSC Initiatives
Urban Slums in Delhi
Microfinance
Institution for Rural Communities in Jaipur
Microfinance for
People Living with HIV/AIDS in Pune and Salem
Tsunami Recovery
through Livelihood Rehabilitation in Nagapattinam
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