Read in this blog relating story, click In India, greed creeps into microlending, critics say By Rama Lakshmi Washington Post Foreign Service Friday, October 29, 2010 NEW DELHI - The microcredit revolution has been celebrated for helping poor women in developing countries start small businesses. By lending them money for purchases such as a buffalo or sewing machine, the women were able to help lift their families out of poverty. But critics say the microcredit model has been perverted by commercial greed in India , with reports of abusive collection methods and sky-high interest rates. "What began as a simple, innovative model of providing credit for the poor women who were excluded from mainstream banks underwent a paradigm shift in India," said R. Subramaniam, principal secretary for rural development in Andhra Pradesh. "Many of these microfinance lenders morphed into for-profit companies six years ago." In the southern state of Andhra Pradesh, whi
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