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India is considered to be one of the largest market for the consumer finance in the world , behind only to the US and China. It is also one of the most underpenetrated markets for lending, with close to 70 percent of the market being served by institutional lenders. Traditionally lending activity in India was either carried out by brick and mortar financial institutions like banks or by local money lenders, both catering to different borrower segments. Banks depends on their branch network for all of their lending. They were restricted in the scale of operation because of high costs and the dependence on feet on street to acquire borrowers. Huge portion of lending backed by guarantor, collateral. So many of borrowers diverted their borrowings from Banks/NBFSs to either microfinance or private lenders. Off late, Microfinance institutions have emerged to serve unnerved group of people with no security and collateral but with a high interest rates. This covered and served Self Help Group, Joint Liability Group in the remote area where people require daily cash flow to run the business.

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