On July 23, 2007, Manjulaben Vaghela, a waste paper picker by trade, was elected President of the Board of SEWA Bank in Ahmedabad, India. A client of SEWA Bank for 31 years, Manjulaben is the first working-class woman to chair the SEWA Bank board. Her election represents a historic event, particularly in India, where the poor have traditionally remained locked in positions of low status with little possibility of advancement. Indeed, the entire composition of SEWA Bank’s board reflects its passionate commitment to engaging, supporting and empowering the very poorest working women.
BANGALORE: Reliance Retail and Bharti, which has joined hands with Wal-Mart, could storm the micro-credit space as they look to establish rural supply chain linkages to service their mega retail forays. According to sources, Reliance Retail is likely to move the RBI seeking permission to set up an NBFC arm that will operate as a microfinance institution (MFI).