India Internet News
The lenders have modelled themselves like microfinance institutions. They get funds from banks and other funders at interest rates that are slightly above the prime lending rate, and they charge their borrowers an interest rate of 18-24%. The lenders say the default rate is in low single digits.
However, for the lenders, this is a risky business, warned Samir Bhatia, founder and CEO of SMECorner."There is no security and no way to monitor the end user.These sellers operate out of homes and there is no permanency of business," he said.
Paperless transactions through the internet, ATM, cards and mobile devices have surpassed paper-based ones in the year leading to March 15, reiterating the fact that Indians are moving towards virtual payment.
Grants have been made through Google.Org to Childline India Foundation that provides a free phone service, 1098, for children in need of help or protection, Bachpan Bachao Andolan that protects and rescues children from slavery, trafficking, and forced labour, and Tulir which works to prevent and heal child sexual abuse across India.
During the 80s, US and some other European countries developed super computers, which were critical for developing satellites and nuclear weapons. These countries refused to transfer the knowledge of creating super computers to India, and it created a major issue in our progress.