Finance social economoic
20231108060812.jpg "Finance social economoic")
RIC started its microcredit intervention in late nineties in a very small scale. Initially the main clients of microcredit program were those who lack significant amount of land or asset. The people who are struggling against poverty, the destitute who are continuously failing to maintain a sustainable livelihood strategy for them and most of the microcredit recipients were women.
At the beginning RIC followed the Grameen style microcredit approach. The growth was fueled largely by a ‘franchising approach’ where by new branches replicated the procedures and norms that prevailed in existing branches. The product that was offered to the client at the time was fairly narrow, focusing mainly on a standard microcredit package offered to all clients. This growth was clearly aided by the high population density and relative ethnic, social and cultural homogeneity in Bangladesh. A notable shi that took place early 2000s this expansion phase was a greater emphasis on individual borrower accountability for loan repayment and less reliance on peer monitoring. Staff follow up of loans became more rigorous and professional with the use of computerized management Information Systems.
RIC started its expansion of credit from that time but was moving slowly. An aggressive expansion of RIC microcredit was during the period 2021-2023. In this period RIC extended its microcredit operation in 54 districts by increasing 267 branches.
Micro Finance: The people who are struggling against poverty, the destitute who are continuously failing to maintain a sustainable livelihood strategy for them and most of the microcredit recipients were women.
ASM: The product is designed to increase agricultural productivity and diversity of the farmers of Bangladesh by financing agricultural loans and providing agricultural technical support service to farmers. RIC thereby contributing to the sound development of agricultural sector of Bangladesh.
SUFALON: Sufolon has been implementing as a specially designed agricultural lending program to cover the inadequate agriculture credit service of the formal financing organizations/institution and the rigid operational modality of available microfinance hindered the inclusion of farmers into mainstream microfinance system.
JAGORON: The rural and urban borrowers are encouraged to undertake income generation activities in which families are involved. Under this program loan provided to an individual through group.
AGROSAR(SME): The program is implementing to extend financial services & the program member of their programs who are engaged in economic activity. That require bigger amount of capital. Any services activity with an investment up to BDT-1.5 million (excluding land and buildings) is eligible to qualify for the loan under program.
BUNIAD: Loan is provided to address the needs of the excluded ultra-poor segment of the society. The program is playing a significant role to achieve the SDG:1 as determined by UN to end poverty.