Rickshaw Bank: An Innovation Made By Dr. Pradip Sarmah
Rickshaw Bank, an NGO founded by Dr. Pradip Sarmah, who hailed from Assam, can change the 8 million lives of India and the idea can make rickshaw pullers the owners of their own vehicle.
The NGO provides micro-finance to Indian rickshaw drivers. Over 90% of rickshaw drivers in India rent their rickshaws daily. For a daily payment equal to the rental fee, Rickshaw Bank makes it possible for drivers to own their rickshaws through a micro credit scheme that they developed for this market.
This concept was first initiated in Guwahati in 2004 and was incorporated by IIM Bangalore under their microfinance incubation programme.
In 2010, Dr. Sarmah was also invited to present his case study to MIT (Massachusetts Institute of Technology) for the same. The same idea attracted institutes like Harvard and the United Nations Development Programme (UNDP) also.
Dr. Sarmah is a Veterinarian by training and a serial social entrepreneur from India.