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Mumbai and its uniqueness

  • Greater Mumbai has a population of over 21 million people out of which more than 40% live in slums.
  • Mumbai slums have innumerable small and micro businesses and are a hotbed of entrepreneurial activity and energy.
  • In a study conducted by us in 2007-08 we found out that there were no readily accessible formal sources of credit and financial services
    • 1 household in 5 had taken an interest bearing loan
    • 40% reported having a bank account
  • Contrary to popular perceptions, many Mumbai slums are predominantly stable and safe communities
    • 87% living in Mumbai for > 12 years
    • 73% living in the same house for > 12 year
  • There exists a huge opportunity to provide credit and other financial services to each household in this segment, specifically men and women entrepreneurs.
  • While costs and higher in Mumbai and it presents its own set of operational challenges, the density of the slums, scopeĀ  for higher market penetration and its entrepreneurial culture make it worthwhile.