How ‘Rang De’ Funds Are Changing Lives Of Underprivileged People In India
- IWB Post
- December 4, 2015
The initiative called ‘Rang De’ is changing the lives of deserving underprivileged people around India. They don’t concentrate on the profits, rather single-mindedly focus to ensure that deserving people get support while the social investors get the opportunity to make a meaningful difference to other people’s lives.
Rang De is a non-profit organization that works to fight poverty with a variety of grassroots organizations working in sectors ranging from agriculture related farm producer companies, waste management, sanitation, education, handloom related organizations and others. The organization helps connect the underprivileged to the social investors.
Its co-Founder, Ramakrishna NK, says, “The motivation to start Rang De (in 2008), which is India’s first peer-peer lending platform came from the desire to reduce the high interest rates that the poor and underprivileged have to pay to traditional microfinance institutions. We give preference to first-time borrowers as we want to reach out to more people and lift them out of poverty.”
After 7 years of existence, Rang De has facilitated over Rs 30 crore ($ 5.1 million) of social investments with repayment rates of 99.8% through its 8000+ social investors. Most of its borrowers (94%) are women.
The official website of ‘Rang De’ states:
“The name draws inspiration from India’s struggle for independence. We believe that a similar movement with the same kind of urgency is required to address poverty in India. The words ‘rang de’ also denote colour and exuberance and that is the impact we want our efforts to have on the people we reach out to.”
What a beautiful thought, isn’t it? Do we have something like this in Jaipur? Let us know!