I went to meet Usha Rani who is the mother of Pushpanjali Mishra on 16th of October, 2014. She is a member of the Sai Ram JLG (Joint Liability Group) and lives in housing board colony of Baramunda area in Bhuvaneshwar. The woman sitting on the left side in the front row is Usha Rani. She had taken a loan of Rs 20,000 almost six months back from Milaap for funding the education of her daughter. She is a housewife while her husband is a government employee. Her daughter has just completed her graduation in engineering and looking for a job in IT industry. She wants to send her daughter to Bangalore where IT jobs market is huge so that her daughter can make it to one of the global IT Company and build her career. The motivation for Usharani to take Milaap loan was to assist her husband carrying the burden of family expenses. Though she had asked for a larger amount, she could be only granted a loan of Rs. 20,000 which is decided as per the assessment done by the Milaap field partner. She had a very good experience with Milaap and its field partner and is quite happy with the loan. She expects that in future based on her timely repayment record she would be able to avail loans of larger amount.xfvgdfjh
Sai Ram JLG
The most common question we hear today - “Is crowdfunding legal in India?”Yes, apart from equity-based crowdfunding, other types are completely legal. Crowdfunding in India is governed by Securities and Exchange Board of India, popularly known as SEBI. It is the market regulator which mainly regulates the securities market. SEBI was set up in the year 1988 as a non-statutory body. The parliament passed the SEBI Act in 1992, which granted statutory powers to SEBI. There are certain guidelines laid down by SEBI to govern crowdfunding.