Funding Start-ups in Rural India

In a post last week we spoke about how institutions were taking initiative to develop the skills of small entrepreneurs. Now, ICICI Bank has announced that they will fund start-ups in specific sectors that offer employment opportunities to the poor and rural communities, through the Institute of Financial Management and Research, also promoted by the Bank.

About 14 sectors including rural infrastructure, sanitation,financial services, health and sanitation have been identified for placing equity.

ICICI Bank has taken the lead in serving rural markets, so this seems like a natural and welcome inititative. It remains to be seen whether others will follow.