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AFC to start non-financial services

MUMBAI: The Managing Director of Agricultural Finance Corporation Ltd. (AFC), A. K. Garg, said in a release that the corporation proposed to start non-financial services to support and strengthen self-help groups (SHGs) at ground level and also micro finance institutions (MFIs) through a credit rating model, INSIGHT, which will provide comfort to bankers in financing MFIs. A recent study by the AFC, a consultancy organisation, has revealed that the spread of micro finance activities has facilitated reduction in interest rates charged by informal channels, that is, rich farmers and moneylenders, by almost 50 per cent.

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