Barefoot Banking

Seven Indian micro-finance companies have made it to the top 50 in the Forbes list. A World Bank study found that in rural households in Andhra Pradesh and Uttar Pradesh, 59% lack access to deposit account and 78% lack access to credit. There are 360 million "poor" households, both rural and urban, as the potential customer base for micro finance institutions to reach.

Still much of the microfinance action is happening in South India, mainly Andhra Pradesh and Tamil Nadu. But just in the last five or so years micro finance has moved from the periphery of the financial sector to the forefront. As Forbes puts it "even philanthropy aimed at alleviating poverty can be profitable".

In India, in Andhra Pradesh the three MF institutions, Share, SKS and Spandana, has extended from servicing about 1 lakh families to more than 15 lakh families today. Almost all major financial organizations, ICICI, Citi Group, HDFC, SIDBI, Grameen Group, have a share in the pie.

Empowerment of the poor seems to have become the buzz word globally. One just has to wait and see where this leads to in another 10 years time. The transformation of this nation depends on the power being passed on to the farmer, the small entrepreneur, 'the butcher, the baker, the candlestick maker'.

When Mr. Gubin’s wife is Mrs. Gubina

Here is a nice article I came across. Old one though. But makes for good reading.

It’s important to learn the nuances of business etiquette in the country you are visiting.

A young vice-president of a large Indian engineering firm went on his first business trip to China last month and had, quite thoughtfully, taken small gifts for his hosts based in Shanghai. His experience shows why it’s important to learn the business etiquette in the country you are visiting. For, it varies widely from country to country and not knowing the nuances of business etiquette can cause a major embarrassment.

At his first meeting, the executive offered a nicely gift wrapper present to his Chinese counterpart. The HR manager in his company had told him that the Chinese love token presents. To his surprise, the Chinese gentleman smilingly declined to accept the gift. Thinking that he was just being polite, the Indian executive offered the gift again, but rather sheepishly put it back in his bag as the Chinese declined it for the second time. He obviously didn’t want to offend the sentiment of his host. But little did he know that it is part of the business etiquette in China to refuse gifts three times before accepting them. The presenter of the gift was supposed to graciously request him to accept it thrice.

Thus, it’s advisable to know the culture of a place before you offer business gifts. For example, giving cutlery as a gift to your business partner in Argentina will be symbolically interpreted that the giver has decided to end a relationship.

Also, in many European nations, an even number of flowers fewer than a dozen is appropriate only for funerals. And don’t give chrysanthemums or red roses as gifts in many of these countries. While the former is given only at funerals, the latter will be interpreted as trying to be romantic. An Indian business manager who gave roses to his prospective business partner in Italy was initially thought by his guest to be gay!

The gay V-P did not have to pay for his mistake heavily as his trip was more fact finding in nature. But talk to many of today’s global managers and you will find examples galore of things going horribly wrong due to the lack of knowledge of the business etiquette of the country they wer4e visiting.

The V-P gives several examples of the dos and don’ts of business etiquette in China. For example, do not give clocks or anything in white, blue or black to any Chinese business host, as they are associated with death in that country. Imagine an Indian manager (a Hindu particularly) getting a leather bag from a foreigner who proudly proclaims that it is made from cow hide.

Attending a dinner without knowing the business etiquette of the country you are visiting can also be hazardous. While in most European nations, a business guest is expected to eat all of the food given to them as a compliment to the quality of the cooking, don’t do the same if you are in China. For, your Chinese guest will assume you did not have enough food and are still hungry.

While on the topic of business dinners, if you are in Moscow, don’t ever leave an empty bottle on the table. It’s considered to be very poor manners. As soon as you finish the bottle, move it to the floor so that it is off the table.

There is a lot to learn even on maintaining eye contact with your business partners. In Ireland, for example, it is considered politer to maintain eye contact as not doing so will imply you are not interested or ignoring the other person. But it is exactly the opposite when you are in Japan. In Tokyo, the lesser the eye contact, the better off you are. The Japanese view direct eye contact as an affront and prefer only an occasional glance.

If you are on a business trip to Japan, you should receive even a business card with both hands (taking it with one hand is considered insulting) and bow subtly. And read the card with great interest. The short point is simply taking the card and putting it in your pocket is considered rude.

It is also advisable to brush up your knowledge on naming conventions. For example, many surnames change based on gender after marriage. In Russia, for example, Mr. Gubin’s wife would be called Mrs. Gubina. Referring to her as Mrs. Gubin is considered to be a serious faux pas.

Examples like this would make you think that it’s better to stay back in India where Mr. Pradhan’s wife would be just Ms. Pradhan and not Mrs. Pradhana. But since that’s hardly an option if you want your career graph to rise rapidly, rush to the next business etiquette training course.

shyamal.majumdar@bsmail.in

Business Standard 13.12.2007

India's newest exports- leaders

India was once upon a time the hunting ground for cheap labour, hoards of whom alighted on distant shores in search of a better lifestyle for themselves and their children. Now in the news are, one after another, global leaders of Indian origin- in business or otherwise.

Citi group announced last week its new global CEO. Vikram Pandit, a Maharashtrian, left India at the age of 16 to join Columbia University. An engineer, he completed his Ph.d in Finance. Earlier he was COO of Morgan Stanley. He now heads what is a predominant Indian presence in the Citi hierarchy.

In 2006 Indra Nooyi was named CEO of Pepsico. She is a grad from IIMC and worked in India for several years before she left for Yale and a hot shot career.

Here is an article which sums up whats been happening in the global leadership scene with Indians in some time now.

Basdeo Panday, a second generation Indian was Prime Minister of Trinidad and Tobago for 6 years till he was succeeded in 2001, and has remained leader of parliament for decades now. Mahendra Pal Chaudhary, was prime minister of Fiji but for a short one year before he was ousted in a coup.

The front runner in the US presidential elections Hillary Clinton's aide and right hand woman, Huma Abedin, has been in the news for some time now, lately for the wrong reasons. Read more about it here.

Fareed Zakaria is now the editor in chief of Newsweek International and one of the spokespersons India can count on. Of course Shashi Tharoor is another.

And nothing new to be said of the late Kalpana Chawla and Suneeta Willaims, or of the Manoj Shyamalan-s and the Vikram Seth-s.

Indians rock, or what!!!

A great beginning

Welcome all to our company blog. Its time we Spearhead Intersearchers became true netizens and along with our Orkutting and Facebooking, took time to blog some!!! Hoping we all share this space.