Hero calls MFI for rural growth

Hyderabad: Hero Cycles, the world’s largest cycle manufacturer, wished President Pranab Mukherjee on his 79th birthday by gifting 50 Hero cycles for his staff at the event marking the inauguration of Financial Awareness Festival at Rashtrapati Bhavan.The cycles will be used by the staff at the Rasht-rapati Bhavan for a healthier and environment-friendly commute within the 320-acre President’s Estate. Mr Mukherjee flagged off the ‘Go Green’ initiative along with Pankaj Munjal, co-chairman and MD of Hero Cycles, at Rashtrapati Bhawan.

Mr Munjal mentioned that close to 400 million people in India who are below the poverty line do not have the financial capability to out-rightly purchase bicycles.He stressed that these these people look towards bicycles as a big enabler which can help them earn and increase their livelihood. He said that there is an urgent need to provide financial assistance through micro finance to enable rural people to purchase bicycles.He showed his willingness to partner with various financial institutions present at the event so as to empower rural people.