Archive for the 'Microfinance' Category

Microstate branch of Indian Bank to come up in Bhubaneswar

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Following is an excerpt from a report in Business Standard.

Indian Bank is set to open four more “Microsate” (a satellite branch for micro loans) branches across the country by the end of 2007, taking the total number to 12. These would come up in Bhubaneswar, New Delhi, Pune, and Bangalore.

The public sector bank was the first bank to introduce exclusive microcredit branches to provide credit to self-help groups (SHGs). It currently has eight exclusive microcredit branches, including the one opened in Chennai (second branch in the city) on Saturday.

According to MS Sundara Rajan, chairman and managing director, Indian Bank, so far 6,982 groups have been provided a credit of Rs 56.42 crore through Microsate branches, which also provide non-credit services like training, counselling and marketing besides catering to the credit needs of the urban poor.

“The bank has so far credit-linked over 2.30 lakh SHGs to the tune of Rs 1,545.48 crore. To meet the needs of the urban poor in Chennai, a Microsate branch was opened in May 2005 in Chetpet. The branch has so far covered over 101,000 families in Chennai. Consequently, six more branches were opened in Patna, Vijayawada, Hyderabad, Nadiad (Ahmedabad), Kollam (Kerala) and Kolkata during the first half of the current fiscal 2007-08,” he said.

JM Financials to invest in Spandan involved in Micro finance in Orissa

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Economics Times has a report on JM Financial’s investment in Spandan, a micro finance company. The report has the following mention of Orissa.

JM Financial India Fund, a private equity fund sponsored by JM Financial and Old Lane Partners, will invest Rs 40 crore in Spandana, a microfinance company. …

The micro-finance company caters to lower income borrowers located in rural and urban areas in Andhra Pradesh, Karnataka, Maharashtra, Orissa and Tamil Nadu through a network of 300 branches with a client base of over 10 lakh.

Organizations and banks that provide microfinancing in Orissa

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Following is a partial list of organization and banks that provide micro-financing in Orissa.

The Microfinance Gateway may be  a good place to further explore micro-finance issues with respect to Orissa.