Sidbi Advances Rs 95.61 Crore Under Micro-Credit Plan

The Small Industries Development Bank of India (Sidbi) has, under its micro-credit programme, extended assistance of Rs 95.61 crore during the current year, till November 30.

This has benefited over five lakh people, mostly women, through 194 non-government organisations (NGOs).

Sidbi chairman and managing director P B Nimbalkar said micro-finance institutions, which are on the growth path, are facing immense challenges.

He said the Sidbi Foundation for Micro-Credit, which was floated in January 1999, is committed to providing support to the sector.

"Multi-pronged support for the micro-finance sector would continue to be the priority for Sidbi," Nimbalkar said.

The Foundation's operations in the next few years are expected to contribute significantly towards the development of a more formal, extensive and effective micro-finance sector, serving the underprivileged in the country.

 

The Foundation plans to emerge as the apex wholesaler for micro-finance in the country, providing a complete range of services, including loan funds, grant support, equity and institution-building support to retail micro-credit.

Nimbalkar said this would facilitate the development of micro-credit institutions into sustainable entities, besides developing a network of service providers for the sector.

Of the total sanctions made by the Foundation this year, loan assistance of Rs 65.13 crore has been okayed to 61 micro-credit institutions.

The Foundation has also provided total grant support of Rs 7.45 crore to 31 non-government organisations and micro-credit institutions for capacity building.