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The Small Industries Development Bank of India (SIDBI) on Friday launched an ‘India Microfinance Platform’, a portal on microfinance activities in the country.
This portal is another major step toward SIDBI’s ‘responsible financing agenda’ and would help establish more transparency in the microfinance sector, said Sushil Muhnot, Chairman and Managing Director, SIDBI.
Launched with World Bank assistance, the platform would provide data on every microfinance firm right up to the district level, Muhnot said.
The portal will provide annual financial and operational performance data of Indian microfinance institutions, market growth and portfolio quality data on a quarterly basis.
Muhnot said the microfinance sector had to adapt itself to the expectations of the public, especially with regard to the prescribed code of conduct and spread of microfinance in under-served areas such as the North-East.
At present, SIDBI, which has been a player in microfinance sector for almost two decades now, has an exposure of about Rs 1,800 crore in this sector.
Muhnot said that microfinance institutions had shown lot of resilience despite the turbulent environment in the recent years.
At the same time, he also indicated that commercial banks may go in for write-offs on certain exposure to this sector this year.
srivats.kr@thehindu.co.in
Source: thehindubusinessline
This portal is another major step toward SIDBI’s ‘responsible financing agenda’ and would help establish more transparency in the microfinance sector, said Sushil Muhnot, Chairman and Managing Director, SIDBI.
Launched with World Bank assistance, the platform would provide data on every microfinance firm right up to the district level, Muhnot said.
The portal will provide annual financial and operational performance data of Indian microfinance institutions, market growth and portfolio quality data on a quarterly basis.
Muhnot said the microfinance sector had to adapt itself to the expectations of the public, especially with regard to the prescribed code of conduct and spread of microfinance in under-served areas such as the North-East.
At present, SIDBI, which has been a player in microfinance sector for almost two decades now, has an exposure of about Rs 1,800 crore in this sector.
Muhnot said that microfinance institutions had shown lot of resilience despite the turbulent environment in the recent years.
At the same time, he also indicated that commercial banks may go in for write-offs on certain exposure to this sector this year.
srivats.kr@thehindu.co.in
Source: thehindubusinessline
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