IFMR Centre for Micro Finance, Chennai

Microfinance World-wide
Microfinance has become a buzz word all over for the past five-ten years, particularly in the new millinneum.  The Development Goals certainly promise to better the quality of life world over with a serious attempt to reduce if not remove poverty from the society.  MFIs have been endeavouring but there was a shocking and sad development in Andhra Pradesh recently.  Hopefully, the situation would be retrieved soon.  In fact, several agencies, research organisations, banks, indiviudals, academicians, researchers, funding agencies, rating agencies, NGOs, and regulators like RBI, NABARD, SIDBI and others are working sincerely towards this.

IFMR is one such Institution with its Cente for Micro Finance rendering yeoman service.  I happened to read their work, communicate regularly and also witnessed a recent Conference in Pune on Jan 12-13, partnering with College of Agricultural Banking of RBI.  All about their contribution and projects can be seen in the link.

A to Z Banking continues....

Qudos to SBI for introducing Kiosk Banking under Financial Inclusion.

Pilot project currently underway in partnership with OXIGEN and Sahyog Microfinance Foundation and wiil be conducted at 50 centers in NCR and Mumbai region.Oxigen has kept a target of opening 10 million no-frills accounts in next 12-18 months during this pilot project. – Joint Financial Inclusion initiative between SBI and OXIGEN to offer web based no frills [...] Related posts:


The above piece of news from IFMR Blog is very interesting and encouraging.  Really, SBI is living up to its role and stature of leading from the front.  It shows that the bank is not carrying out its responsibility of FI as a lip service or eye wash.  SBI seems to be seriously researching and partnering with other agencies to take the banking services to the grass roots level (reason for which the bank was formed in 1955 out of Imperial Bank).  This is the way technology has to be taken to our rural areas as also urban poor. Hats off, SBI

'Pregnancy Financing' by CIFD

Amazing Product Development! I just can't believe such a product being thought of by CIFD (refer http://www.ifmrblog.com/ or  http://ifmrblog.com/2010/07/29/cifd-to-launch-pregnancy-financing-product/). In a country like ours, there exist several types of social issues and problems. We are struggling to extend all the amenities and facilities, particularly to the rural population. They are starving for all the basic amenities, infrastructure, etc let alone quality of life. Our leaders and policy makers are preparing Plan after Plan with 12th Five Year Plan in the offing.

World over, UN is focussing on Millennium Development Goals! But, then in over sixty years of independence and becoming a republic, India has a long way to go to pass on the modern way of life to the rural folk. Elected Representatives to Zilla Panchayats, Assemblies and Parliament conveniently forget to tackle the social issues that they promise before elections. Local Area Development funds are not effectively expended. The divide between Urban and Rural is widening year after year. Electronic media is unable to spread the messages to the rural population.

Child marriages and girl child issues are still persisting. Women are not being granted the respect due to them. Parliamentarians including those belonging to Socialistis philosophy and even progressive women leaders are also consciously opposing the one-third reservation bill after thirteen years of discussions and debates. Yes, while I am not too sure about the sincere and strict implementation of all the Industrial Relations / Labour Laws in favour of women, children and workers are not carried out, how can we expect the State to extend facilities like income during the pregnancy or post-delivery period. This initiative of CFMD is laudable, indeed. If only, PSBs also take a leaft from this!

Rural Banking and Nachiket Mor

Nachiket Mor and Rural Banking

Yes, we the Indians should be proud of persons like Dr Nachiket Mor while Bangla Desh boasts of its Nobel Laureate, Dr Muhammad Yunus and his Grameen efforts. Nachiket is a Doctorate in Finance from Wharton and was a rising star in the new generation bank - ICICI Bank.  He was to succeed Mr KV Kamath as CEO, but opted to move out to join the ICICI Foundation and work for Micro Finance and Rural Development.  I am sure he would certainly revolutionise rural banking through his sincere efforts.  The above article details his humble work ICICI Foundation, IFMR Trust and Kshetriya (Regional) Grameena (Rural) Financial Services.  With such sincere and dedicated persons around, Financial Inclusion is assured.