2 Indian MFIs Commit to Help End Poverty with the Microcredit Summit Campaign: E...
India, June, 23 2015 -
The 2 Indian MFIs are committing to expand their microfinance services (especially non-financial) as well as continue to measure poverty levels of their clients.
The Microcredit Summit Campaign welcomes Equitas and Grama Vidiyal, two major Indian microfinance institutions (MFIs), as the 55th and 56th organizations to make a Campaign Commitment. They join a global coalition that includes the ILO, FAO, and Government of Ecuador and is working to help 100 million families lift themselves out of extreme poverty.
Equitas and Grama Vidiyal are both active members of the Campaign. Equitas has reported its client outreach to the Campaign since 2008 and Grama Vidiyal since 1998. Both are serving more than 1 million clients with microfinance services.
Chairman and managing director of Grama Vidiyal, Sathianathan Devaraj, explained that "Microfinance is a very important tool for financial inclusion... Microfinance creates a window for the poor where they can access quality financial services such as credit, savings, insurance etc., without inhibition. A double bottom line approach with the right balance of fiscal performance and positive social impact is key to microfinance's success." The Campaign partners with both Grama Vidiyal and Equitas to provide integrated health and microfinance services to their clients.
Equitas is committing to expand its microfinance services in 2015-2016, including:
- Provide 1.5 million clients with financial services.
- Screen the health of 850,000 clients.
- Use the Progress out of Poverty Index to measure the poverty level of 1.5 million clients.
- Cover 120,000 clients under the food security and health education programs.
- Provide gainful employment to 15,000 unemployed youth.
- Screen, educate, and track the health of 3,500 students in the 6 schools run by Equitas Trust.
- Provide support to 3,000 disabled women and 200 homeless families.
Grama Vidiyal is committing to expand its microfinance services in 2015-2016, including:
- Help 1,050,000 community members through its empowerment program.
- Help 800,000 clients with the Free Meals program.
- Help 500,000 clients with the Health Service and Development Program that provides sanitary napkins for women.
- Screen 300,000 clients in 720 health camps.
- Provide an additional 150,000 clients with financial services in FY15
- Give access to 150,000 clients to health related products and medicines.
- Provide 10,000 clients with discounted consultation/treatment in partner hospitals.
- Use the Progress out of Poverty Index to measure the poverty level of 35,000 clients.