India: US$100mln World Bank Microfinance Scheme Approved by Indian Govt

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Jun 2010
New Dehli, India, June, 16 2010 - The Indian government on Tuesday approved a a proposal to draw a loan of US$100 million (about Rs 450 crore) from the World Bank to promote microfinance in the country.

The Cabinet Committee on Economic Affairs (CCEA) cleared the proposal for on-lending to the Small Industries Development Bank of India (SIDBI), which in turn would disburse the funds to the microfinance sector.

"The fund will be used to promote responsible and balanced growth of microfinance outreach, particularly in under-served areas where micro finance penetration is low, thereby serving the larger objective of promoting financial inclusion," Home Minister P Chidambaram told reporters after the CCEA meeting.

The decision is expected to help broad-base credit disbursals.



 

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