SIDBI Launches India Microfinance Platform
India, June, 28 2013 -
Small Industries Development Bank of India (SIDBI) today launched India Microfinance Platform, a portal which gives comprehensive information about microfinance players in the country.
The platform lauched with World Bank assistance has data about each and every microfinance firm working right up to district level, SIDBI Chairman and Managing Director Sushil Muhnot said after launching the website.
The site will monitor the performance of an MFI on quarterly, he said, adding, it will promote transparency.
It will help in analysing market trends relative to their microfinance exposure, he added.
SIDBI has actively played its role in lending, creation of innovative products and policy advocacy in the microfinance sector for over more than a decade.
Muhnot also added that the most important thing is that the microfinance sector has to adapt itself to the expectations of the public at large, especially with regard to the prescribed code of conduct and spread of microfinance in underserved areas, especially in those states where microfinance has not reached like North-Eastern Region, etc.
He also emphasised that the MFIs have shown resilience in the wake of the changing environment and SIDBI is committed to contribute increased support by way of loan and equity to MFIs during the current financial year.
Government has also allocated an additional fund of Rs 200 crore towards providing equity and quasi equity support to smaller MFIs pursuant to the budget announcement.