At a time when the world is reeling under global economic crisis,the Royal Bank of Scotland Foundation Indias Technical Assistance programme in association with MicroSave,an international microfinance consultancy,has launched four new tool kits on Monday to help Micro Finance Institutions (MFIs) and NGOs.
The tool kits,aimed at strengthening the delivery channels of MFIs and take on sustainable financial services,comprise ready to use training material in governance,internal controls,financial management and accounting systems.
Dr KG Karmarkar,Managing Director,NABARD,R Bhaskaran,CEO,Indian Institute of Banking and Finance,Brij Mohan,Senior Expert,Microfinance India and Vijaylakshmi Das,CEO of Friends of Womens World Banking discussed the progress and prospects of financial inclusion.
In the current economic environment,keeping credit open to poor women at the bottom of the pyramid is critical. The global financial crisis has made evident how important good governance,transparency of financial transactions and monitoring of credit is for sustainable financial growth, said Meera Sanyal,country executive-India,ABN AmroBank at the launch.
Graham Wright,Programme Director,MicroSave India,said,We want to create micro finance delivery capacities in the undeserved regions of India. Transformation from common NGOs to MFIs is challenging but feasible.
Despite the global crisis,Graham remarked,growth of MFIs in India was accelerating. For instance,Mumbai-based Hindusthan Cooperative Credit Society Ltd,whose about 44,000 clients comprise vegetable/fruit vendors,and other petty traders and service providers recently received funding of about Rs 6 crore from Yes Bank,HDFC and Axis banks.