India: Reliance Capital launches microfinance initiative

Mar 2008
Mumbai, India, March, 04 2008 - Anil Ambani group’s financial services arm Reliance Capital on Monday launched its microfinance initiative here with tie-ups for two States, which, it said, would be followed by a national rollout soon.

Reliance Capital is joining hands with two Gujarat-based microfinance institutions — MAS Financial Services and Vardan Trust — as part of its initiative to enhance penetration of microfinance in the country.

The initiative was launched by group chairman Anil Ambani’s wife Tina Ambani, who handed over the first disbursement cheques.

Reliance Capital said it planned to fund MFIs in Gujarat and Maharashtra in the first phase, and subsequently have a national presence.

“Our vision is to provide access to finance at the grassroots level by partnering with MFIs, serving the rural and semi-urban areas. This initiative is in line with the group’s commitment to play a serious role in bringing value to the lives of the underprivileged and the aged in India,” Ms. Tina Ambani told reporters.

“The initiative envisages lending to MFIs, which would then be on-lending finances to self help groups, individuals and joint liability groups as per their norms,” Reliance Consumer Finance’ Deputy CEO K. V. Srinivasan said.

Source : The Hindu

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