Commencement of Retail Microfinance Operations in West Bengal
Agricultural Finance Corporation Ltd. has been associated with the microfinance sector for the past nearly 15 years by being providing its advisory services to various institutions like IFAD, World Bank, SIDBI etc.
These experiences have provided AFC a good understanding of the microfinance sector enabling it to commence Retail Microfinance Operations near Kolkata and 24-Parganas District of West Bengal on June 3, 2009 through AFC Foundation which is a Trust registered under the Indian Trusts Act 1882. An amount of Rs. 22.08 lakh was disbursed to 310 SHG members comprising 32 SHGs for various income generating activities under JLG model in West Bengal.
AFC Foundation has commenced retail microfinance in Maharashtra from Jalgaon district on 5th October 2009. Jalgaon being a rural area, SHG Bank linkage model has been adopted.
Disbursement as on January 18th, 2010
Details
West Bengal
Maharashtra
No. of SHGs/JLGs
263
93
No. of borrowing members
2763
898
Amount disbursed
Rs. 186.67 lakh
Rs. 85.77 lakh
Amount outstanding
Rs. 122.98 lakh
Rs. 66.99 lakh
AFC Foundation hopes to disburse at least Rs.5 crore as on 31st March 2010.
