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2010-10-07

SIDBI extends financial support to BANDHAN worth Rs 350 crore

In a significant step towards bringing in financial relief to poor women, Small Industries Development Bank of India (SIDBI) has provided a credit worth Rs 350 crore to one of India’s largest microfin

In a significant step towards bringing in financial relief to poor women, Small Industries Development Bank of India (SIDBI) has provided a credit worth Rs 350 crore to one of India’s largest microfinance institution (MFI) in terms of portfolio size, Bandhan.

Earlier this week, the MFI has received funds worth Rs 150 crore as part of the first installment from SIDBI and the rest of the amount will be transferred by the end of the financial year 2010-11. This is one of the largest credit provided by SIDBI to Bandhan.  In the past in 2009 and 2008, SIDBI provided fund worth Rs 250 crore and 100 crore respectively.

The initiative taken by SIDBI is a part of its efforts taken to provide financial support and assistance to MFI’s and as well as ensure healthy development of the credit structure in the country.

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