Financial Daily from THE HINDU group of publications
Thursday, Apr 01, 2004
Financial Daily from THE HINDU group of publications Thursday, Apr 01, 2004 |
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Money & Banking
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Credit Market HDFC Bank aims to double its microfinance M Ramesh
Chennai , March 31 HDFC Bank expects its microfinance portfolio to double to Rs 50 crore in 2004-05. It is a smallish portfolio, but very profitable and is growing by 100 per cent every year, Mr N.S. Kishore Kumar, Head-Agricultural Business and Micro Finance, told Business Line today. The bank has tied up with a number of NGOs to help disburse small loans, he said. According to one estimate, there are about one million self-help groups in the country and about Rs 2,000 crore of institutional credit has gone to them. A number of banks have entering into agreements with NGOs and microfinance agencies to lend to the self help groups, where typically the largest loan size could be only about Rs 30,000. Mr Kishore Kumar said that while the HDFC Bank wished to be instrumental in social development by giving micro loans, the segment was also profitable.
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