At slightest 3 non-banking financial companies – micro financial institutions (NBFC-MFIs) from Tamil Nadu are penetrating on environment adult a tiny financial bank.
There are about 9 NBFC-MFIs in Tamil Nadu, of that 3 of them, accommodate many of a criteria spelt out by a Reserve Bank including a promoters collateral in tiny financial banks. Two MFIs do not have adequate collateral and dual some-more are adopting ‘wait and watch’ policy.
Grama Vidiyal Micro Finance (GVMF), Equitas Holdings and Madura Micro Finance have started a analysis process. Asirvad Micro Finance and S.M.I.L.E Micro Finance are formulation to wait for some some-more time.
GVMF is an authorised claimant for a tiny financial bank as it confident many of a conditions. GVMF has branches all over Tamil Nadu and served tighten to 10 lakh clients. “It would be good to make best use of a opportunity,” pronounced a spokesman.
Apart from lending to self assistance groups, Madura MF wanted to give a assisting palm to micro enterprises and tiny businesses. “It would also give us a most indispensable financial leisure to lend some-more than Rs.15,000 per customer,” a association executive said.
Equitas Holdings, that has been toying with a thought of environment adult a tiny financial bank for utterly someday now, would place a offer before a board.
An Asirvad central pronounced yet they were authorised to set adult a bank, it was adult to their infancy stakeholder Manappuram Finance to take a call on this issue.