Bandhan Microfinance , one of the leading MFIs in India, attained a new landmark when it touched the lives of 51,000 families in a short span of about 2 years. Till now it has disbursed around Rs 66 crores to these poor families.
The Maharashtra branches of the Kolkata based MFI began its operations in September 2008 and has spread out it’s operations through 52 branches, out of which 14 are located in Mumbai. With its vision fixed on alleviation of social and economic poverty, Bandhan has gone that extra mile to bring within its periphery the opportunities for youth employment. People who aspire to involve themselves in this sector are also provided employment opportunities. Recently in August this year, Bandhan had organized an annual conference of it’s Mumbai Circle. Mr. Babu Joseph of AXIS Bank and other distinguished luminaries from the finance sector presided over the conference which emphasized on growth, discipline and future prospects for Microfinance in Maharashtra.
Bandhan is still in its nascent stage in Maharashtra though a sizeable chunk of Mumbai, Thane, Pune and Ahmednagar has been covered.
As on 31st August, 2010, Bandhan is operating into 17 States with 1,550 branches reaching out to over 29 lakh borrowers with a cumulative loan disbursement of around Rs 6,585 crores, the staff strength being 8,459 and an on time repayment rate of 99.82%. Bandhan has several education, health, employment, livelihood programs too which it carries out through its entity as a non profit society.
Bandhan Microfinance has several achievements to it’s credit some of which are mentioned below:
- Bandhan has won the Pro-Poor Innovation Challenge (PPIC) Award by Consultative Group to Assist the Poor (CGAP), an affiliate of World Bank; in recognition of its innovation in financial services for very poor clients.
- ‘The Skoch Challenger Award’ was conferred upon Bandhan for its financial inclusion in December, 2008 by Dr. C. Rangarajan, Chief Economic Advisor to the Prime Minister of India and the then Deputy Chairman of Planning Commission.
- Bandhan was declared as the Institution of the Year by HSBC-ACCESS Development Services in the recently held Microfinance India Awards 2009.
- Bandhan has been ranked 2nd in the world by US Business Magazine, FORBES, while listing world’s Top 50 MFIs among 641 MFIs surveyed and in the process Bandhan has been ranked 1st in India.