The global micro finance body CGAP which has been set up by World Bank has elected India’s Vijay Mahajan as Chairman of its Executive Committee.
The US-based ‘Consultative Group to Assist the Poor’ (CGAP) is a micro finance body and functions an independent policy and research centre dedicated to advancing financial access for the world’s poor. It is a consortium of 33 public and private development agencies working together and was created in 1995 by these aid agencies and industry leaders to help create permanent financial services for the poor on a large scale.
Vijay Mahajan is the founder and chairman of the BASIX Group, which is a diversified micro finance company that support the livelihoods of over 1.5 million poor households in the agriculture, allied and non-farm sectors by extending micro-credit worth over Rs 2,250 crore.
BASIX is the brand name of a group of companies, which includes:
Bhartiya Samruddhi Investments and Consulting Services Ltd. (BASICS Ltd), the holding company, through which equity and debt investments are made in the group companies.
Bhartiya Samruddhi Finance Ltd. (Samruddhi), an RBI registered NBFC, engaged in micro-credit, retailing insurance and providing technical assistance in agriculture, business, and institutional development to its customers.
Krishna Bhima Samruddhi Local Area Bank Ltd. (KBSLAB), an RBI licensed bank providing micro-credit and savings services in three backward districts, Raichur, Gulbarga, and Mahbubnagar.
Indian Grameen Services (IGS), a section 25, not-for-profit company engaged in research, development and training related to livelihoods.
Sarvodaya Nano Finance Ltd. (Sarvodaya), an RBI registered NBFC, owned by women’s self-help groups, and managed by BASICS Ltd.