ESAF Microfinance had organized Lenders’ Meet on Jan 20, 2011, to tide over the crisis originated due to the Andhra mayhem in Oct. 2010. The meeting started at 2 PM at Quality International Hotel, Cochin. A. Vikraman, Director ESAF, presided over the meeting. During his presidential address he said that onward lending, especially for the second and third cycles, were badly affected due to the partial stoppage of funds.
K. Paul Thomas, Managing Director, ESAF Microfinance said that it was a coincidence that the Malegam Committee report was released just the day before the meeting. By welcoming the Malegam report, he added that the recommendations made by the committee had already been implemented by the organization in one way or the other. George Thomas, Director Operations, explained the operations side and Joby C.O., CFO dwelt on the repayment and disbursement part. Padmakumar K, Company Secretary, made a presentation on the Businees Plan.
After the presentations, Bankers suggested to reduce operational costs to meet the requirements of Malegam Report effectively. The possibility of consortium model lending was also discussed during the meeting. A .Akbar, Strategic Advisor, ESAF Microfinance, proposed a vote of thanks.