Microfinance registers highest growth rate in AP

Visakhapatnam, Dec 26 (UNI) Vice-President (Member Services) of the Hyderabad-based SKS Microfinance Private Limited K V Rao today said micrfinance registered the highest growth rate in the city and coastal districts of the Andhra Pradesh, includig Vizianagaram, Srikakulam, East Godavari and Visakhapatnam.

Talking to newspersons here, he said SKS had launched its operations in July this year in this region and disbursed loans worth Rs 26 crore across 550 villages and 100 urban colonies in the four districts.

He said there has been a phenomenal response to their loan products in these villages. The scheme had reached out to more than 80,000 women this fiscal in this region and 3,00,000 poor households have been targetted by the end of 2010.

He said SKS would also be introducing health insurance products for its members. It was functioning in 20,000 villages with 1.4 million members across the country, he added.

It has been extending microfinance on a joint liability model developed by the Grameen Bank in Bangladesh.

UNI