Microfinance to be launched in Nagpur and Pune

Nagpur, May 7 (UNI) SKS Microfinance, India's largest microfinance institution, is planning to launch microfinance in urban colonies of Nagpur and Pune this fiscal.

''We are planning to open 9 new microfinance branches in Nagpur and 12 in Pune,'' SKS Microfinance Vice President (Member Services) K V Rao said, while announcing the company's plans here today.

On an average, every urban microfinance branch covers 5000 to 8000 members, he said.

''Through the company's pilot project in Nandanvan, 3,695 members have opted for loans worth Rs 4.5 crore since November, 2007. Our intention is to extend collateral-free loans to all sections of society that are not covered by the banks,'' he said.

By March 2009, the company plans to extend operations in three new districts of Bhandara, Buldhana and Washim and add 52 new branches.

SKS Microfinance is a no-bank financing company that serves 2.1 million clients across 20,000 villages and slums in 15 states.

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