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West Bengal microfinance sector has huge potential to grow: Experts

India Blooms News Service | | Jan 16, 2016, at 01:34 am

Kolkata, Jan 15 (IBNS): There is an enormous scope for investment in the microfinance sector in West Bengal if banks provide uniform support to the MFIs (microfinance institutions), said experts in the field here at a summit of microfinance sector this week.

The Eastern India Microfinance Summit 2016 was organized by Association of Microfinance Institution (AMFI) here on Tuesday.

Seen as a major tool to reduce poverty, a microfinance institution is an organization that offers financial services to low income group people by accessing financial resources from the banks and other mainstream Financial Institutions.

Ajit Kumar Maity, Chairperson, AMFI-West Bengal (WB) said, “We organized it with an objective to gather various stakeholders of MFI industry at a common platform to discuss the enormous scope for investment, innovation and to develop a comprehensive view for the entire sector towards financial inclusion and development through partnership in the Eastern and Northeastern region.”

Kuldip Maity, MD & CEO, Village Financial Services (VFS) said, “The Microfinance sector is growing gradually and it also promises a vigorous growth in the next couple of years. According to surveys, around 60-70% growth is possible in West Bengal if various banks provide uniform support to all the MFIs in the sector. ”

The purpose of the summit was to bridge knowledge gap in the microfinance sector, develop business strategies and to promote effective partnerships and collaborations.

The organisers said it is a major platform where bankers, policy-makers, entrepreneurs, investors and researchers can interact with each other on a common forum.

The Microfinance Institution in the Eastern Regions has been deprived of major investments by International Funders both in equity and term lending, they said. Major funding through such institutions has flowed in other parts of India, especially in the Southern Regions.

This summit throws the limelight on Eastern and Northeastern region in terms of opportunities and possibilities through the partnership of International Funders.

(Reporting by Rupak Chakrabarty)

#West Bengal # microfinance sector # Microfinance Institution # Eastern Regions # Association of Microfinance Institution

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