The Hindu Business Line : SIDBI sanctions Rs 527 crore as micro credit

These loans have been given to 22 lakh beneficiaries through some 55 micro finance institutions, the bank's Chairman and Managing Director, Mr N. Balasubramanian, said.

Noting that the recovery under the scheme was more than 99 per cent, he said that SIDBI was "vigorously striving for accelerated growth of micro finance".

The outstanding portfolio under the scheme is at present Rs 228 crore, which is likely to touch Rs 460 crore by the end of the financial year, and about Rs 725 crore by March 2007.

"SIDBI's conservative estimates indicate that more than 2.3 lakh self-help groups covering more than 25 lakh clients, would be reached by the end of the year," he said.

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