THE DAKSHIN BHARAT

Quick Data - 2008

MICROFINANCE REPORT

The DAKSHIN Bharat

Microfinance Report
Quick Data 2008
for Andhra Pradesh • Karnataka • Kerala • Tamil Nadu

TABLE OF CONTENTS
FOREWORD 2
MICROFINANCE REACHES EVER MORE POOR 7
MICROFINANCE VOLUMES & TRENDS IN SOUTHERN INDIA 2007-08 10
INDIA’S 21 LARGEST MFIS 14
REFERENCES 18
DIRECTORIES 19
ANNEXURE 62

TABLES
1 Reaching the Poorest Districts 7
2 MFIs which reach most poorest Districts, all India (223 MFIs) 8
3 MFI Client Outreach by Southern states, 2007-08 10
4 MFI-growth, Southern States, 2006-2008 12
5 Change (%-points) in Portfolio Market Share, 2006 to 2008 13
6 India’s 21 largest MFIs 15

FIGURES
1 South India’s Poorest districts reached by MFIs (% of all districts reached) 8
2 Loans under Rs. 10,000, % of total number of loans 9
3 Microfinance Outreach in Southern India, March 2008. 11
4 Legal forms of MFIs (73 MFIs) in South India 13
5 Client Outreach (%) by MFI portfolio size, 2006-2008 (73 MFIs) 14
6 Regional distribution of clients, largest MFIs, 2007/08 16
7 Large MFIs’ clients by loan sizes, 2008 and 2006 17
8 21 Largest MFIs, Net-owned Funds and Borrowing, 2006-2008 18

Disclaimer: Though this publication has been brought out with financial support from the Ford Foundation, the views expressed in
this publication do not necessarily reflect the opinion/views of the Ford Foundation, nor may the Ford Foundation in any way be held
responsible for the views/opinions in this report.

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FOREWORD

icrofinance in India is driven by the Southern states. Most of the clients live in the South, most of the MFI
M growth is generated in the South, most large and more professional MFIs are located in the South.
“The Dakshin Bharat Microfinance Report – Quick Data 2008 for Andhra Pradesh, Karnataka, Kerala and Tamil
Nadu” is the first regional Microfinance sector report. It shows that
• MFIs in the Southern states served 77 lakh clients in 2007/8; up from about 45 lakh in 2006/07.
NABARD’s SHG bank linkage programme (SBLP) reached another 130 lakh clients in 2007/08.

• 37 lakh of MFI-clients live in AP, 20 lakh in Karnataka, 17 lakh in Tamil Nadu and 4 lakh in Kerala.

• 4 out 5 microfinance clients are women. Together, MFIs and SBLP served about one fifth of South
India’s 740 lakh rural women.

• MFIs in the Southern states reached 96% of the poorest districts. That is 33 %-points above the
national microfinance outreach to poorest districts.

• MFIs per 31 March 2008 provided micro-credit of about Rs. 3.800 crore. About 51% in AP, 29% in
Karnataka, 15% in Tamil Nadu and 5% in Kerala.

Large MFIs (MFIs with over Rs. 50 crore portfolio) account for 85% of MFI-client-outreach in South India. Out
of 21 largest Indian MFIs, 16 come from the Southern states; 3 of them with over 10 lakh (1 million) clients are
from Andhra Pradesh. Most large MFIs are NBFCs; together they mobilized over 4,000 crore borrowings from
banks and other lenders for providing access to over 1 crore (10 million) clients, out of which over 6 million in
the South. 3 out 4 of their loan clients took a loan below Rs. 10,000. Therefore, large MFIs are key contributors
to poverty outreach of Microfinance.
We would like to commend Sa-Dhan Regional Office Team led by Dr. Oliver Schmidt for compiling this first
regional Bharat Microfinance report. Support and oversight have been provided
by Mr. Prabhakara, Manager Standards-Team and Mr. K Balasubramanyam, General Manager Sa-Dhan. Special
acknowledgements go to Standards Sub-Group and to Ms. Mini Bedi, Chairperson of Sa-Dhan for overall
directional guidance.
The work has been made possible by support from THE FORD FONDATION. We thank the Ford Foundation
for their encouragement and continued support.

We look forward to hearing from you all on refining the work in days to come.

Mathew Titus

Executive Director

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SUMMARY IN TELUGU

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SUMMARY IN KANNADA

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SUMMARY IN MALAYALAM

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SUMMARY IN TAMIL

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Microfinance
Reaches Ever More Poor

Overview
bout 7.7 million South Indians are served by Indian Microfinance Institutions (MFIs). 4 out of 5 of these
A clients are women. 85% are served by large MFIs (over Rs. 50 crore portfolios) which also account for
most of the poorest districts reached.

Microfinance in Southern India lives up to its mission of alleviating poverty. Many poor clients have bought
buffaloes, or petty-trade stock, or equipment for side-of-the-street cooking, coir business, or baking, or other
micro enterprises. From diversifying their income and building assets, they have provided their children with
more regular schooling and health care, and female MF clients have strengthened their say in family affairs.

Outreach to poorest districts

In the South Indian states, MFIs operate in 91 districts (out of 96). Out of the districts reached, 43 are among
the poorest districts (Table 1).

Table: 1: Reaching the Poorest Districts.

No. of poorest Total no. of Other
States districts serviced poorest Districts
by MFIs districts*
Andhra Pradesh 19 19 4
Karnataka 11 12 17
Tamilnadu 10 10 19
Kerala 3 4 9
Total 43 45 49
* See annex 1.

The poorest districts have been identified by GoI as target for prior implementation of the National Rural
Employment Guarantee Act (NREGA). In Southern India, 45 poorest districts have been marked in 2007/08.
MFIs reach all but two (Kodagu in Karnataka and Wayanad in Kerala) of them (see figure 1). About equal to
the previous year, 96% of all poorest districts in the South – compared to 63% all India – are reached by MFIs.

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Figure 1: South India’s Poorest districts reached by MFIs

(% of all districts reached)

Large MFIs contribute over-proportionally to poverty-outreach. Not only do they serve a higher absolute number
of districts – and clients –, they also show the highest proportion of poor districts. Among the 5 MFIs with the
widest poverty-outreach (district-wise) in India, 4 are from Andhra Pradesh (table 2, the fifth would be KAS
Foundation from Orissa).

In Southern India, BASIX reached about 12, SKS Microfinance about 27 districts, and Spandana Sphoorty
about 30 of the poorest districts.

Table: 2: MFIs which reach most poorest Districts, all India (223 MFIs)
No. of poorest Total no. of Poorest district as
MFI* districts reached* districts reached* % of all districts
reached**
BASIX 33 46 71.8
SKS Microfinance 133 215 61.9
Asmitha Microfin Ltd 32 59 54.2
Spandana 38 74 51.4

* All MFIs in this table are registered in Andhra Pradesh; they operate in multiple states.
** All India.
Source: Sa-Dhan (2008b), p. 12.

Outreach to scheduled castes and tribes

A specifically Indian poverty indicator is the portion of scheduled caste/scheduled tribe (SC/ST) among the
clientele. Tracking SC/ST access is an instrument of GoI to direct development funding to the needful target
group. SC/STs are among the poorest strata of society, with worse human development indicators than other
groups. But many development practitioners make a strong case that tracking SC/St reinforces discrimination
and stigmatization and thus hardens instead of loosens poverty. Thus, several MFIs, e. g. Asmitha, Sarvodaya
and Share, refuse to collect caste-data about their clients. Having noted this, we observe that 65 out of 73
Southern MFIs report serving SC/ST category among their clients.

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Poverty-outreach by loan size

Loan size is considered as a reasonable indicator for poverty outreach; the higher the proportion of clients with
smaller loans, the higher the probability of reaching people with relatively lower income. Note that the loan size
might be determined by the funding structure of the MFI rather than by the economic demand of the client; that
would render loan size unreliable as a poverty indicator. Establishing extends and structure of multiple borrowing
would qualify this phenomenon. Only limited research is available, but it indicates that levels of multiple borrowing
are rather low (Sa-Dhan 2008a).

Between 30 and about 80% of loan clients of South Indian MFIs take loans below Rs. 10,000 (sub-sample of
those MFIs that operate in one state only). In the last 3 years, this proportion has shown a significant upward
trend, with the exception of Tamil Nadu were it went down slightly.

Figure 2: Loans under Rs 10,000, % of total number of loans

2007/8 2005/6

However, in Tamil Nadu and particularly in Karnataka and Kerala the proportion of small loans is much lower
than the all-India-average of about 75% (figure 2). In Andrah Pradesh, on the other hand, it is even higher than
the Indian average.

There are considerable differences between the states. The proportion of small loans of AP-based MFIs is
about double of that of Kerala-based MFIs. The % of small loans of Karnataka’s and TN’s MFIs is significantly
higher than that of Kerala’s MFIs, but still considerably lower than in AP. MFIs in Kerala, Karnataka and TN
seem to reach relatively more clients who are less poor. Note that total Microfinance penetration in AP is much
higher than in other states due to the longer exposure – most AP-based MFIs have been serving the market for
many years, several (not included in the sub-sample discussed here) have grown into multi-state-MFIs – and
due to the state government’s Indira Kranthi Pathakam Programme (SHGs).

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MICROFINANCE VOLUMES &

TRENDS IN SOUTHERN INDIA 2007-08
Estimating South India client outreach for SBLP and MFI channel
The heart of the Bharat Microfinance is in South India. About half of all microfinance clients in India live in the
four Southern states. That holds true for both major delivery channels, i. e. NABARD’s SHG-bank linkage
programme (SBLP) and the MFIs. NABARD (2008) reports regional break-down of SBLP for Regional Rural
Banks and Cooperatives only. However, commercial banks provide the biggest proportion of the programme
(65.4 and 70.8% in terms of loan portfolio and SHG-numbers respectively). We assume that their contribution
in the Southern states follows the same proportions. We estimate that SBLP per 31st March 2007 reached out
to about 11.5 million clients in AP, Karnataka, Kerala and TN.1 MFIs which reported to Sa-Dhan reached an
estimated 4.5 million Southern clients.2

Table 3: MFI Client Outreach by Southern states, 2007-08

Portfolio
S.No. State Outstanding Client Outreach
(in crore) (in lakh)

1 Andhra Pradesh 1,944.5 36.5

2 Karnataka 1,103.9 19.6
3 Tamilnadu 575.4 16.9
4 Kerala 127.7 3.8
Source: Sa-Dhan Quick Survey 2008.

SBLP-data for the latest financial year 2007/08 is not yet available. Sa-Dhan (2008) presented estimates based
on SBLP-compounded growth rates for client outreach and cumulative lending. Previously, only cumulative
lending but not outstanding portfolio was reported for SBLP. NABARD (2008) reports for the first time SBLP-
outstanding portfolio; per March 2007, it is calculated as about Rs. crore 12,000. That is about Rs crore 2,000
(or 20%) higher than the estimate of Sa-Dhan (2008). Based on NABARD’s latest figures for 2006/07 and a
fresh estimate of the overall SBLP, its 2007/08-outreach in the South would have roughly been near 13 million
clients. MFIs reported 7.7 million clients reached in the Southern states, close to half of them in Andrah Pradesh
(table 3). SBLP and MFIs expanded their outreach in the South by 39.1 and 71.1% respectively. This is a
significantly steeper growth path than for all-India; despite the fact that microfinance penetration in the South
is already considerably higher than in most other parts of India. Professionalism and competition are apparently
good for growth; state government programmes like Indira Kranthi Pathakam (AP) or Kudumbasree (Kerala)
further back the momentum.

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In 2007/08, Microfinance reached nearly 1 out of 5 rural women in Southern India which are the main target
group (figure 3)

Figure 3: Microfinance Outreach in Southern India, March 2008.

Note: SLBP-outreach in the South is deducted from an estimate of the overall SBLP in 2007/08.
Source: NABARD (2008), Sa-Dhan Quick-survey 2008, own estimates.

Estimating South India Micro-Credit Portfolio

The microfinance clients accessed a loan portfolio of about Rs. crore 15,800 per 31st March 2008; about Rs.
12,000 crore from SBLP (based on the estimate explained above) and about Rs. 3,800 crore from MFIs. Again,
about half of the loan portfolio goes to Andhra Pradesh; remarkably close followed by Karnataka. While TN-
client outreach is close to that one of Karnataka, its outstanding portfolio is considerably lower.

More than half of all MFIs that grew beyond Rs. 5 and 50 crore respectively within the last 3 years come from
the Southern states. Tamil Nadu leads the list with 10 MFIs, followed by AP and Karnataka with 7 each. Kerala
has 4 MFIs on the list, but given the smaller size of that state, this is a remarkable number (table 4).

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Table 4: MFI-growth, Southern States, 2006-2008

S.No MFIs that surpassed 50 crores portfolio from 2006-2008

1 ASA Gram Vidiyal (Tamilnadu)

2 Grameen Koota (Karnataka)
3 AMMACTS (Future Financial Services Ltd.) (Andhra Pradesh)
4 Krishna Bhima Samruddhi Local Area Bank Ltd. (Andhra Pradesh)
5 Evangelical Social Action Forum (Kerala)
6 Sarvodaya Nano Finance Limited (Tamilnadu)
7 Bharatha Swamukti Samsthe (Karnataka)
8 SMILE Ltd. (Tamilnadu)
9 BWDA Finance Limited (BFL) (Tamilnadu)

S.No Mfis that surpassed Rs 5 crores portfolio from2006-2008

1 Mari-Sanghatitha Mahila MACS Federation Ltd (Andhra Pradesh)

2 SEARCH-KOPSA (Tamilnadu)
3 Peoples Action for Transformation (Tamilnadu)
4 PWMACS (Andhra Pradesh)
5 Community Development Centre (Tamilnadu)
6 Social Education and Voluntary Action (Andhra Pradesh)
7 Welfare Services Ernakulam (Kerala)
8 The Max Wealth Trust (Andhra Pradesh)
9 Samuha (Karnataka)
10 Initiatives For Development Foundation (Karnataka)
11 Ujjivan Financial Services Private Ltd. (Karnataka)
12 Shalom Trust (Kerala)
13 Centre for Rural Reconstruction Through Social Action (Andhra Pradesh)
14 Manidham Grameen Savings & Credit Services (MGSCS) (Tamilnadu)
15 Rores Micro Enterpreneur Development Trust (Karnataka)
16 Janalakshmi Social Services (Karnataka)
17 Forum for Rural Environment and Economic Development (FREED)(Kerala)
18 Equitas Micro Finance India Private Limited (Tamilnadu)
19 OAZOANE- The Society for Development of Human Abilities and Environment (Tamilnadu)

Source: Sa-Dhan (2008), p. 17.

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Southern MFIs – Legal Forms

South India’s MFIs are registered as for-profit (NBFCs), not-for-profit (Society, Trust, and Section-25-company)
and mutual benefit (cooperatives). Out of 73 South Indian MFIs, 30 are societies, followed by NBFCs with
about 16, trusts with about 12, followed by Cooperatives with about 9 and section 25 companies with about 5
(figure 4).

Figure 4: Legal forms of MFIs (73 MFIs) in South India

Source: Sa-Dhan Quick-survey 2008.

Although the societies are more in number, in the market share (portfolio) went down by 20 %-points in Kerala,
10.08 %-points in Karnataka, 4.2 %-points in Tamilnadu and 2 %-points in Andhra Pradesh. This trend may be
due to the transformation of Many MFIs into NBFCs. NBFCs show an increasing trend, the highest growth is in
Kerala about 20.46 %-points, followed by Karnataka with 10.28 %-points, followed by Tamilnadu with 4.26 %-
points and 2 %-points in Andhra Pradesh (table 5).

Table 5: Change (%-points) in Portfolio Market Share, 2006 to 2008

Legal Form Andhra Pradesh Karnataka Tamilnadu Kerala

NBFC +1.73 +6.11 +4.23 +20.46

Society / Trust -2.10 -10.28 -4.26 -20.46

Others +0.43 +3.95 +0.04 NA

Source: Sa-Dhan Quick-survey 2008.

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INDIA’S 21 LARGEST MFIS

Client Outreach and Micro-Credit Volumes

Large MFIs play an outstanding role in providing access to financial services to the poor. MFIs with over Rs. 50
crore portfolio account for 85% of MFI-client-outreach in South India (figure 5).

Figure: 5: Client Outreach (%) by MFI portfolio size, 2006-2008 (73 MFIs)

Source: Sa-Dhan Quick-Survey 2008.

Out of 21 largest Indian MFIs, 16 come from the Southern states; 3 of them with over 10 crore (1 million) clients
are from Andhra Pradesh. Whereas 5 of the large MFIs operate in one state only – 4 of them in Karnataka or
Tamil Nadu –, 16 of the large MFIs operate in multiple states, many across several regions of India. In this
chapter, we present all 21 largest MFIs of India (table 6).

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TABLE 6: INDIA’S 21* LARGEST MFIS

Client Out- Portfolio** Number of
MFI HQ - State (Crore) States/UTs**
reach**
ASA Gram Vidiyal Tamil Nadu 263,022 115.3 1
Bharat Integrated Social Orissa 46,430 118.0 4
Welfare Agency
Spandana Sphoorty Financial Ltd Andhra Pradesh 1,188,861 7,28.5 8

Grameen Koota Karnataka 139,114 82.6 1

AMMACTS (Future Financial Andhra Pradesh 164,666 84.3 3

Services Ltd)
Bhartiya Samruddhi Andhra Pradesh 305,438 2,25.4 8
Finance Ltd. (BASIX)
Krishna Bhima Samruddhi Andhra Pradesh 100,495 52.1 2
Local Area Bank Ltd
Evangelical Social Action Forum Kerala 222,123 70.7 4

Sarvodaya Nano Finance Ltd Tamil Nadu 523,385 88.6 5

Bharatha Swamukti Samsthe Karnataka 142,613 81.4 1

SMILE Ltd Tamil Nadu 140,637 73.9 1

BWDA Finance Ltd (BFL) Tamil Nadu 292,729 85.1 2

Cashpor Micro Credit Uttar Pradesh 302,855 147.3 2

Bandhan Financial Services Pvt Ltd West Bengal 138,811 52.7 2

Bandhan Konnagar West Bengal 757,887 278.3 6

K A S Foundation Orissa 562,377 106.8 8

S E Investments Ltd Uttar Pradesh 83,333 121.0 4

SKS Microfinance Pvt Ltd Andhra Pradesh 1,879,258 781.8 14

Mahila Arthik Vikas Mahamandal Maharashtra 684,873 132.0 1

SKDRDP Karnataka 574,968 337.1 1

Share Microfin Ltd Andhra Pradesh 1,289,328 595.3 10

Asmitha Microfin Ltd Andhra Pradesh 701,432 335.9 4

Total HQs in 8 states 10,704,635 4,870.5 Operate in 19

states / UTs

* Bandhan Fin. Services and Bandhan Konnagar have been counted as one.
** Per 31th March 2008.

Source: Sa-Dhan Microfinance Map of India, under http://www.sa-dhan.net/files/Sa-dhan-indian-map.htm.

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The regional distribution of their clients shows the well known bias to the South, with East and West catching
up (figure 6). Two third of the clients (over 6 million) are based in the Southern states, followed by a quarter
(about 2.5 million) in the East. About 1 million of these live in Orissa and West Bengal each. Another million
clients live in Maharashtra. In Northern India, Microfinance has been weak despite the considerable population
particularly in Madhya and Uttar Pradesh.

Figure 6: Regional distribution of clients, largest MFIs, 2007/08

7,000,000

6,000,000 TN

5,000,000

4,000,000 Karnataka

3,000,000

West
2,000,000 AP Bengal

1,000,000 Orissa

Maharastra UP
MP
0
South East West North

States (from bottom to top): South: Andrah Pradesh, Karnataka, Kerala, Pondicherry, Tamil Nadu, Tripura; East: Assam, Bihar, Chattisgarh, Jharkand,
Orissa, West Bengal; West: Gujarat, Maharahstra, Rajasthan; North: Delhi Madhya Pradesh, Uttaranchal, Uttar Pradesh.
Source: Sa-Dhan Quick-Survey 2008.

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Microfinance Services (other than credit) and Poverty Outreach

These MFIs provide micro-credit of about Rs. 4,900 crore to over 10 million Indians. Beyond credit, they also
explore opportunities to offer other services. Many have introduced insurance products. The main product is
loan insurance; however BASIX in AP reports that over 9 lacs clients have been health-insured. Spandana has
partnered with Western Union to provide its clients with remittance services. Krishna Bhima Samruddhi Local
Area Bank Ltd pursues a policy of actively mobilizing savings; through this they already finance over 80% of
their loan portfolio. Most MFIs are legally prohibited from mobilizing savings, but they often encourage their
clients to open savings accounts with banks.

With regard to poverty-outreach, 3 out 4 loans given by large MFIs are below Rs. 10,000. Indeed, this segment
has expanded since 2006 (Figure 7). Therefore, the relatively smaller weight of that segment in the Southern
states is not related per se to the pre-eminence of large MFIs. Rather, the explanation has to be searched in the
specifics of the Southern market, such as income opportunities which arise from economic conditions or
education levels.1

Figure 7: Large MFIs’ clients by loan sizes, 2008 and 2006

2008 2006

Source: Sa-Dhan Quick-Survey 2008.

MFIs’ Borrowing and Net-owned funds

In 2007/08, India’s largest MFIs mobilized over Rs. 4,000 crore from lenders, mostly banks, to on-lend to the
poor strata of society. This leverages net-owned funds of about Rs. 1,500 crore. Note that the gearing moderates
as the MFIs grow, a sign of sustainability – particularly relevant in times of financial crisis. This positive trend
reflects both the regulatory purview of RBI and the growing interest of equity-investors into this market segment.
Most of the large MFIs are registered as NBFCs, though there are societies and section-25-companies also;
one is a Local Area Bank (LAB).

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Figure 8: 21 Largest MFIs, Net-owned Funds and Borrowing, 2006-2008

5,000

4,500

4,000
BORROWING
3,500

3,000

2,500

2,000

1,500
NET-OWNED FUNDS
1,000

500

0
2006 2007 2008

Source: Sa-Dhan Quick-Survey 2008

References
NOTES
+ The proportion is one FIFTH (1/5), NOT one third. The mistake stems from an earlier English version. Due to
technical reasons, it could not be eliminated from the venacular versions.
1 NABARD reports number of SHGs linked to banks. We calculated client number by multiplying with 14
(average size of SHG, see Ghate 2007).
2 MFIs reported 10.04m clients reached per March 2007. We assumed the proportion of South – 44.7% of all
India client outreach per March 2008 – to be constant and thus estimated MFI-client outreach per March
2007 for Southern India.
3 Southern states rank comparatively high in infrastructure quality and access to primary education (India
Today 2008).

LITERATURE
Ghate, P. (Ed.; lead author) (2007): Microfinance in India – A State of the Sector Report 2007, New Delhi, pp. 35.
India Today (2008): State of the States, in: India Today, Special Issue, Sept. 22, 2008, pp. 34.
NABARD (2008): Status of Microfinance in India 2006-07, Mumbai.
Sa-Dhan (2008a): Maturing Microfinance – Emerging Challenges, Side-by-Side Report 2007, New Delhi.
Sa-Dhan (2008b): The Bharat Microfinance Report – Quick Data 2008, New Delhi.

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74 MFIs: Sa-Dhan Members (54) and Non members (20), Alphabetical

S.No. Name of MFIs(Bold: Members; Unbold: Non members) Page No.

ANDHRA PRADESH
1 AMMACTS (Future Financial Services Ltd) 24
2 Aadarsha Welfare Society 24
3 Asmitha Microfin Ltd 25
4 Bhartiya Samruddhi Finance Ltd. (BASIX) 25
5 Centre for Collective Development (CCD) Sahakara Mitra Sanstha 26
6 Centre for Rural Reconstruction Through Social Action 26
7 Confederation of Voluntary Associations (COVA) 27
8 Deepika Mahila Macs Ltd (Crown Social Service Society) 27
9 DOVE (Development Organization for Village Environment) 28
10 GUIDE 28
11 Hope Integrated Rural Development Society 29
12 Indur Intideepam MACs Federation Ltd. 29
13 Jhansi Rani Mahila MACS Ltd 30
14 Kakatiya Mahila MACS Ltd 30
15 Krishna Bhima Samruddhi Local Area Bank Ltd 31
16 KRUSHI 31
17 Mari-Sanghatitha Mahila Macs Federation Ltd 32
18 Mother Theresa Mahila MACCS Ltd 32
19 Pragati Seva Samiti 33
20 Rashtriya Seva Samithi 33
21 Saadhana Microfin Society 34
22 Sharda’s Women’s Association for Weaker Section (SCCI) 34
23 Share Microfin Ltd 35
24 Siri Microfin Society 35
25 Social Education and Voluntary Action 36
26 Spandana Sphoorty Financial Ltd. 36
27 Star Microfin Service Society 37
28 SKS Microfinance Pvt Ltd 37
29 The Max Wealth Trust 38
30 PWMACs 38
31 Vaagdevi Mahila MACS Ltd 39
KARNATAKA
32 Agricultural Science Foundation 40
33 Bharatha Swamukti Samsthe,Bangalore 40
34 CHINYARD 41
35 Grameen Koota 41
36 Initiatives For Development Foundation 42
37 Janalakshmi Social Services 42
38 Navachetana Foundation 43
39 Nirantara Community Services 43

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S.No. Name of MFIs(Bold: Members; Unbold: Non members) Page No.

40 Opportunity Microfinance India Ltd. 44

41 Outreach 44
42 Rores Micro Enterpreneur Development Trust 45
43 Samuha 45
44 Sanghamithra Rural Financial Services 46
45 SKDRDP 46
46 Ujjivan Financial Services Private Ltd 47

TAMILNADU
47 ASA Grama Vidiyal 61
48 BWDA Finance Limited (BFL) 52
49 Community Development Centre 52
50 Community Service Trust 53
51 Ecumenical Church Loan Fund of India 53
52 Equitas Micro Finance India Private Limited 54
53 Glow 54
54 League for Education and Development (LEAD) 55
55 Manidham Grameen Savings & Credit Services (MGSCS) 55
56 Mahalir Association for Literacy, Awareness and Rights (MALAR) 56
57 Mahasemam Trust 56
58 New Life 57
59 OAZOANE- The Society for Development of Human Abilities and Environment 57
60 Omalur Block Women Welfare Uplift Organization (OBWWUO) 58
61 Peoples Action for Transformation 58
62 People’s Action for Development and Credit Union (PADACU) 59
63 Sangamam Women’s Multipurpose Thrift and Credit Co-operative Society Ltd 59
64 Sarvodaya Nano Finance Ltd 60
65 SEARCH-KOPSA 60
66 SMILE Ltd 61
KERALA
67 Bharat Sevak Samaj 48
68 Evangelical Social Action Forum 49
69 Forum for Rural Environment and Economic Development (FREED) 49
70 Hope Foundation 50
71 Sevashram 50
72 Shalom Trust 51
73 Tiruvalla social service society (Bodhana). 48
74 Welfare Services Ernakulam 51

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74 MFIs by Portfolio Size (Small, Medium, Large)

Name of the MFIs Legal Form Rating Page No.

MFIs with up to Rs 5 Crore Portfolio

ANDHRA PRADESH
Centre for Collective Development (CCD)
Sahakara Mitra Samstha Society 26
Confederation of Voluntary Associations MACS Rated in 2007 27
Deepika Mahila MACs Ltd MACS 27
DOVE (Development Organization for Village Environment Society 28
GUIDE Society 28
Hope Integrated Rural Development Society Society 29
Jhansi Rani Mahila MACS Ltd MACS 30
Kakatiya Mahila MACS Ltd MACS 30
Mother Teresa Mahila MACS ltd MACS 32
Siri Microfinance Society, Kurnool-AP Society 35
Vaagdevi Mahila MACS ltd MACS 39

KARNATAKA
Agricultural Science Foundation Society Rated in 2008 40
CHINYARD Trust 41
Navachetana Foundation Society 43
Nirantara Community Services Society Rated in 2008 43
Opportunity Microfinance Services NBFC 44
Outreach Society 44

TAMILNADU
Community Service Trust Society 53
Ecumenical Church Loan Fund of India Section
25 Company Rated* 53
GLOW Society Rated in 2007 54
League for Education and Development(LEAD) Society 55
Mahalir association for Literacy, Awareness
and Rights (MALAR) Society Rated* 56
New Life Society 57
Omalur Block Women Welfare Uplift
Organisation(OBWWUO) Society 58
People’s Action for Development
and Credit Union(PADACU) Trust 59
KERALA
Hope Foundation Trust Rated in 2007 50
Sevashram Society 50
Tiruvalla Social Services (Bodhana) Society 48

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 THE DAKSHIN BHARAT
Quick Data - 2008
MICROFINANCE REPORT

Name of the MFIs Legal Form Rating Page No.

MFIs with Rs.5 to 50 crore portfolio

ANDHRA PRADESH
Aadarsha Welfare Society Rated in 2007 24
Centre for Rural Reconstruction through Social Action Society 26
Indur Intideepam MACS Ferderation Ltd MACS 29
KRUSHI Society Rated in 2007 31
Mari-Sanghatitha Mahila Macs Ferderation Ltd Society, MACS 32
Pragati Seva Samiti Society Rated* 33
PWMACS MACS Rated in 2007 38
Rashtriya Seva Samiti Trust Rated in 2007 33
Saadhana Micrifin Society Society Rated in 2007 34
Sharada’s Women’s Association for Weaker Section(SCCI) NBFC Rated in 2008 34
Social Education and Voluntary Action Society 36
Star Microfinance Society Society Rated in 2007 37
The Max Wealth Trust Trust 38

KARNATAKA
Initiatives for Development Foundation Trust Rated in 2007 42
Janalakshmi Social Services Section
25 Company Rated in 2007 42
Rores Micro Entrepreneur Development Trust Trust Rated in 2008 45
Samuha Society Rated in 2007 45
Sanghamitra Rural Financial Services Section
25 Company Rated* 46
Ujjivan Financial Services NBFC 47

TAMILNADU
Community Development Centre Trust Rated in 2008 52
Equitas Microfinance India Private Limited NBFC Rated in 2008 54
Mahasemam Trust Rated in 2007 56
Manidham Grameen Savings & Credit Services (MGSCS) Section
25 Company 55
OAZOANE-The Society for Development
of Human abilities and Environment Society Rated* 57
People’s Action for Transformation Trust 58
SEARCH-KOPSA Section
25 Company 60
KERALA
Bharat Sevak Samaj Society 48
Forum for Rural Environment and
Economic development(FREED) Society Rated in 2007 49
Shalom Trust Trust Rated in 2007 51
Welfare Services Ernakulam Society Rated in 2007 51

22
 THE DAKSHIN BHARAT
Quick Data - 2008
MICROFINANCE REPORT

Name of the MFIs Legal Form Rating Page No.

MFIs with more than Rs.50 crore portfolio

ANDHRA PRADESH
MMACTS (Future Financial Services Ltd) NBFC Rated* 24
Asmitha Microfin Ltd NBFC Rated in 2007 25
Bharatiya Samrudhi Finance Ltd (BASIX) NBFC Rated in 2007 25
Krishna Bhima Samrudhi Local Area Bank Ltd LAB Rated in 2008 31
Share Microfin Limited NBFC Rated in 2007 35
SKS Microfinance Pvt Ltd NBFC Rated in 2007 37
Spandana Sphoorthy Financial Ltd NBFC Rated in 2007 36

KARNATAKA
Bharatha Swamukti Samsthe, Bangalore Trust Rated in 2007 40
Grameen Koota NBFC Rated in 2008 41
SKDRDP Trust Rated in 2007 46

TAMILNADU
ASA Grama Vidiyal NBFC Rated in 2007 61
BWDA Finance Limited (BFL) NBFC Rated in 2007 52
Sarvodaya Nano Finance limited NBFC Rated in 2007 60
SMILE Ltd NBFC Rated in 2007 61

KERALA
Evangelical Social Action Forum NBFC Rated in 2007 49

* Year of the rating not available.

23