MICROCAPITAL BRIEF: In Partnership with 15 Microfinance Institutions (MFIs), Dia Vikas Capital to Distribute Micro-Pension Scheme Initiated by India's Pension Fund Regulatory and Development Authority (PFRDA)

In association with its 15 partner microfinance institutions (MFIs), Indian social venture firm Dia Vikas Capital, a subsidiary of nonprofit Opportunity International Australia, will distribute a micro-pension scheme that was initiated by the Pension Fund Regulatory and Development Authority (PFRDA) of the Indian government. The program, NPS-Lite, will encourage economically disadvantaged people to save money for when they are over age 60 [1]. The Indian government is reported to have committed to match NPS-Lite contributions up to INR 1,000 (USD 22) per client annually [1] [2].

Dia Vikas Managing Director KC Ranjani stated, “This initiative of PFRDA further enhances the commitment of the [microfinance] sector and the government to implement measures that relate to economic independence of people entrenched in poverty. NPS-Lite will be implemented by all partners of Dia Vikas, which will have a positive impact on 1.5 million clients and around 8.8 million family members. Dia Vikas will extend all possible co-operation to its partners to facilitate its implementation” [1].

Between 2008 and 2011, Dia Vikas made cumulative investments of approximately USD 29 million in 15 MFIs in India.

By: Alexandra Pattee, Research Associate

About Dia Vikas Capital: Established in 2008, Dia Vikas Capital is an Indian social investment fund that is a wholly owned subsidiary of nonprofit Opportunity International Australia. Dia Vikas’ interventions include the provision of equity and quasi-equity support and the provision of technical and operational support to microfinance institutions (MFIs). Between 2008 and 2011, Dia Vikas made cumulative investments of approximately USD 29 million in 15 MFIs in India.

Sources and Resources:

[1] VCCircle, “Dia Vikas in India to launch pension scheme for poor with its 15 partner MFIs”, http://www.vccircle.com/500/news/dia-vikas-15-mfi-partners-to-launch-pension-scheme-for-poor

[2] MicroCapital.org Article, October 11, 2010, “Indian Government Creates Swavalamban Pension Scheme for the Unorganized Sector, Asks Microfinance Institutions (MFIs) to encourage participation”, https://www.microcapital.org/microcapital-brief-indian-government-creates-swavalamban-pension-scheme-for-the-unorganized-sector-asks-microfinance-institutions-mfis-to-encourage-participation/

MicroCapital.org Article, April 20, 2011, “Social Venture Capital Firm Dia Vikas Capital Makes Investments Totaling $6.1m in Indian Microfinance Institutions (MFIs) BWDA Finance Limited, Rashtriya Gramin Vikas Nidhi North East, ESAF Microfinance and Investment Private Limited, Cashpor Microcredit”, https://www.microcapital.org/microcapital-brief-social-venture-capital-firm-dia-vikas-capital-makes-investments-totaling-6-1m-in-indian-microfinance-institutions-mfis-bwda-finance-limited- a Vikas Capital To Launch Pension Scheme in Partnership with 15 Microfinance Irashtriya-gramin-vikas-nidhi-north-e/

MicroCapital.org Article, June 25, 2009, “Fund-raising Continues In India – Kerala’s ESAF Microfinance And Investments Raises $2.5 Million Through Sale Of Minority Stake To Opportunity International Australia’s Subsidiary, Dia Vikas Capital”, https://www.microcapital.org/microcapital-story-fund-raising-continues-in-india-kerala%E2%80%99s-esaf-microfinance-and-investments-raises-usd-25-million-through-sale-of-minority-stake-to-opportunity-international-australias/

MicroCapital Universe: Dia Vikas Capital, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Dia+Vikas+Capital

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MICROCAPITAL BRIEF: In Partnership with 15 Microfinance Institutions (MFIs), Dia Vikas Capital to Distribute Micro-Pension Scheme Initiated by India’s Pension Fund Regulatory and Development Authority (PFRDA)

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