The International Finance Corporation (IFC), the private-investment arm of the World Bank Group, and MicroSave, a for-profit microfinance training and technical resource center based in India, recently published a report entitled “Deposit: Assessment in India,” that argues in favor of supporting microsavings services for low-income individuals in India as a way to increase utilization of financial services. The report analyzes macroeconomic trends relating to the banking industry in India and examines the country’s legal and regulatory framework, as well as the supply of and demand for savings services. The report concludes that microfinance in India has thus far focused on microcredit and microinsurance while deposit services have not been offered in sufficient quantity to meet the needs of poor people.
The published report can be accessed at: http://www.ifc.org/ifcext/gfm.nsf/AttachmentsByTitle/Microfinance-Microsave_Dpps/$FILE/Microfinance-Microsave_Dpps.pdf
By Julie Moksim, Research Associate
About International Finance Corporation (IFC): A member of the World Bank Group, the International Finance Corporation (IFC) offers loan and debt securities, equity investments, advisory services and technical assistance intended to alleviate poverty and promote open and competitive markets in developing countries. IFC has 182 member countries that “collectively determine its policies, and approve investments.” In fiscal year 2009, IFC’s new investments totaled USD 14.5 billion.
About MicroSave: Established in Uganda in 1998, MicroSave is a technical assistance, training and resource center. According to its website, it was “designed and financed by the United Nations Development Programme (UNDP) to address the mono-credit culture prevalent in East and Southern Africa.” MicroSave’s headquarters was relocated to Lucknow, India, in 2006. In 2008, MicroSave was transformed into a consulting company, which has since completed projects in Cameroon, Congo, Ethiopia, Ghana, Kenya, Malawi, Nigeria, South Africa, Tanzania, Uganda and Zambia. MicroSave established its presence in India with support from ICICI Bank.
Sources and Additional Resources:
International Finance Corporation (IFC) Press Release: “IFC, Microsave Report Supports Increase in Microsavings for India’s Low-Income Clients”, March 15, 2011, http://www.ifc.org/ifcext/media.nsf/content/SelectedPressRelease?OpenDocument&UNID=72C00AC8CC799C0885257854004A58EA
International Finance Corporation (IFC): “Deposit: Assessment in India”, March 2011, http://www.ifc.org/ifcext/gfm.nsf/AttachmentsByTitle/Microfinance-Microsave_Dpps/$FILE/Microfinance-Microsave_Dpps.pdf
MicroCapital’s Microfinance Universe Profile: International Finance Corporation (IFC)
MicroCapital’s Microfinance Universe Profile: MicroSave
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=MicroSave
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