MICROCAPITAL BRIEF: Small Industries Development Bank of India (SIDBI) Launches India Microfinance Platform

The Small Industries Development Bank of India (SIDBI), a state-owned bank, with the help of the World Bank, a US-based international development institution, and implemented by the US-based nonprofit Microfinance Information Exchange (MIX), has launched the India Microfinance Platform, a web-based portal that will provide information on all the microfinance organizations in India. According to a statement attributed to SIDBI Chairman and Managing Director Sushil Muhnot, the website will monitor the financial data of each microfinance institution on a quarterly basis in an effort to promote transparency [1]. The website offers video and photo galleries, a blog, news highlights and reports on various microfinance initiatives in the country. The platform also will report the winners of the Microfinance India Awards, an annual nomination of individuals and organizations in India that contributed to the growth of the microfinance industry and demonstrated commitment to the sector.

The India Microfinance Platform can be found at indianmicrofinanceplatform.in.

As of March 2012, SIDBI reported total assets of INR 594 billion (USD 10.9 billion).

By Meghan Gillis, Research Associate

About Small Industries Development Bank of India (SIDBI)

Established by the Indian Parliament in 1990, the Small Industries Development Bank of India (SIDBI) offers products and services in areas including direct finance, international finance, government subsidy and fixed deposits. Its clients include financial institutions, investors and entrepreneurs. SIDBI participates in the Indian microfinance sector by providing credit and capacity building grants to large- and medium-scale microfinance institutions. As of March 2012, SIDBI reported total assets of INR 594 billion (USD 10.9 billion).

About the World Bank

Established in 1944, the World Bank was initially comprised of two development institutions, IBRD and IDA, which provide leveraged loans to developing countries for capital programs. IBRD makes loans and grants and provides analytical and advisory services to middle-income countries and poorer countries that are deemed creditworthy, with the aim of promoting sustainable development to reduce poverty. IDA offers interest-free credits and grants to the world’s 81 poorest countries, where a majority of the people lives on less than USD 2 per day. IDA resources and technical assistance support country-led poverty reduction strategies in the following policy areas: increased productivity, better governance and accountability, an improved private investment climate and access to education and healthcare.

Sources and Additional Resources

[1] The Economic Times: “SIDBI launches India Microfinance platform,” http://articles.economictimes.indiatimes.com/2013-06-28/news/40255896_1_microfinance-sector-microfinance-firm-microfinance-players

MicroCapital brief, December 22, 2012, “MICROCAPITAL BRIEF: Small Industries Development Bank of India (SIDBI) Among Banks Requiring Third-Party Assessment of Codes of Conduct from Microfinance Institutions (MFIs) Seeking Wholesale Loans,” https://www.microcapital.org/microcapital-brief-small-industries-development-bank-of-india-sidbi-among-banks-requiring-third-party-assessment-of-codes-of-conduct-from-microfinance-institutions-mfis-seeking-wholesale-loans/

MicroCapital brief, April 2, 2012, “MICROCAPITAL BRIEF: Small Industries Development Bank of India (SIDBI) to Commit $5.8m in Equity, Loans to Small Microfinance Institutions,” https://www.microcapital.org/microcapital-brief-small-industries-development-bank-of-india-sidbi-to-commit-5-8m-in-equity-loans-to-small-microfinance-institutions<https://www.microcapital.org/microcapital-brief-small-industries-development-bank-of-india-sidbi-to-commit-5-8m-in-equity-loans-to-small-microfinance-institutions/#more-18090>

MicroCapital Universe Profile: Small Industries Development Bank of India (SIDBI) https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Small+Industries+Development+Bank+of+India+%28SIDBI%29

MicroCapital Universe Profile: The World Bank

https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=The+World+Bank+Group

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