Posted on August 25, 2009 - by boris

Microfinance firms in India are planning to set up a credit bureau…

Microfinance companies are planning to set up a credit bureau to facilitate smooth disbursal of loan to the needy sections of the society. Hyderabad-based SKS Microfinance, the largest player in the segment in terms of assets, is playing a key role in this regard.

“There is no credit bureau that supports microfinance lenders. So we are in the process of getting one. We are talking to the Credit Information Bureau (India) and a couple of other people. Hopefully by this month end, an announcement will be made,” Suresh Gurumani, chief executive officer of SKS Microfinance, told Financial Chronicle.

SKS has been one of the most successful companies in the microfinance sector domestically. Set up on the Grameen Bank model of Bangladesh’s Nobel laureate Mohammad Yunus, it had a total outstanding loan amount of almost $500 million by the end of March. The company was ranked as number one microfinance institute (MFI) in India and second worldwide by the Microfinance Information Exchange Ma-rket, a major business information provider for the microfinance industry.

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Source: http://www.indiamicrofinance.com/microfinance/india-microfinance/microfinance-credit-information-bureau-to-be-launched-soon-in-india.html#more-1872