NEREFS forays into India’s North-East microfinance

By Naagesh Naaraayana

Microfinance Focus, Sept. 21, 2009: North East Region Finservices Limited (NEREFS) disbursed microfinance loans to 217 clients belonging to the North Eastern states, at a function on Saturday in New Delhi’s Lakshmipat Singhania Auditorium.

Chief guest Mohan V. Tanksale of PNB handing over NEREFS microfinance loan cheque to Mary Thahgen, a client.

NEREFS is providing microfinance services to the North Eastern states. It has an outstanding loan portfolio of about INR 103 crore ($20.6 million) and 25,124 borrowers. It has 72 branches in 50 districts of Assam, Arunachal Pradesh, Manipur, Meghalaya, and Mizoram in the North East and Uttaranchal in North India. NEREFS has 500 employees and is present even in New Delhi, Bangalore, Chandigarh and Rajasthan.

Mohan V Tanksale, Executive Director of Punjab National Bank, other representatives from Indian Bank, SIDBI, Axis Bank, ING Vysa, as well as people from various parts of the North East based in New Delhi participated in the function on Saturday, said a statement.

NEREFS has strived to understand the culture or even sub-culture of the diverse communities in the north-eastern region, said the statement. It is also involved in economic and financial education of the masses, it added.

Speaking on the occasion, Mohan V Tanksale stressed on the need for “inclusive growth” by focusing on the financially excluded areas in the pursuit of putting the nation in the course of sustainable growth and development.

James Lalrawngbawl Keishing, Managing Director of NEREFS, said: “We started North East Region Finservices in the year 2002. In 2004 we discovered the need and potential of microfinance and decided to launch full-fledged microfinance services to individuals as well as Self HelpGroups. We set out on a noble, yet uncharted journey to help the poor in productive ways, which will not only fulfill their necessity ,but also enhance their dignity”.

Related Posts:

• Ujjivan Microfinance Insti expands in North East
• North-east MFIs institute Sitaram Rao Memorial Micro-entrepreneurship Awarda
• Microfinance funding in 2008 grew by 24%: CGAP survey
• Fusion Microfinance receives equity funding of Rs 4.5 cr from Incofin
• IFC’s Sukuk to help Arab markets: Lars Thunell
• Kalam launches Commonwealth Microfinance Card in Chennai
• NBFC-Microfinance Bandhan raises US$ 10.7mn of equity capital from SIDBI
• Brazil okays Accion’s microfinance plans in Amazon

© 2009, Microfinance News. All rights reserved. 2008-09