Dhanalakshmi Bank gets RBI nod to raise FII, NRI limits

Microfinance Focus, Dec. 2, 2009: Thrissur-based Dhanalakshmi Bank, with major microcredit portfolio, has in a press release said the Reserve Bank has conveyed its no objection in raising FIIs, NRIs holding percentage in the bank from 24 per cent and 10 per cent respectively to 49 per cent and 24 per cent.

The bank posted an impressive 37.8% growth in total income at Rs. 286.72 crore for the half year ended September 30, 2009, against Rs. 208.05 crore for the same period in the previous year.

Last month, the bank tied-up with rating agency Crisil to rate its over 500 small and medium enterprise (SME) customers, which would help its micro-lending process.

P G Jayakumar, General Manager, Credit and Operations, Dhanalakshmi Bank, said, “Independent rating by a renowned agency will provide the bank an enhanced analysis of the SMEs under its portfolio, which will further streng then the bank’s internal rating process.” The Crisil SSI/SME rating is widely recognised by the industry and is also accepted by most regulatory authorities, he added.

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