Microfinance Focus, December 12, 2011: The first day of the Microfinance India Summit 2011 in New Delhi, concluded on a high note with the Microfinance India Awards 2011. Awards were given to microfinance organizations, both large and small and medium, enabling institution and individual of the year.

The winner for the Microfinance India Organization of the year 2011 for large organizations was Ujjivan Financial Services. Ujjivan, based in Bangalore, started in November 2005 and serves over a million customers across 20 states. It has a wide product range and is one of the first to set up committed Service Quality for customer grievance redressal and has dedicated customer care representatives at branches. Ujjivan has introduced several product and process innovations such as an education loan and education loan interest refund program. It was one of the first to introduce a fully integrated core banking system. It also has a financial literacy program on debt management.

The second award for the Microfinance India Organization of the year for small and medium organization was presented to Sanghamithra Rural Financial Services (SRFS). Sanghamithra, promoted by MYRADA, lends to SHGs and not to individuals thereby ensuring that the SHG decides the amount of loan and the purpose for which it should be lent further to the members. With a strong focus on promoting self-governance and serving the marginalized, Sanghamithra has developed innovative products such as housing and sanitation loans. It also promotes Soukhya Groups of sex workers groups.

The next award, Microfinance India Contribution to the Sector 2011, to an enabling institution was awarded to the Center for Microfinance (Institute for financial Management and Research). The Center for Microfinance (CMF) is a non-profit, non-partisan research centre aim in improving the accessibility and quality of financial services for the poor through rigorous research, knowledge dissemination and evidence-based policy outreach.

The Microfinance Individual of the Year award was given to Prof. David Gibbons, founding Chairman of CASHPOR Micro Credit, the largest poverty-focused, not-for-profit MFI in India. It provides financial services to over 450,000 below-the-poverty-line women in eastern Uttar Pradesh and Bihar in a financially sustainable manner.

Lastly, the Jury’s Special Award was presented to Y. C. Nanda. Mr. Y. C. Nanda is currently the Chairman of Microfinance India Advisory Group and Chairman of Agriculture Finance Corporation. Mr. Y. C. After an initial career with the State Bank of India and the Reserve Bank of India, Mr. Nanda joined NABARD when it was first formed in 1983. Mr. Y. C. Nanda is the former chairman of NABARD. He is also an alumnus of Delhi School of Economics. He has been involved with a number of microfinance institutions, rural development agencies, management institutes as Director/Trustee.