Speaking to FE, NV Ramana, group CEO of BASIX, said, as a group we focus on poorer areas, where financial inclusions are low. It is part of the mission to improve the livelihood in rural and urban areas. We want to focus on these areas as they are relatively poorer.
IGS will offer a range of innovative products like credit, insurance, money transfer and business development services. He said even New Delhi, Indore and Hyderabad will be the centre of focus as they plan to add more services.
Currently, the model of BASIX is that while credit is necessary, we try and add as many livelihood services as possible to the poor like providing life, health and micro-enterprise insurance to all credit customers, money transfer in addition to productivity enhancement, risk mitigation and market linkages, Ramana added.
IGS is engaged in developmental services including conducting feasibility studies for taking the BASIX services to newer and more difficult areas and training other agencies in relevant sectors for providing various livelihood and support services necessary for the weaker section of the society.
IGS has also partnered with US-based Water Partner International (WPI) to explore the need of microfinance products for addressing the water and sanitation needs of poor households. Sankar Datta, managing director of IGS said, earlier water and sanitation facilities were developed with the help of grants through non government organisations (NGOs).