India?s largest international bank Standard Chartered is targetting to raise its microfinance portfolio to over $100 million by 2008 from around $ 50 million now. This is likely to have a positive impact on over one million people.
The bank had organised a seminar specifically for microfinance institutions (MFIs) in Mumbai on Friday.
Neeraj Swaroop, CEO-India, Standard Chartered Bank, said, ?Today across 13 countries in Asia and Africa, Standard Chartered works to support 41 MFI partners with funding, technical assistance, training and a comprehensive array of banking products and services. Our global portfolio of $170 million is estimated to impact close to 1.2 million clients who previously had no or limited access to formal sectors of financial services.?
In the inaugural address, DVS. Sastry, director general ? research and development, Insurance Regulatory and Development Authority (Irda) spoke about how the regulator is looking at corporate governance for the sector. He also added that insurance reach in rural areas is very low and added that MFIs can play a key role in taking insurance to the hinterlands.
N. Balasubramanian, chairman of the Centre for Corporate Governance and Citizenship, IIM Bangalore, touched upon various aspects on corporate governance, the role of the corporate board and corporate reputation, among others.