Microfinance in delhi
Arth is one of the four purusharthas- to be strived for- as ascribed in Hindu scriptures. It alludes to the material well being of a human being towards achieving a symbiotic evolution and a superior quality of well being.
Microfinance serves as an umbrella term that describes the provision of banking services by poverty-focused financial institutions (microfinance institutions – MFIs) to poor parts of the population that are not being served by mainstream financial services providers.
ARTH Finance is an MFI (Micro Finance Institution), under the banner of Kuldhara, working primarily in Jhalawar, Kota, Baran and Jaipur districts in Rajasthan, Mandsore district in Madhya Pradesh and Ahmedabad in Gujarat. ARTH Micro Finance is an associate of Indian Institute for Rural Development (IIRD), a Non Government Organization (NGO) with one and a half decade of experience in the development sector.
ARTH is the only partner with Corporation Bank in Rajasthan. The loans disbursed are meant for rural and urban women and such JLGs for agricultural income generating activity.
ARTH, in its association with SIDBI, is continuing with the ‘Convertible Preference Share under India Microfinance Equity Fund (IMEF)’ with great success in its second year. This means that SIDBI is now an equity partner with ARTH, another feather in the cap.
With SBI, ARTH has an alliance for more than 4 years, and this financial year saw the third cycle of loan disbursement from SBI
The Name of M/s Chandra Cresec Private Limited was changed to
M/s Arth Micro Finance Private Limited by a Resolution Dated 28th May 2009 and the Registrar of Companies at New Delhi has issued a Fresh Certificate of Incorporation dated 06th January 2010 in the name of M/s Arth Micro Finance Private Limited with Company Registration No as U65910DL1996PTC077169.
The Company is also Registered with the Department of Non-Banking Supervision of the Reserve Bank of India, New Delhi under the Reserve Bank of India Act 1934 as a Non Banking Financial Company since 27th April 2000 and the Registration Number given to it is B-14.01703. The Company is governed under the various Acts and Rules applicable to a Registered NBFC in India.
ARTH recognizes that the working poor can act in an entrepreneurial manner and are, in principle, creditworthy. For these micro-borrowers, microcredit is often the only alternative to paying excessive interest rates charged by unofficial moneylenders. They use financial services not only for business investment in their micro-enterprises but also to invest in health and education, to manage household emergencies, and to meet the wide variety of other cash needs that they encounter. Access to financial services enables poor people to increase their household incomes, build assets, and reduce their vulnerability to the crises that are so much a part of their daily lives.
Financial services thus reduce poverty and its effects in multiple concrete ways. And the beauty of it all is, as the programs approach financial sustainability, they have reached far beyond the limits of scarce donor resources.Source: arthfinance.com
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