Microfinance in India: The Case of ICICI Bank
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Code :BSM0060A
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Region : India
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Microfinance in India India, the largest democracy and one of the fastest growing economies in the world, ranked as the second most populous country - behind China, with a 1.1 billion population in 2007. Improving economic conditions and steady rise in GDP growth rate has put India at the centerstage of the global business environment. With a large population and increasing volume of the consuming class, the Indian economy was ranked among the top 15 economies of the world. The agricultural growth coupled with steady expansion of industry and services contributed to a high GDP growth rate... ICICI Bank: Doorway to Microfinance ICICI Bank was promoted in 1994 as a wholly-owned subsidiary of ICICI limited (a development financial institution for providing medium-term and long-term project financing to Indian businesses). In 2002, after consideration of various corporate structuring alternatives, ICICI Limited and ICICI Bank were merged to create a leadership position in the Indian financial sector. It offered a wide range of commercial banking products and services to retail and corporate customers through a network of more than 950 branches and 3,300 ATMs in India and presence in 17 countries. At the end of March 2007, it had total assets base of INR 3,446.58 billion ($ 79 billion)... Challenges and Future Ahead According to industry experts the major challenge in SHGs model was book-keeping. The book-keeping included maintenance of primary book, ledgers, member's passbooks, individual member's ledger, receipt book and vouchers. Calculating trial balance was also an important part of book-keeping. This was being mainly performed by rural people who had low levels of literacy. This gave rise to incompleteness, inefficiency, and transparency issues... |
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