NGO gets microfinance award
MANGALORE: Dharmasthala-based NGO Shri Kshethra Dharmasthala Rural Development Project (SKDRDP) has been awarded the prestigious Microfinance India Award 2010 by Hongkong-based HSBC Bank and Access Development Services.
The award was presented at a function organized in New Delhi on Monday, on the occasion of the two-day All India Micro Credit Summit.
A release from L H Manjunath, executive director, SKDRDP, stated that at a time when the micro finance sector is being affected relating to governance issues, the works of SKDRDP has been recognized for its low operational costs, efficient administration, rapid scaling up, social services provided by the institution and its concern for poverty alleviation through micro credit.
He stated that SKDRDP, three decade old organization promoted by Veerendra Heggade, Dharmadhikari of Shri Kshethra Dharmasthala commenced micro finance operations in 1995 to rapidly scale it up after 2003. At present the organization is active in nine districts of Karnataka with client outreach of 12 lakh families and a Self Help Groups (SHGs) base of 1.17 lakh. The organization is the sixth largest micro finance institution in India and biggest in the NGO sector globally. SKDRDP is also known in the sector for its lowest interest rates charged to SHGs and services provided to facilitate utilization of the credit services. The organization has an outstanding portfolio of Rs 850 crores as on October 30, 2010.
The ED hoped the SKDRDP model will motivate other sectors to come out with its low interest, low cost micro finance products.