amfi-wbat the conclusion, i am grateful to all of our members, stakeholders, banks, lending and it...

Annual Report 2017-18 AMFI-WB

Association of Micro Finance Institutions West Bengal | 01

I have the honor to present this Introductory Note to the Annual Report onthe Activities of the AMFI-WB and its Members, accounting for the workdone over the past year (April 2017 to March 2018), in compliance with Boardof Trustee decision based on goals and objectives of our Association,

In India, majority of poor are still excluded from financial services. Microfinanceis a program to support the poor rural & urban people to pay its debt andmaintain social and economic status in the villages. Microfinance is animportant tool for improving the standard of living of poor. In spite of manyorganizations of microfinance, the potential for growing micro financeinstitutions in India is very high. Microfinance market in India is expectedto grow rapidly, supported by government of India's initiatives to achievegreater financial inclusion, and growth in the country's unorganized butpriority sector. The microfinance industry being very small in terms of valueadded to the Indian financial sector. The Indian Government should find an avenue for creation of awarenesson how microfinance can benefit from loans and monitors closely to ensure disbursement of loans and grantsto entrepreneurs.

Founded as a self-regulatory organization and registered as a public charitable trust during 2010, AMFI - WBbrings under its umbrella a community of Microfinance organizations having their operations in the State ofWest Bengal. The membership strength has reached to 29 MFIs including one Universal Bank and 3 SFBs.

The association has successfully organized two major Eastern Region Summits during this Reporting period.One is Eastern India Insurance Summit 2017 and another one is 3rd Eastern India Microfinance Summit 2018.Both the Summits gained its maximum potential to reach different stakeholders of microfinance industryincluding banks, insurance companies, Government, IT and product based companies, Media and Intellectualsetc. and so on.

The district level member coordination has been promoted maximum in order to establish effective relationshipamong the member MFIs/SFBs/Bank for smooth and effective field operation following the compliances of RBI.The district level coordination becomes the true platform of conflict resolution in district level microfinanceoperation. Plenty of issues are being discussed and resolved in this platform. Equally, the association now needsto focus on Block level coordination too in view of more grass root level member coordination.

At the conclusion, I am grateful to all of our members, stakeholders, banks, lending and IT Companies for theirunresolved support. I also pleased to Sa-Dhan, MFIN, SIDBI, NABARD for their support and guidance. Specialthanks to our borrowers too. We also extend our hearties thanks to District and State level Govt. Administrationincluding Police Department.

Sincerely,

Ajit Kumar MaityChairperson, AMFI-WB

From Chairperson's Desk

Annual Report 2017-18

02 | Association of Micro Finance Institutions West Bengal

AMFI-WB

From Secretary Desk

It gives me and my team immense pleasure that our Association hascompleted Eight years of purposeful activities and is stepping into theninth year. The most important element or requirement for anyorganization is to have a Direction or a Meaning for its existence. I amglad that our core objectives - empowering the poor, especially women,who are socially disadvantaged and economically exploited, 'first-of-its-kind' initiative in the state's collective fraternity of key MFI/Bank playershave come to stay as our core activities. Our Sincere Thanks to ourmembers, various resource persons, Sponsors, Partners other well-wishers with whose support we have come this far. The silent and strong support that we have from our membersof Management continues to be our main source of encouragement. We call upon more members to take activeparticipation in our Association..

The microfinance industry has seen tremendous growth over the past five years, growing at a 45% CAGR. It haswitnessed rapid evolution with regulatory reforms post the Andhra Pradesh crisis in 2010 to regulate product,pricing and protection of customer interest. This included the growth of regulated NBFC MFIs - a special classof RBI regulated entities carrying out microfinance, the formation of the first ever Self-Regulatory Organizations(SROs) of the RBI, Aadhar based lending by NBFC-MFIs and transformation of some of the entities into universaland small finance banks. The industry needs to get back to the basics and offers tools that can help it do that.The Indian sector has not been innovative in this at all. One tool can help MFIs going forward is Social performancetool/social impact tool. It allows MFIs to determine the poverty levels of their clients and to track their movementout of poverty and fine tune the loan packages according to client needs.

AMFI-WB is giving priority on social performance based initiatives and continuously convincing our memberson social performance impact tool. During this reporting period, the association emphasized on organizingbusiness partnership meeting with different bank including Syndicate bank, National Housing Bank, DCB Bankand so on. The banks have shared their expectations towards MFI for credit support. The banks also discussedabout the liabilities partnership with MFIs.

The State Association has met twice with MFIN for strategic direction of joint initiatives of self-regulatory bodies.Many issues discussed in the meeting and few strategy also development.

AMFI-WB also organized one workshop on GST implication and RBI compliances. The RBI personnel describedabout their supervisory experiences with NBFC-MFIs.

Continuous effort made to establish effective relationship with Sa-Dhan through meeting participating eachother's Summit for the improvement of microfinance industry.

I sum up by thanking all of you for your support and good wishes.

Sincerely,

Kartick Biswas,Secretary, AMFI-W



Introduction

"The microfinance industry has been tremendous growth over the past five years, growing at a 45% CAGR. It was witnessedrapid evolution with regulatory reforms post Andra Pradesh crisis in 2010 to regulate product, pricing, & protection ofcustomer interest. This include the growth of regulated NBFC-MFIs - a special class of RBI regulated entities carrying outmicrofinance, the formation of the first ever self-regulatory organizations of the RBI, Adhar based lending by NBFC-MFIsand transformation of the some entities in to universal & small finance banks. Today with over 45 million end clients witha loan outstanding of over RS 1 lakh core across the private JLG and the public SHG program, employing over 130,000people across 10000 branches in 29 states of India, it is a key force for financial inclusion in the country. However thislevel of progress is still lower than 25% of the demand across India and indicates the future potential for growth of futureof MFI. The key reason for the growth of the sector has been adaptability to change, resilience in the face of challengesand an ability to maintain high repayment rates almost 99.5%."

Technology & innovation have become key drivers of economic growth. In recent past, technology has undoubtedly triggeredeconomic growth, impacting significantly microfinance sector too. According to the World Bank, two billion people in theworld today lack access to financial services .Digitization is profoundly changing the way financial services are beingdelivered by MFIs in India. Convergence of digital platform in financial inclusion benefits MFIs and clients alike. Automationof transaction due to digitization enables MFIs enhance capital flow of information and makes it convenient to organizeand scrutinize data. It has opened various opportunities by reducing use of cash in operations resulting in significant costsavings and has also lead to increase in outreach in cost effective manner. Database is easily searchable through internetby maintaining digitized information on web. Furthermore, loan application with a client in remote village is now processedusing handled device, eliminating need for paper loan applications. Simultaneously clients are also benefited by fasterturnaround time processing & approval, safe and secure way of repayment of loans through mobile wallets.

MFIs need to look towards unconventional streams of revenues from targeted propositions for the bottom of pyramidcustomers. This may include financial products like micro insurance, mutual funds, retails products etc. and non-financialproducts like solar lamps, mobile phones, water, FMCG etc. MFIs need to actively look for alliance and partnershipopportunities to deliver such propositions. Cross sell opportunities for MFIs through banc assurance & alternate channelmarketing provide the wide range of marketing of financial needs in alternate segments. Beside this the cross sells of otherproducts beyond insurance as well as partnership opportunities with players across different sectors deliver the findingbusiness opportunities in MFI sector.

Proactive risk management is essential to the long term sustainability finance institutions, but the microfinance stakeholdersare unaware various components of a comprehensive risk management regimen. This document presents a frame worksfor internet risk management systems and processes of microfinance institutions. The microfinance institutions aroundIndia illustrate the key risk management concepts and demonstrate the range of service providers regarding contributingthe effective risk management in to MFIs culture and operation. The microfinance risk and challenges presents thesignificant probability of catastrophic risks and its cost effective segments. It is imperative for microfinance companiesto significantly enhance the current risk management of framework. Leveraging technology at various stages of thecustomer lifecycle and ensuring that risks are managed proactively would help MFIs mitigate internal and external risksmuch matter In todays competitive market environment it is not only to focus on the cost side but also to implementactions to improve revenues. In finance sector risk management is the practice of economic value in a firm by using foridentifying the proper financial instruments to manage costly exposures to financial risk.

AMFI-WB is an institution which endeavors to promote and develop microfinance in the state of West Bengal. Foundedas a self-regulatory organization, and registered as a Public Charitable Trust in 2010, AMFI-WB encompasses acommunity of microfinance organizations that operate in West Bengal.

It was formed to deliver better services to the poor, thereby helping these populations improve their standards of living.



AMFI-WB

AMFI-WB envisions a community of microfinance institutions who are committed to initiating a significant change in thelives of the poor, especially women. AMFI - WB currently caters to around 60.75 lakh poor women by providing them withfinancial services, especially micro credit. With a membership of 29 Micro Finance Institutions especially micro creditthrough approximately 14,600 employees who hail from lower economic background.

Their primary goals include: encouraging MFIs to maintain healthy relationships with banks, ensuring that MFIs stay ontrack and focused with the guideline prescribed to them, and mediating between various government officials and otherimportant sector stakeholders. AMFI - WB regularly conducts stakeholder meets at the district level, managementdevelopment programs for its members, microfinance industry-related seminars & workshops, and member meetings onmatters of mutual interest.

Our Mission

The sole objective of AMFI-WB is to initiate a significant change by empowering the poor, especially women, who aresocially disadvantaged and economically exploited. With this objective, AMFI-WB monitors MFIs to ensure that they arecompliant with the RBI guidelines and that they adhere to the Codes of Conduct prescribed by the RBI, MFIN, and Sa-Dhan.

It boasts of being a 'first-of-its-kind' initiative in the state's collective fraternity of key MFI players. It is a unique effort,and has been instrumental for the enhancement of income-generating activities among poor women through the help ofmicrofinance services in the state.

Some of the objectives of AMFI - WB are:l To coordinate with local bodies, NGOs, Panchayats, National & International Bodiesl To liaise and work in unison with the relevant regulatory authoritiesl To make representations to regulatory bodies both at State and National levell To engage in dialogue & make representations in front of the Government and Non-Government bodies

Consolidated quarterly performance report of MFI members of AMFI-WB duringthe reporting period (April 2017 to March 2018) are given below:

Sl. Particulars Achieved as on Achieved as on Achieved as on Achieved as on Achieved as onNo. 30th April 2017 30th June 2017 30th Sept. 2017 31st Dec. 2017 31st Mar. 2018

Organizational Profile:

1. Number of Branches 1870 1960 1993 2096 2151

2. Number of District covered 23 23 23 23 23

3. Total number ofemployees/staff 14640 15322 17121 18563 20049

4. Number of Block covered 341 341 341 341 341

5. Total number ofMunicipality covered 121 121 121 121 121

Outreach:

6. Number of Borrowers 6074674 6127561 6385421 6585421 6845727

7. Loan Outstanding inRs. In Crore (Portfolio) 15105.35 16852.03 17204.21 17866.34 19724.98

8. Average loan size in Rs. 24866.00 27502.00 26942.00 27142.00 28813.00

9. Loan repayment rate (%) 98.22 98.30 99.00 99.40 99.38%

*** (Data based on 29 member organizations including Bandhan Bank)



Major initiatives taken by AMFI-WBA. 3rd Eastern India Micro Finance Summit 2018Introduction:

Given the recent disruptions in the environment and regulatory reforms, it is necessary to bring micro-lenders, bankers,policy-makers, allied financial service providers and researchers together with a common forum. To this end, the Associateof Micro Finance Institutions - West Bengal, along with its member MFIs and knowledge partner KPMG - is hosting its3rdEastern India Microfinance Summit 2018 titled, "Microfinance: The crucial link in inclusiveness "on January 18th 2018at the Lalit Great Eastern, Kolkata. The objective and purpose of the summit is to actively engage key stakeholders indiscussions relevant to current and future aspects of financial inclusion.

Consolidated yearly performance report of MFI, SFBs and Bank Members ofAMFI-WB during the reporting period (2011-12 to 2017-18) is given below:

Sl. Particulars Achieved as Achieved as Achieved as Achieved as Achieved as Achieved as Achieved asNo. on 2011-12 on 2012-13 on 2013-14 on 2014-15 on 2015-16 on 2016-17 on 2017-18

(with (with (with (with (with (with (withBandhan Bandhan Bandhan Bandhan Bandhan Bandhan Bandhan

Bank) Bank) Bank) Bank) Bank) Bank) Bank)

Organizational Profile:

1. Number of Branches 1913 1713 1781 1547 764 1870 2151

2. Number of Districtcovered 18 19 19 19 20 23 23

3. Total number ofemployees/staff 13098 11717 11630 10910 6118 14640 20049

4. Number of Blockcovered 287 294 341 341 338 341 341

5. Total number ofMunicipality covered 104 113 121 121 121 121 121

Outreach:

6. Number of Borrowers 4500000 3531877 3991404 4586097 2110268 6074674 6845727

7. Loan Outstandingin Rs. In Crore(Portfolio) 3177.14 3123.70 4419.82 6202.76 3427.96 14685.04 19724.98

Portfolio Quality:

8. Average loansize in Rs. 10017.00 10105.00 10737.00 11862.91 15112.00 16510.00 28813.00

9. Loan repaymentrate (%) 99.00 99.00 99.11 99.19 99.78 98.22 99.38



AMFI-WB

The Summit 2018 aims to raised up as an alternative source of platform of finance to the un served masses comprisingthe bottom of the socio-economic pyramid to act as forum for various stakeholders such as the regulator, shareholders,insurance companies, on-Banking Finance Companies, distributors, brokers giving them an opportunity to make arelationship marketing strategy about various issues pertaining to the sector. The summit seeks to buildup to promotethe Micro finance & banking industry at a large scale, debate & discuss the proper challenges of significant the rightfulprotection to the insurance consumer and fair value to the shareholders.

Objective of the Summit:

l The AMFI-WB 3rd Eastern India Micro Finance Summit2018 is a common platform to explore a relation for buildingup foster partnerships between regulators, stakeholders,insurance companies, brokers, NBFC, bankers, microfinanceand consumers for seeking an opportunity through microfinance & banking industry .This Summit create a dialogueamong practitioners, regulators, specialists and client basedresearch finding modules.

l The summit assists to restore balance between social andfinancial objectives in India's microfinance communitythrough an emphasis on human values. It's generate aforum for mutual learning and joint action among the micro finance companies, bankers, insurance & other financecompanies for highlighting specific, measurable commitments as well as a monitoring framework to address keyissues and opportunities in MF industry.

About delegate detailed: total 380 delegates:1. Speakers, panelist & Delegates - 37

2. Sponsors other delegates - 48

3. Bankers, Insurance and NBFC/lending delegates - 22

4. AMFI-WB Member MFIs Participant - 169

5. Non AMFI -WB MFIs Participants - 74

6. Print & electronic media personnel - 21

7. Others like event management members etc. - 9

Name of Guest & Speakers in the Summit:1. Mr. Brij Mohan, Former Executive Director, SIDBI foundation.

2. Mr. Chandra Shekar Ghosh, MD, Bandhan Bank.

3. Mr. Pawan K edian, Joint Sec retar y, F inance, Govt. O f West Bengal, Nabanna , Howrah

4. Mr. Ajit Kr. Maity, Chairperson, AMFI-WB

5. Mr. B.R. Pattanaik, GM, NABARD.

6. Mrs. R. Prabhavathi, DGM, SIDBI, Kolkata Zonal Office.

7. Mr. P. Satish, Executive Director, Sa-Dhan.

8. Mr. Samit Ghosh, MD, Ujjivan Small Finance Bank.

9. Ms. Ratna Vishwanathan, Former CEO, MFIN.

10. Mr. Narayanan Ramaswami, Office Managing Partner-KPMG-East.

11. Mr. Punit Jain, CEO, Nelito Systems Ltd.

12. Mr. Kamal Lath, MD of India Operations & Global financing, Dlight.

13. Mr. Satyen Dash, Head Of Group and partnership Distribution, DHFL Permarica Life Insurance Co. Ltd.

14. Mr. Arun Raste, Head of Partnership, Bharat Banking, IDFC.

15. Mr. Monaj Nambiar, MD, Arohan Financial Services Pvt. Ltd.

16. M r. Ta m a l B a n d a p a d h y a y, C o n s u l t i n g E d i to r, M I N T a n d a d v i s o r, B a n d h a n B a n k L t d .

17. Mr. K ar tick Biswas , Sec retar y, AMFI-WB & MD, U ttarayan F inanc ial Ser vices Pvt Ltd.

18. Dr. Kuldip Maity, MD, VFS

19. Mr. Subir Das, DGM, RM-Eastern Region, Export Credit Guarantee Corporation of India Ltd, Kolkata.

20. Mr. A.S. Alagarsawmy, Regional Manager, East zone, Syndicate Bank.

21. M r. A l o k B i s wa s , M D Ja n a k a l y a n C o n s u l t a n c y P v t . L t d & B o a rd m e m b e r, A M F I - W B .

22. Mr. Anjan Dasgupta, MD, ASAI.

23. MR Aditya Rath, Partner and head of Digital Customer Practice of KPMG India.

24. Mr. Sabyasachi Chanda, Founder & Director of Force Ten Technologies.

25. Mr. Bishwajit Das, Treasurer, AMFI-WB & Secretary, BJS.

26. Mr. Shaswat Sharma, Partner & Head of Strategy Consulting Practice For Financial Services In KPMG.

27. Mr. Vishesh Gupta, Director- New Business & Channel Development, D.Light.

28. Mr. Satyen Dash, Head Of Group Partnership, Distribution, DHFL Pramerica Life Insurance Co. Ltd.

29. Mr. Gautam Bandapadhyay, Senior Divisional Manager, KMDA-1, LICI.

30. Mr. Pranab Rakshit, MD, Sarala Development & Microfinance Pvt. Ltd.

31. Mr. Alok Biswas, MD, Janakalyan Consultancy Pvt. Ltd.

32. Mr. Rajosik Banerjee, Partner & Head of Financial Risk Management Practice of KPMG India.

33. Ms. Avani Shah, Director, KPMG

34. Mr. Navin Bhattachar ya, Joint Vice President & Vertical Head-MFI, Transunion CIBIL Ltd.

35. Mr. P.K. Singh, DGM, National Insurance CO. Ltd.

36. Ms. Supreeta Nijjar, Vice-President, Sector Head- Financial Sector Ratings, ICRA Ltd.

37. Mr. Jatindra Mohan Nath, Institutional Business Manager, East, DCB Bank.

List of dignitaries participated from different Banks, Insurance Companies, NBFC LendingCompanies & other Institutions as delegates:



Bank DignitariesMr. N. Kumar, AVP, Lakshmi Mr. B. Dutta, Manager (IT) Mr. Palash Koley, AM Mr. Uttam Kr MandalVilas Bank Ltd, Kolkata - Syndicate Bank, Regional IDFC Bank Ltd, Kolkata General Manager, WBSCL

Office, Kolkata Head Office, Kolkata

Mr. Naven Chanda, I.T Head Mr. Rajiv Kr Jena, Marketing Mr. Neeraj Kr, Sr. Manager Mr. Arnab Ghosh, MarketingWBSCL Head Office, Kolkata. Officer, Canara Bank, Kolkata Canara Bank, CO, Kolkata Officer - Canara Bank,

Baguihati Branch, Kolkata

Mr. Chiranjeev Kumar Mr. Manish Agarwal, Dy Mr. S. Krishnan, Manager Mr. Bijay Niranjan, AGMRegional Manager-SBIDHFI Manager, City Union Bank City Union Bank, Kolkata Punjab & Sind BankKolkata Kolkata ZO, Kolkata.

Mr. K. Anath, BR. Manager Mr. J. M Nath, Manager Mr. S. Tripathy, CM Mr. S. Satapathy, DGMTamilnad Mercantile Bank DCB Ltd, Kolkata South Indian Bank, Kolkata UCO Bank, HO, KolkataKolkata

Mr. Gautam Bandhapadhyay Mr. Ambar Ray, BM Mr. Raja Bhattacharjee, LIC Mrs. Bidsha Bag, ExecutiveSDM, KMDO-1, LIC, Kolkata LIC, Kolkata Kolkata Future Generali General

Insurance Co. Ltd, Kolkata

Mr. Tamal Das, Executive Mr. Ausutosh, GM, Future Mr. P. K Singh, DGM Mr. Rohit Gupta, ZM, ReligareBharati Axa Life Insurance Generali General Insurance NICL, HO, Kolkata Health Insurance Co LtdCo Ltd, Kolkata Co Ltd, Kolkata Delhi

Dr. Shikha Goswami, AM Ms. Rituparna Choudhury Ms. Ilora Choudhury Mr. Tamal Das, ManagerReligare Health Insurance Manager-Sales, Bajaj Allianz Manager-Sales, Bajaj Allianz HDFC Life InsuranceCo Ltd, Delhi Life Insurance Co. Ltd, Kolkata Life Insurance Co Ltd, Kolkata Co. Ltd, Kolkata

Mr. Santosh Gupta, RM Mr. Shambaditya Mukherjee Mr. S. Hazra, Manager-Agency Mr. Satyen Das, Head-P&DICICI Prudential Life Insurance Accounts Manager-East Canara HSBC Life Insurance DHFL Premarica LifeRO, Kolkata. ICICI Prudential Life Insurance Co. Ltd, Kolkata Insurance Co .Ltd, GurgoanRO, Kolkata



Apart from that, AMFI-WB member Bank/SFBs also participated. They are Bandhan Bank, ESAF,Ujjivan Small Finance Bank & Jana Small Finance Bank.

Bank DignitariesMr. DV Prasad Rao, DGM Mr Subir Das, RM-East Mr. S. Kr. Samal, ABM Mr. B. R Pattanayak, GMCircle Office, Canara Bank ECGC Ltd, RO, Kolkata Karnataka Bank Ltd, Kolkata NABARD, RO, KolkataKolkata

Mr. Rijesh PK, SBM, Karnataka Mrs. Archana Priyadarshani Mr. S. K Ranjan, AGM Mrs Sayori Mitra, ManagerBank Ltd, Kolkata Asst Manager, Dhanalaxmi ECGC Ltd, Kolkata SBI, LHO, Kolkata

Bank, Kolkata

Mr. P. Bhattacharya, VP Mr. Souman Roy, Officer Mr. Rakesh Das, Head-Risk Mr. Venkata Ramani VN, CMYes Bank, Kolkata Syndicate Bank, ZO, Kolkata Fincare Small Finance Bank Karur Vysya Bank, Kolkata

Bangalore

Mr. Ashutosh Kumar, SVP Mr. Arnab Dey Sarkar, AM Mr. Anupam Suraj, ManagerYes Bank Ltd, Kolkata Corporation Bank, RO Corporation Bank, RO

Kolkata Kolkata

Dignitaries from Insurance Companies

Mr. Avishek Tantia, MD Mr. S. Roy, Manager, Adhar Mr. Ravi. J., AGM - Finance Mr. Haritha RangarajanPeerless Financial Services Housing Finance Ltd, Kolkata Sundaram Finance Ltd Manager - Finance, SundaramLtd, HO, Kolkata Chennai Finance Ltd, Chennai

Mr. N. Hazra, ZH, GeogitKolkata

Dignitaries from NBFC Lending Companies

Mr. Navin Bhattacharya, Mr. Irshad Baig, AVP, TU-CIBIL Mrs. Supreeta Nijjar, Vice Ms. Priti Agarwal, Jointertical Head-MFI, TU-CIBIL President, ICRA LTD Director, CARE Ratings Ltd.

Dignitaries from other Institutions

AMFI-WB



Mr. Ajit Kr. Maity, Chairperson, AMFI-WB: stated about the RBI rules, regulations & guidelines to do business bymicrofinance companies in India and also draw the scenarios of changing in microfinance sectors with rapidly growth inthe globally especially poor people. The probably admitting moment of Indian microfinance Industry in the financial year2017-2018, the loan growth has come 92%, which is very high for industry growth across the country.

Mr. Chandra Shekhar Ghosh, MD, Bandhan Bank: The whole MF industrywitness today in the probable admitting moment of Indian microfinanceindustry and its growth in Indian economy tremendously. NABARD is closelyassisting to entire MFI sectors as well as Govt also provides all support tous along with good support from Sa-Dhan & MFIN. A great tie up with BharatFinancial Services Ltd with indusInd Bank and transforming to microfinancein to banking sectors. There is a big opportunity for whole Eastern Indiaregion, MFIs growth for taking position among the first ten MFIs. The growthrate is definitely high in ratio. Most MFIs transforming in to small financebank and its business expanding scenario are in high prospects, but they areconstantly facing many challenges from point of view of marketing & customer penetration factors. The ground level staffsin MFIs are to grow much more for upgrading their skills as well as also enriching the whole MFIs.

Mr. P. Satish, Executive Director, Sa-Dhan : Microfinance sectors are able to carry their stand for services towardscustomers. At present in the growth of microfinance financial inclusion are bloomed very much as because MFIs are

responsible for catering loan, recovery of loan, which are in the doorstepfor customers. The potential growth of microfinance segment are reasonablepractices from the sector and the financial inclusion program are continuouslymade a sense a moment of better framework growth with ensuring betterfinancial services at door step. At present banking sectors are slow downand huge NPA issues are much more concerned on negative impact factorsin financial sectors, where MFIs are working in this segment in a large scaleof funding as we feel as a sector association is sustainable interacting in apositive growth in micro level. Regulatory frame work for NBFC-MFIs areconcern and under the RBI rules & regulations. He pointed out that banking

institutions are showing abnormal growth of its loan business, and for stopping bad loans, RBI taken positives steps forsaving public sector banks.

Chief Guest Speaker:Mr. Pawan Kedian, IAS, Joint secretary, Finance, Govt of West Bengal,Nabanna: Mr. Pawan Kedian, has given thanks to AMFI-WB for inviting inAMFI-WB 3rd Eastern Region Micro Finance Summit, 2018. Growth of microfinance and growth of rural microfinance & employment has been near toback. They were initiating several innovations towards debt in helpingorganization across the geographies. Bandhan before became Bank, hasworked as micro finance institution business is something which we canadopted from and Government of West Bengal has given too much supportthe SHG program for improving financial inclusion initiatives. Mr. Kediansaid that West Bengal Government is spreading the awareness of Microlending to SHG through Cooperative Banks, Societies and also taken various initiatives for helping SHG modules in microcredit lending program. Ministry of rural development & Panchayat, Govt of West Bengal & Department of CooperativeAffairs, Govt of West Bengal are tagging each other for upgrading the financial literacy program through Microfinance

segments. The mixed of high growth MF sector. At this period, is the earnest expectation for all stakeholders that WestBengal also should post such a promising growth and improvement in this field. Probably credit delivery to the ruralpenetration at the moment, has not been to desired level. Government of West Bengal has been tremendously supportedthe SHG, JLG linkage program of NABARD.

Mr. B. R. Pattnaik, General Manager, NABARD: Indian microfinance sector is reaching to the country in a large way,and presently serving about 28 million poor those who are getting credit service in all over India. NABARD is fully engaged

in micro finance segment as a model of microfinance for setting upgovernance among MFIs to operate with exemplary levels oftransparency and operate at reasonable rates of interest. NABARDextends loans to SHGs through business & developmentcorrespondents. The NABARD Micro credit innovations departmenthas been to in a cost effective manner. NABARD has a clear vision tofacilitate sustained access to financial services for unreached poorpeople through its microcredit innovations to cater as a facilitatorand mentor of microfinance industries in the country. The benefitof micro finance is human right and NABARD has started on marketdevelopment for promoting micro banking aspects for human in

sustainable rural India segment in a very systematic ways. Microfinance is a part of social rural development for promotingfinancial inclusion program. There has been a move to reaching the unreached, reaching the unbanked and growing financialinclusion program in the banks & financial sectors.



AMFI-WB

Mrs. R. Prabhavathi, DGM, SIDBI: The growth of microfinance andthe growth of rural microfinance & employment have been near to back.The business domain of SIDBI consists of Microfinance, which contributesignificance to the national economy in rural penetration. Today weare in the mixed of high growth in MF sector and the growth in microcredit business in West Bengal stands in a high growth parameter. Therural penetration, which is untapped in the areas, should be broughtback in the main stream. There is some introspection among thestakeholders here and everyone should use this opportunity to deliberateon the growth factors responsible for keeping the growth on WestBengal. In order to promote and develop the microfinance, SIDBIsupports the microfinance segment for trapping to reaching the unreached, reaching the unbanked and growing sectorsboth in banks & financial sectors.

Mr. Samit Ghosh, MD and CEO, Ujjivan Small Finance Bank: the present time is very crucial in the Indian economyof the country as a whole, where banking NPA & demonetization effect are much more in the financial inclusion growth.

There are second setbacks that MFI sector is facing difficulties atfield level. The transforming of MFIs in to small finance Bank arerapidly growth in the Indian economy segment, where excellentnetwork of micro credit lending are much more generating factorsin MFIs. Bengal has lots of cultures, where woman in the village canmake extraordinary item to promoting the respected portfolio offinancial inclusion program by micro crediting factors. smaller NGO-MFI, smaller MFIs in NBFC, which are very welcome step, whichbrings plenty of clarity to the regulator compressions and facilitieslender to have a more liberal approach in assembling funding, alsohelps the private equity to enter in to the MF sector.



Mrs. Ratna Vishawanathan, Former CEO, MFIN: The Indian microfinance industry has been a strong permit andfinancially under served and un-served in the formal financial ecosystem. In fact, for microfinance, SHG reach the remotest

corner of the country. Financial inclusion always been at the frontline in India, the last decade has been a strategic shift from creditfocus to a more holistic approach such as opening bank account orgetting access to add on products like - core financial architectures.The new approach of Indian economy has been changed massivelydue to micro credit factors aiming the women power of poverty.MFIN also closely monitoring the various challenges of transformingfrom an informal, small scale setup to a professionally managedNGO-MFI, NBFC-MFI, Small Finance Bank from microfinancesegments in to the implications on organizations as a whole to convert

in to a universal financial compact system. Selection of investor is a big challenge, which makes an interfacing of BandhanBank from NBFC-MFI. To manage the growth of the organization, transformation is needed, who wants to grow as big scaleNBFC to reach the large number of borrowers. Only bank can reach to maximum number of people. There are large numberof people in our country, are not getting easy access of credit.

Mr. Narayanan Ramaswami, Office Managing Partner - East, KPMG: The growth in MFI are focusing on the keyimperatives around future focused on the innovation led strategies, digital for optimizing cost of service delivery, potentialalliances and partnerships and risk management implications for MFIs to excel in the changing market landscape. Financialinclusion has always been at the forefront in India, the last decade has been at the forefront in India. MFIs have emergedalthough their role in the financial ecosystem has undergone a shift from time that operated as nonprofit, nongovernmentalwith a strong social focus. Nontraditional players coming in to this sector, lots of private players have started investing thisplace, which shows MFIs will face lot of competitions. Now-a-days in Micro finance & Banking sectors, are working closelyfor changing a strong social focus for improving financial inclusion program. The thought leadership publication share about:

l The name of the report (Thought Leadership Publication) is - "Microfinance - the crucial link in inclusiveness in EasternIndia".

l The Indian economy is expected to be the fifth largest economyin the world in dollar terms 2018 and the third largest economyby 2032 with projected GDP growth estimated at 7.7 percentagesby 2019.

l Role played by MFIs in catering to financial services needs inEastern India - MFIs currently operates in 29 states, 4 unionterritories and 588 districts in India. A total number of 223microfinance entities including (NBFC-MFIs, NGO MFIs) havereached out 4.5 crore clients - an all-time high with a loanoutstanding of over INR1 lakh Crore across the JLG and SHGprogram.

l MFIs in Eastern India - growth drivers and key challenges - the MF industry has grown at good pace in the last fewyears at government initiative like - financial inclusion and digital India are pushing further the growth of the industry.Credit risk which is inherent in any financial business.

l Emerging themes for MFIs in the current environment.

Speech shared by Principal Sponsors:

Mr. Punit Jain, CEO, Nelito Systems Ltd: Nelito provides softwaretechnology solutions & services for banking, financial services, micro-finance and government verticals globally. Nelioto has earned a uniquereputation for its solutions and delivery excellence with more than200 customers in 16 countries across 4 continents. The company alsoprovides IT services comprising of application development andmaintenance, consulting & IT outsourcing. The vision of the companyis to provide excellence with agility in IT solutions & services forbanking & financial services sectors in India and other emergingcountries.

Mr. Satyen Das, Head of Group & partnership distribution, DHFLPremarica Life Insurance Co. Ltd: The company is providing a widerange of life insurance solutions to corporate and individuals and thushelping the policy holders to build corpus amount to meet policy holders'lives, short and long term financial goals. He pointed out also that DHFLPremarica is India's one of the largest private channels claims settlementratio for last 6 years and as far as IRDA guidelines in the term of claimsettlement prospect. The most important part in insurance sector is, aftersales service. This is basically the claim services whether there is a qualitythat means transparency. Not everything can be paid by an insurancecompanies, because there is after all insurance is a legal contract, which has certain condition, but it has been properlyexplained that why a person does not get this claim.

Mr. Kamal Lath, Managing Director of India operation & globalFinancing, Dlight : Dlight is a global distribution company as leader andpioneer in delivering affordable solar-powered solutions designed for the twobillion people in the developing world without access to reliable energy. Dlightprovides distributed solar energy solutions for households and small businessesthat are transforming the way people all over the world use and pay for energy.Dlight has four hubs in Africa, China, South Asia and United States, Dlighthas sold close to twenty million solar light and power products in 62 countries,improving the lives of over 80 million people.

Mr. Tamal Bandhapadhyay, Consulting Editor, Mint & Adviser strategy, Bandhan Bank Ltd: In India, micro financesector is developing new growth of avenues for promoting financial inclusion program for ensuring and providing financialsupport to the poor women in India. Indian financial inclusion is an attempt from the part of the authorities to ensureformal banking facilities for low income groups at an affordable rate. MFIs have to find out the growth of avenues andidentify the goals of reaching the target of financial inclusion program in untapped rural belt in India for promoting thelivelihood and financial inclusion facilities.

Plenary Session 1: Future of Microfinance:The first plenary session was being moderated by Mr. Tamal Bandopadhyay, consulting Editor, MINT & Adviserstrategy Bandhan Bank Ltd. The panelist for the first plenary session were Dr. Kuldip Maity, MD, VFS, Mr. ArunRaste, Head Of Partnership, Bharat Banking, IDFC, Mr. P. Satish, ED-Sa-Dhan, Mr. Subir Das, DGM & RM-ECGCLtd, Mr. A.S. Alagarswamy, RM- Syndicate Bank.



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This is a sector where the inclusion and cashless agenda of thegovernment should be pursued as it has the potential to createsignificant empowerment and impact. With The opening up ofmore business correspondents from banks, new age small financebanks, payments platforms such as Aadhaar Pay etc.

Mr. Alagarsamy: Financial inclusion is one of the most importantmajor priorities in India for booming the future prospect ofmicrofinance industry and Ministry of Finance, govt. of Indiais giving stress all banks in financial inclusion, special schemesfor SHGs, which is must help for expanding micro credit functionsfor generating new business growth in microfinance sectors.Syndicate Bank is closely working with MFIs in the country and

MFIs is playing an important role on financial literacy initiatives for rural and urban poor people.

Mr. P. Satish: Microfinance sector is gradually able to carry their stand for services towards customers. At present, inthe growth of microfinance financial inclusion are bloomed very much as because MFIs are responsible for catering loan,recovery of loan, which are in the door step for customers. Potential growth of microfinance segment are reasonablepractices from the sector and the financial inclusion program are continuously made a sense a moment of better frameworkgrowth with ensuring better financial services at door step in future growth in microfinance.

Dr. Kuldip Maity: MFI Industry can develop an infrastructure for the future growth in MFIs. Both bank and MFIs aredoing same kind of job with a common vision, so there is no reason not to support MFIs. The MFIs recovery rate is 97%and it is good aspects to growth in future in MFI. Forum like this is very much helpful to minimize the gap between theMFIs and banking sectors for the healthy growth in MFI.

Mr. Arun kumar Rastey : IDFC bank offer products like - Sakhi Shakti Livelihood Advancement loan, Pratham savingsand current accounts which are designed for the development of urban & rural micro finance market and its soon scaleup with rural micro banking portfolio to a size of Rs.10,000-15,000 crore in coming five years.

Mr. Subir Das : microfinance sector is much more resilience and the present scenario of MFIs are much more challengingin respect of loan recovery. After demonetization, the banking & MFI are facing much more challenges in view of business.ECGC provides export credit insurance support to Indian exporters and is controlled by Ministry of commerce, Governmentof India.

Mr. P. Satish : banking license by RBI to some MFIs is a testing that government is looking towards nominating MFIIndustry for change agent. MFIs already connected to rural penetration for promoting financial inclusion program by bringingout customized product, which would help for developing the future of MFI.

Mr. Brij Mohan, Former Executive Director, SIDBI & Founder ofSIDBI Foundation for Micro Credit shared few thought after thepanel discussion which are as follows: MFIs are doing great job forlast mile connectivity in the country. In the year 2000 when SIDBIsanctions 5 crores for MFIs and today many banks and financialinstitutions are supporting MFIs. So it is a great journey for the industry.SFBs are also focusing on microfinance and there is opportunity thoseSFBs, Bandhan, IDFC etc. are focusing on microfinance and supporting

to MFIs. So that future of microfinance is safe but it has to change the shape. But relationship with client cannotbe compromised. Basically, the honesty that serves the client - cannot be compromised. The ill effect of multiplelending and it cannot justify the growth of microfinance. One or two institutions, who are giving large loan, arefacing difficulties, so this process is killing the entity and killing the clients.



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Panel Discussion -1: Role of Digitization in MFIs towards optimizing cost of service delivery:

The First Panel discussion was being moderated by Mr. Manoj Nambiar, MD, Arohan Financial Services Pvt. Ltd.lead presenter by Mr. Punit Jain, CEO of NELITO Systems Ltd. The panelist were Mr. Anjan Dasgupta, MD, ASAI,Mr. Aditya Rath, Partner and Head of Digital Customer practice of KMPG India, Mr. Abhishek Tantia, MD,Peerless Financial services Ltd, Mr. Sabyasachi Chanda, Founder & Director Of Force Ten Technologies.

Mr. Monaj Nambiar: India is home to about 21 percent of the Worlds unbankedpopulation. In recent years, the Government and the RBI have focused onfinancial inclusion and inclusive financing, including the delivery of financialservices at affordable cost to sections of disadvantaged and low-income sectionsof society. This is the space where Micro Finance Institutions operate. MFIscater to women primarily in the rural and semi urban areas where mainstreamfinancial inclusion in India. Plug-ins with the company's loan managementsystem facilitates business correspondents and partnerships to help on cashlesspossibilities on disbursements and collections.

Mr. Punit Jain: Nelito is focused on providing affordable excellence through its digital consulting and solutions to makea difference to lives of the people at the bottom of pyramid. It plans to do so within India and other developing countriesby providing Technology for Banking the Unbanked. Our solutions are helping our customers serve millions micro financeand banking borrowers affordably and efficiently.

Mr. Anjan Dasgupta: Microfinance allows digital technology and data allow financial service providers to credit profileof a client. These digital foot prints help financial service providers interact better with customers, and provides a rangeof developing the digital footprints help financial services providers interact better with customers, and provides a rangeof financial products and services based on a deeper understanding financial needs.

Mr. Abhishek Tantia: Digitization is that multiplying force in India right now. The trio of measures to boost financialinclusion (Jan Dhan), a universal biometric identification system (Adhaar), rising smartphone penetration coupled withthe goods and service tax system are fast tracking India's digitization and in turn bringing about rising financial access andrapid formalization of the India economy. Digitization will have far reaching implications for the corporate, household andpublic sectors. The big upside for the economy will come from better credit delivery.

Mr. Aditya Rath : Digitalization in banking & microfinance sector continues to be perceived both as an opportunity as wellas a challenge. The microfinance sector is witnessing new micro banking services would be offered in the coming years. Forbanking & MFIs execution in playing of digitalization is a winner of path breaking innovation, flexibility to adapt andsuccessful implementation of ideas. MFIs are going forward which will need to collaborate, integrate and automate to takedigital journey in next level.

Mr. Sabyasachi Chanda : world has entered in Digital Darwinism, a time where digitalization and financial services areevolving faster with each other. The emergence of digital is creating the valuable resources of business information in financesectors. The value of digitalization in the ways of interprets data and makes a forum of economic strategy.

Panel Discussion: Collaboration For microfinance - Insurance companies & beyond:

Moderator: Miss Avani Shah, Director, KPMG-India.

Panelists were:

1. Mr. Satyen Dash, Head of Group & Partnership Distribution, DHFL Pramerica Life Insurance Co. Ltd.

2. Mr. Gautam Bandapadhyay, Senior Divisional Manager, KMDA-1, LIC.


4. Mr. Salil Khanna, Sales Head, India, Greenlight Planet.

5. Lead presentation by Mr. Vishesh Gupta, Director-New Business & Channel Development, D. Light.



Miss Avani : There is attractive development logic for the provision ofinsurance to low-income households. One can easily create a compellingstory how a micro insurance product will protect the poor against divestinglosses or smooth the volatile cash flow of low income households. Whilegenerating increased profits for the microfinance institutions stories, anddozens of MFIs are rolling out micro insurance products in a rush to meetboth client and institutional needs.

Mr. Vishesh Gupta : Dlight is a global leader and pioneer in deliveringaffordable solar powered solutions designed for the billion people in thedeveloping world without access to reliable energy. Dlight provides distributed solar energy solutions for households andsmall business that are transformation the way of people all over the world use and pay for energy.

Mr. Das : DHFL Company is providing a wide range of life insurance solutions to corporate and individuals and microfinanceborrowers and thus helping the policy holders to build corpus amount to meet borrower's life short and long term financialgoals. DHFL Premarica is India's one of the largest private channels claims settlement ratio for last 6 years and as per asbased upon the IRDA guidelines in the term of claim settlement prospect. This is basically the claim services whether thereis a quality, that the means transparency.

Mr. Sahil Khanna : Greenlight planets collaborate with institutions, which access to finance. Green light planet is a socialfor profit making business that designs, distributes, and finances solar powered home energy products with an underservedpopulation through collaboration with microfinance Industry, which generally focuses on rural networks, corporativeSocieties and NGOs. Today's microfinance industry abounds with a basket of suggested approach to build on the partnerships

between MFIs and licensed insurers.

Mr. Bandhapadhyay : LIC is a national level important financial giant inthe sector of Insurance and insurance is an important tool for penetratingin the rural micro insurance policies. The national level GDP has to beprotected by the Insurance and everyone here to help to each other betweenmicro finance & micro insurance sectors. LIC is working in micro insurancesectors from 1956 closely working with microfinance sectors & everyoneneeds to change a perception about insurance business. IRDA it's a toughestregulator to work. IRDA talk about consumer protection every time. In Indiathe most difficult market to work in insurance products selling, specially

LIC holds 90% market share in insurance sectors and microfinance play a vital role for developing micro insurance marketpenetration in LIC corporate social responsibility sector.

Mr. Pranab Rakshit : Microfinance institutions typically offer a variety of loan products and increasingly savings servicesas well as today the MFIs are grappling with a challenge question" should we offer insurance and if so what types ofproducts and how? Using the experiences of MFIs in India, this case study seeks preliminary evidence to answer thesequestions. While the questions seem straightforward, the answers are considerably less so. Micro finance institutions arequite heterogeneous, and the range of approaches make a sense to conducive for offering a wide range of creating a broaderrange of insurance opportunities for the microfinance industry.

Mr. Aloke Biswas: Microfinance has huge market potential in India. The microfinance and micro insurance helps eachother for making a partnership model for regulating insurance companies underwrite and provide micro insurance productswhile provision or delivery of the product is done by delivery channels. Delivery channels can be wide range of MFIs, butdirect ties to the low income population such as MFIs & others. The collaboration model between microfinance & insurancesegment create a trust of developing of understanding the ability to sell of micro insurance policies within the market.Microfinance delivery channels benefit from partnering with regulated insurance companies as well.



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Panel Discussion: Risk management implications in a changing environment :

Session Moderator : Mr. Rajosik Banerjee, Partner and Head of Financial Risk Management Practice of KPMG.

The Panelist was:

1. Ms. Ratna Vishwanathan, CEO, MFIN

2. Ms. Priti Agarwal, Joint Director, CARE Ratings.

3. Mr. Navin Bhattacharya, Joint Vice President & Vertical Head-MFI,TransUnion CIBIL Limited.

4. Mr. P.K Singh, DGM, National Insurance Co. Ltd.

5. Ms. Supreeta Nijjar, Vice-President, Sector Head-Financial SectorRatings, ICRA Ltd.

Mr. Rajosik Banerjee: Microfinance can be effective complement to existing menus of social protection programs. Aflexible and powerful instrument of microfinance risk management refers to the practice of identifying potential risks inadvance; analyzing the entity of exposes itself to a number of financial risks. The quantum of such risks depends on thetype of financial instruments. In financial world risk management is the process of identification, analysis and acceptanceor mitigation of uncertainly in investment decision. Essentially risk management occurs any time an investor or fundmanager analyzes and attempts to quantify the potential for losses in an investment. In finance sectors, the risk managementis a process that entails companies setting up guidelines to define their policy on accepting financial risk managementdepends on the forms of high inflation, volatility in capital markets.

Mr. Jatindra Mohan Nath : Basically risk management implications in a changing environment practices in financialsector is upgrading through modern technology. When banking sector risk management in India has slowly evolve in tocomputerized environment and core banking solutions. The risk management today in most of the microfinance institutionsthey have already implemented to some certain extended. The banking industry based risk management is in the realizationof AP crises, which given us lots of essences.

Mr. P. K. Singh : In micro finance sector, risk management is essential tothe long term sustainability of micro finance institutions, but manymicrofinance stake holders are unaware of the various components of acomprehensive risk management regimen. This document presents aframework for internal risk management system and processes of microfinanceinstitutions. The discussion is tailored to board of directors and Managingdirectors of microfinance companies, who play the most active role in MFIsoversight, and presents the guide lines for improving the core principles ofeffective risk management in to the MFIs cultures and operations.

Agarwal : Risk management is that in finance industry, the variables extent of positive/negative impact on the cash flowsand debt repayment ability of NBFC companies in an industry over a 3-4 year horizon. The risk score for an industry isarrived assigned to the aggregating in the scores assigned of cost structures and financial performance. The individual loanin MFIs is given their operation in different manner where risk is acceptable. Microfinance risk is implemented on the viewsof credit risk management.

Mr. Bhattacharya : Digitization has happened for almost all aspects of financial and banking industry transactions andrisk management issues are based upon the strategic of policies and perceptions. CIBIL rating is based on the principal ofthe debt, which can show the financial analyzing factors. The risk management complies the score of CIBIL of a loan, whichis carefully calculated of combinations of various negative impact of loan credential. Risk and credit utilization are the ratiowhich measures the high credit utilization in credit hungry behavior.



Ms. Ratna Vishwanathan : initiatives require for maintaining the considerable investment for maintaining the riskcompliances factors in micro finance sectors are monitored by regulatory guidelines. Risk management is considerablyimpacts the ability of credit bureaus, non-cash funds transfer from one account to another account, perhaps in the microfinance industry the growing of OD issues are much more indicates the increase the growth of risk factors of NPA. Use ofproper credit risk factors is much more enable the risk of MFIs.

Ms. Supreeta Nijjar : MFI industry can develop risk implicates through the growth of evolve banking sector funding. Afund management quality from ICRA provides with an independent opinion on the overall risk factors of funding.

Ms. Ratna Vishwanathan : MFIs looks at three categories of risk, which evaluates broadly in three categories likeoperational risk, behavior risk, financial risk/strategic risk for setting the monitoring the design informative risk management.

Mr. Navin Bhattacharya : The financial funding advance is to be equipped of the credit habits of potential borrowerswhich enable better lending decisions of comprehensive CIBIL consumer report to provides extensive data empowering tolend with greater confidence of mitigating risk.

B. CEO-CFO Orientation on "GST for Financial Sector", "NBFCSupervisory Aspect" and "Transformation from NBFC to Bank"

One Day orientation for CEO/MD/CFO/Finance Officer of AMFI-WB Member Organizations was organized on 20th of July2017 at Hotel Lindsay. There were total 44 delegates including Resource person and participants from 22 MemberOrganizations. The broad objectives of the orientation are as follows:

l To gain more knowledge on GST & RBI Compliances. An opportunity for the NGO's those who want to transformthemselves from NGO to NBFC.

l To understand Transformation from NBFC to Bank

l To internalize Supervisory Aspect of NBFC-MFIs

First Session: GST for Financial Service Sector - By Ms. Smita Bhandari, Partner, Tax &Regulatory Services, "E & Y"

India's biggest tax reform is now a reality. A comprehensive dual Goods andServices Tax (GST) has replaced the complex multiple indirect tax structurefrom 1 July 2017.

The concept of GST was visualized for the first time in 1999. On 8 August 2016,the Constitutional Amendment Bill for roll out of GST was passed by theParliament, followed by ratification of the bill by more than 15 states andenactment of the bill in early September.

The GST Council consisting of representatives from the Central as well as stateGovernment, met on eighteen occasions in last ten months and cleared -

l GST laws, l GST Rules, l Tax rate structure including Compensation Cess, l Classification of goods and services intodifferent rate slabs, l Exemptions, l Thresholds, l Tax administration

On 12 April 2017, the Central Government enacted four GST Bills:

l Central GST (CGST)

l Integrated GST (IGST)

l Union Territory GST (UTGST)

l Bill to Compensate States



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All the states excluding Jammu and Kashmir, approved their State GST (SGST) laws. Union territories with legislature,i.e., Delhi & Puducherry, have adopted SGST Act and the balance 5 Union territories without legislatures have adoptedUTGST Act.

The government has also notified GST rules, tax rates on goodsand services, exemption list and categories of services on whichreverse charge is applicable.

The second phase of enrolment process for migrating existingtaxpayers to the proposed tax regime through GST commonportal has already commenced from 1 June 2017. GST Network,an IT backbone of GST, has also carried out the test run of itsPortal. GSTN has released off line utility for GSTR-1.

Return filing procedure for the first two months of GSTimplementation is relaxed. Tax would be payable for the firsttwo months based on a simple return Form GSTR - 3B containinga summary of outward and inward supplies. This form is requiredto be submitted before the 20th of the succeeding month.

GST is a destination-based tax that replaces the earlier Central taxes and duties such as Excise Duty, Service Tax, CounterVeiling Duty (CVD), Special Additional Duty of Customs (SAD), central charges and cesses and local state taxes, i.e., ValueAdded Tax (VAT), Central Sales Tax (CST), Octroi, Entry Tax, Purchase Tax, Luxury Tax, state cesses and surcharges andEntertainment tax (other than the tax levied by the local bodies).

It is a dual levy with State/Union territory GST and Central GST. Moreover, inter-state supplies would attract an IntegratedGST, which would be the sum total of CGST and SGST/UTGST.

A well-designed GST in India is expected to simplify and rationalize the current indirect tax regime, eliminate tax cascadingand put the Indian economy on high-growth trajectory. The GST levy may potentially impact both manufacturing andservices sector for the entire value chain of operations, namely procurement, manufacturing, distribution, warehousing,sales, and pricing.

GST is an organization-wide transformational change that will impact the entire value chain of operations, includingprocurement, manufacturing, distribution, warehousing, sales and pricing.

GST has been envisaged as a more efficient tax system, neutral in its application and attractive in distribution. Theadvantages of GST are:

l Wider tax base, necessary for lowering the tax rates and eliminating classification disputes

l Elimination of multiplicity of taxes and their cascading effects

l Rationalization of tax structure and simplification of compliance procedures

l Harmonization of center and State tax administrations, which would reduce duplication and compliance costs

l Automation of compliance procedures to reduce errors and increase efficiency

Place of supply: "From" and "To" Location:

General Rule-

l Registered person: Location of registered person

l Unregistered person: Location of recipient where address on record exists and in other cases, location of supplier



Location of Supplier of services Location of recipient of serviceWhere supply is made from a registered place of Where supply is received at a registered place of businessbusiness (PoB), such place (PoB), such placeWhere supply is made from a place other than Where supply is received at a place other than PoB which isregistered PoB, such fixed establishment registered, such fixed establishmentWhere supply is made from more than one Where supply is received at more than one establishment,establishment, such place directly connected with supply such place directly connected with supplyIn absence of all, location of residence of supplier In absence of all, location of residence of recipient

GST Return:l Common return for CSGT, SGST, IGST and UTGSTl However, separate returns to be filed for each state in which the entity is registeredl All revenue, cost and related transactions to be reported at invoice levell Revenue and procurements reported would be matched by GSTIN one to one with corresponding information reported

by customers and vendors respectively

Sl No. Return Nature of Return Due date of the return1 GSTR1 Details of outward supplies made 10th of the Succeeding month2 GSTR2 Details of inward supplies made 15th of the succeeding month3 GSTR3 Monthly return 20th of the succeeding month4 GSTR6 Return of input service distributor 13th of the succeeding month5 GSTR7 TDS Return 10th of the succeeding month6 GSTR9 Annual Return 31st December of the next Financial year

Taxes to be subsumed

GST would replace most indirect taxes currently in place such as:

Central Taxes State TaxesCentral Excise Duty [including additional excise duties,excise duty under the Medicinal and Toilet Preparations(Excise Duties) Act, 1955]Service taxAdditional Customs Duty (CVD)Special Additional Duty of Customs (SAD)Central Sales Tax ( levied by the Centre and collectedby the States)Central surcharges and chesses (relating to supplyof goods and services)

2nd Session: Transformation from NBFC to Bank - By Ms. Arpita Sen,Head, Investor and Relations, Bandhan Bank.

MFIs can be transforming themselves into a Bank because of their strongexperience in maintaining customer relationships and loyalty. Strongorganizational ethics and respect for the client is also an extra advantage forthe MFIs as well as recognition as one of the Trusted Institution by its clients.Transition to a bank, however, is not going to be easy.

Transformation is a process and there is three phase of transformation, whichare:l Ideation/ Conceptualization

Value Added TaxOctroi and Entry TaxPurchase TaxLuxury TaxTaxes on lottery, betting & gamblingState cesses and surchargesEntertainment tax (other than the tax levied by the localbodies)Central Sales Tax ( levied by the Centre and collected by theStates)



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l Visualizationl Execution

By the greater scalability and leverage, Stable business model, Stronger Brand Identity, microfinance institution can transferinto a bank. The phases of transformation society can be benefited in different way such as;

1. Promote Financial inclusion, which leverage current network to take financial services to most excluded geographies

2. Meet Varied financial needs of customer, which offer assets and liability product to cater to verified financial needsof customer

3. Pass benefit of low cost of funds to customer, by which reduction in cost of funds as a bank resulting in cheaper creditfor customers

4. Foster savings culture among financially excluded, which provide poor customer with an avenue to save and insulatethem from risks & frauds

MFIs can propose to have a customer centric business model to bring banking services at the doorstep ofdisadvantaged customers like as:

a) Focus on exploring the potential at the 'bottom of the pyramid' through low value and high volume transactions andcustomers

b) Provide simple products designed to cater to the unique needs of the underserved and un-served population

c) To pass benefit of lower costs to customers and price products in a manner that enhances their ability and affordability

d) To provide ease of conducting banking transactions through doorstep services

e) To utilize the wide outreach amongst the under-banked and unbanked to bring them into the fold of formal banking

f) To follow simple and transparent processes to keep the costs low and deliver banking services with utmost integrity

g) To utilize easy-to-use technology by way of handheld devices provided to doorstep bankers to deliver financial servicesat affordable costs

h) To promote the cause of financial literacy by educating customers and helping them make the right choice

i) To be a RBI compliant bank with strong adherence to compliance and regulatory requirements

MFIs foundational capabilities need to be built on certain parameters that would be critical to set up a successfulbank i.e.:

l Restructuring of Board including selection of Board members as per RBI and Companies Act guidelines. Study leadingpractices to understand risks and set up appropriate framework for policies and risk governance

l Base current customers from existing business. Undertake adequate marketing & branding to acquire target customersin urban / metros

l Need for meeting PSL and mandated rural unbanked branch requirements, to build compliance and reporting systemsfor other requirements

l Need for well-maintained capital adequacy, need for high capital base

l Standardize processes for managing wider product basket, design processes to optimize current operations and supporttechnology enablement

l Need to re-skill existing employees on banking products and processes, to develop capability assessment frameworkfor mapping current employees and recruiting externally.

Some challenges, which are as follows:

Finalization of Consultant, Freezing Business Model, Capital Raising, Fund Requirement- SLR, CRR

Finalization of CBS platform, Monitoring on the key deliverables of the project, Vendor Management

Mixing of new recruits, Reporting - stringent reporting requirement, Compliance requirements - huge number of circulars



3rd Session: Supervisory Aspect of NBFC-MFIs - By Mr. B. Patra, AGM, RBI DNBS Department,RBI Regional Office Kolkata :

The qualifying assets criteria that loan are repayable on weekly, fortnightly ormonthly instalments at the choice of the borrower. Loan amount does notexceed Rs. 60,000 in the first cycle and Rs. 1, 00,000 in subsequent cycles. Totalindebtedness of the borrower does not exceed Rs. 1, 00,000; Provided that loan,if any availed towards meeting education and medical expenses shall be excludedwhile arriving at the total indebtedness of a borrower. tenure of the loan notto be less than 24 months for loan amount in excess of Rs. 30,000 withprepayment without penalty;

The capital adequacy ratio, which NBFC-MFIs shall maintain consisting of TierI & Tier II capital which shall not be less than 15 percent of its aggregate risk weighted assets. The total of Tier II capital atany point of time shall not exceed 100 percent of Tier I capital.

the "Assets Classification Norms" where Nonperforming asset means an asset for which, interest/principal payment hasremained overdue for a period of 90 days or more and Standard asset means the asset in respect of which, no default inrepayment of principal or payment of interest is perceived and which does not disclose any problem nor carry more thannormal risk attached to the business.

The "Provisioning norms' where the aggregate loan provision to be maintainedby NBFC-MFIs at any point of time shall not be less than the higher of 1%of the outstanding loan portfolio or 50% of the aggregate loan instalmentswhich are overdue for more than 90 days and less than 180 days and 100%of the aggregate loan instalments which are overdue for 180 days or more.

"Pricing of credit" - the average interest rate on loans sanctioned during aquarter does not exceed the average borrowing cost during the precedingquarter plus the margin, within the prescribed cap & maximum variancepermitted not to exceed 4% . The average interest paid on borrowings and

charged by the MFI are to be calculated on average monthly balances of outstanding borrowings and loan portfoliorespectively. The figures shall be certified annually by Statutory Auditors and also disclosed in the Balance Sheet. Processingcharges shall not be more than 1 % of gross loan amount. Processing charges need not be included in the margin cap orthe interest cap.

Interest rates which being charge by MFIs should be transparent. He added there shall be only three components in thepricing of the loan viz. the interest charge, the processing charge and the insurance premium. NBFC-MFIs shall not collectany security deposit/ margin from the borrower. There shall be no penalty charged on delayed payment. There shall beno penalty charged on delayed payment. He also added that every NBFC-MFI shall provide to the borrower a loan cardreflecting:

l The effective rate of interest charged;

l All other terms and conditions attached to the loan;

l Information which adequately identifies the borrower; and

l Acknowledgements by the NBFC-MFI of all repayments including instalments received and the final discharge.

l All entries in the Loan Card shall be in the vernacular language.

l The effective rate of interest charged by the NBFC-MFI shall be prominently displayed in all its offices and in theliterature issued by it and on its website.

There must be a minimum period of moratorium between the grant of the loan and the due date of the repayment of thefirst instalment. The moratorium shall not be less than the frequency of repayment e.g. in the case of weekly repayment,the moratorium shall not be less than one week. NBFC-MFIs can lend to individual borrowers who are not member of



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Joint Liability Group (JLG)/Self Help Group (SHG) or to borrowers that are members of JLG/SHG. A borrower cannotbe a member of more than one SHG/JLG. Recovery of loan given in violation of the regulations shall be deferred till allprior existing loans are fully repaid.

Every NBFC-MFI has to be a member of all Credit Information Companies(CICs) established under the CIC Regulation Act 2005, provide timely andaccurate data to the CICs and use the data available with them to ensurecompliance with the conditions regarding membership of SHG/ JLG, level ofindebtedness and sources of borrowing. While the quality and coverage of datawith CICs will take some time to become robust, the NBFC-MFIs may rely onself-certification from the borrowers and their own local enquiries on theseaspects as well as the annual household income. NBFC-MFIs shall approachtheir Boards for fixing internal exposure limits to avoid any undesirableconcentration in specific geographical locations.

On fair practice codes - The FPC in vernacular language shall be displayed by an NBFC-MFI in its office and branch premises.Field staff shall be trained to make necessary enquiries with regard to existing debt of the borrowers. A statement shall bemade in vernacular language and displayed by NBFC-MFIs in their premises and in loan cards articulating their commitmentto transparency and fair lending practices. NBFC-MFIs shall have a Board approved, standard form of loan agreement. Theloan agreement shall preferably be in vernacular language. He added In the loan agreement, the following shall be disclosedall the terms and conditions of the loan, that the pricing of the loan involves only three components viz. the interest charge,the processing charge and the insurance premium, that no security deposit / margin is being collected from the borrower,that the borrower cannot be a member of more than one SHG /JLG, the moratorium period between the grant of the loanand the due date of the repayment of the first instalment.

The loan card shall reflect the following details:

l The effective rate of interest charged,

l All other terms and conditions attached to the loan,

l Information which adequately identifies the borrower and acknowledgements by the NBFC-MFI of all repaymentsincluding installments received and the final discharge,

l The loan card shall prominently mention the grievance redress system set up by the NBFC-MFI and also the name andcontact number of the nodal officer,

l Non-credit products issued shall be with full consent of the borrowers and fee structure shall be communicated in theloan card itself,

l All entries in the loan card shall be in the vernacular language.

Customer protection initiatives:

l NBFC-MFIs shall ensure that greater resources are devoted to professional inputs in the formation of SHG/ JLG andappropriate training and skill development activities for capacity building and empowerment after formation of thegroups

l All NBFC-MFIs shall be prudent and responsible in their lending activity besides educating their borrowers on thedangers of wasteful conspicuous consumption.

NBFC MFIs should have a proper rating. All applicable NBFCs shall furnish information about downgrading / upgrading ofassigned rating of any financial product issued by them, within fifteen days of such a change in rating, to the Regional Officeof the Bank under whose jurisdiction their registered office is functioning. All applicable NBFCs shall frame their internalguidelines on corporate governance with the approval of the Board of Directors, enhancing the scope of the guidelineswithout sacrificing the spirit underlying the above guidelines and it shall be published on the company's web-site, if any,for the information of various stakeholders. To manage the integrated risk, all applicable NBFCs shall form a Risk ManagementCommittee, besides the Asset Liability Management Committee. All applicable NBFCs shall constitute an Audit Committee,consisting of not less than three members of its Board of Directors. All applicable NBFCs shall form a Nomination Committeeto ensure 'fit and proper' status of proposed/ existing directors.



C. Assisting to Directorate of Economic Offence (DEO), WestBengal by AMFI-WB on ground of investigation onMicrofinance companies operating in West Bengal

The origin of DEO can be traced to the constitution of Economic Offences Investigation Cell under the Finance Departmentof the Government of West Bengal on 29.1.2004 to undertake investigation of economic offences and related activities. Itwas mandated to investigate cases relating to offences by Non-Banking Financial Companies, Unincorporated bodies andalso to deal with matters relating to evasion of taxes under various State Acts and Rules administered by the FinanceDepartment and the related malpractices excepting the State Acts for which the Bureau of Investigation, West Bengal wastasked.

The DEO sought for cooperation and assistance from AMFI-WB for a detail investigation of microfinance companies whooperates in West Bengal. DEO informed AMFI-WB that State Finance Department directed to DEO to investigate MFIs andmake a report to state Finance Department about the present status of MFIs. It was because MFIN wrote a letter to StateFinance Department, West Bengal for cooperating MFIs as MFIs often faces problem to get Trade License from Municipalitiesand Gram Panchayets, to get licenses under Shops and Establishment Act, and so on. The following cooperation made byAMFI-WB to DEO during the entire reporting period:l Organize meeting with the member MFIs/SFB and also with MFIs/SFB who are not member of AMFI-WB but

working in West Bengal with DEO three times.l Assist DEO to have individual meeting with MFIs/SFBs for collecting the information.l To make DEO understand the overall view of Microfinance industry and how it operates. AMFI-WB also could

able to make them understand about difference between MFI and Cheat/Chit/Sponge organizations.l To help DEO to get all sorts of information and data from the MFIs/SFBsl To help them to understand that NGO-MFIs need to come under any state Government/RBI/Central Government

Regulation which they do not have but they are doing legal microfinance activities.l AMFI-WB also described about genesis of microfinance industry and its important role of NGO-MFIs but

unfortunately they are not being regulated by any legal bodies. AMFI-WB also shared about proposed MicrofinanceBill which has not been passed by Parliament till date.

l The following consolidated problems shared by MFIs to DEOn Trade license is a major concern. It has been found that in many areas of West Bengal, under different

Municipalities & Panchayats where MFI have their footprint, they are not getting Trade License from theconcern authorities. It happens in Past, when few Municipalities like Memari stated to the local MFIs toshut down their operation. Threat also being given by the local political parties, to shut down their operation.After that few MFIs have shifted their branch in other panchayat area. Trade license is still a major problemfor the NBFC & NGO MFIs. Sometimes it happens when AMFI-WB made joint visit with the MFIs staff to themunicipalities, from license department they have refuses to provide licenses to any financial organization.

n Snatching is also an operational hurdle for the MFIs. There was several incident happens in last couple ofyears, where MFIs staff had witness of these incidents. Sometimes MFIs staff gets helped from the local P.S.but in most cases it has shown, local Police refuses to take FIR. Often MFIs have seen a non-cooperativeattitude from police department.

n Sometimes rumors is being spread against the MFIs in many Areas of West Bengal through spreading leafletthat they have close down their activities & that causes huge default . In many cases it has been found thatpolitical intervention was there.

n Chanda/Donation is also a major issue in many areas. It has been seen in many times that local club demandinga huge amount from the MFIs. AMFI-WB has already informed about all these to concern DM & SPs of differentdistricts.

DEO assured to consider all the points that raised by AMFI-WB as well the MFIs in their report to Finance Department sothat Finance Department can issue letter to DM and SPs to cooperate MFIs.



AMFI-WB

D. Eastern Region Insurance Summit 2017:Objective of the Summit:

l The AMFI-WB 1st Eastern Region Insurance Summit 2017 seeks to provide a central platform to all the relevantstakeholders, namely the regulator, shareholders, management of insurance companies, investment analysis, distributors,brokers and consumers an opportunity to explore through Micro finance and banking industry, debate and discusthe appropriate path to delivering the rightful protection to the insurance consumer and fair value to the shareholders.Any possibilities of General Insurance in MF Industry particularly for agriculture, livestock and so on.

l The summit aims at having robust and key focused area discussions and knowledge sharing on the key challengesand opportunities by bringing the entire ecosystem of the Insurance Industry operating in MF Industry in India inone global platform to discuss, share knowledge, network and enhance business development.

Summit at a Glance:

The Summit held on 4th of August 2017 at The Lalit, Kolkata. TheKnowledge Partner of Summit was PwC. The total delegates of the Summitwere 152. There was total 21 numbers of Speakers and Panelist took partand shared their valuable inputs in the summit. There was total 40 MFIsboth NBFC and NGO MFIs participated the summit when several InsuranceCompanies, Consultants enlightened the summit. Two Joint Secretariesof Government of West Bengal from finance and Agriculture Departmentsshared their views in the summit. The following major Sponsor Companiessupported AMFI-WB financially and technically to make success of theevent:

1. HDFC ERGO General Insurance Company Ltd.

2. DHFL Pramerica Life Insurance (DPLI)

3. National Bank for Agriculture and Rural Development (NABARD):

4. Green light Planet:

Mr. Ajit Kumar Maity, Chairperson, AMFI-WB : Insurance in India is not so much popular, it is really needed herecovering the risk. Micro insurance specially is little bit popularized by the Micro finance players, because our borrowersare covered their life's although this is not enough, we are covering the risk after loan amount, but it require beyond that.We know the health situation of our poor borrowers, whenever they fall sick, they can't, work and they can't go for thebetter treatment in any hospitals. So this area is lacking. If the MFIs & Insurance people sit together and think how theirhealth also combined to be covered, then it will be much more beneficial.

Still 75% of population based on agriculture and the insurance coverage is very dark in this area. Only agricultureinsurance companies are covering only to those farmers who borrowed from the Cooperative society not for others.

Mr. Chandra Shekhar Ghosh, Former Secretary, AMFI-WB: Large number of our country have been started to buyinsurance including the poor people. There is a growth has been come around12% to 15%. All together out of the total population of our country it is notcrossed 4%. We have the plan to covered 5% of our population by 2020.All together life and General insurance there is plan to reach 10 to 11 % growthin future. Currently 17 % of world population living in India. All togetherIndia Insurance Premium Paid 1.5% of the total world. Premium wise whichis very low and the covered in the life insurance premium that 2% of the totalpopulation of the world. So if it is 17% of population living in India & 2%we are covered all over the world, it is very low. For our country to build up



the economic growth, to contribute the GDP, we need the prime area to build up that is called financial inclusion. Forfinancial inclusion there is four basic indicators i.e. savings, credit, remittance and insurance. So insurance, one of thepowerful indicators to achieve the financial inclusion in our country. In that sense it is very important.

Mr. Pawan Kedian, IAS, Joint Secretary, Finance, Govt. of West Bengal,Nabanna : The most important element is that lack of awareness aboutinsurance. Insurance literacy in rural India is really low. Less than 15% of thepopulation is covered through insurance. What Bandhan became before Bankhas done, as a micro finance institution is something which, we can learn from.He stated our next door neighbor Bangladesh have also really done well inmicro finance sector. Currently West Bengal Government planning on developinginsurance models, all in compassing model. The conference here is somethingthat we will all take something bag from and it will help Government also.

Mr. Prasenjit Hans, Joint Secretary, Ministry of Agriculture, Govt. ofWest Bengal : Micro finance is majorly catering to the agriculture & alliedsector. Both the Central Govt. & State Govt. has been working towardsempowering the rural as well as to the bottom of the pyramid. Governmenthas various schemes, micro insurance have the outreach to remotest villages.how micro finance institutions, micro finance natured bank, SFBs could actuallycoordinate with the government regulators & reach out best of insuranceproduct which is actually synchronized to the needs of rural & semi urbanpopulations. Govt. is working to increasing the insurance penetration throughoutthe state. The main tool is the crop insurance. All the farmers should coverinto this crop insurance program. It is our fault that till now we are not able to touch everybody.

Plenary session: "Penetrating the rural economy using cutting edge technology":

Speakers were:1. Mr. Joydeep Roy, PwC2. Sri Bikram Kr. Das, DGM, NABARD3. Mr. Rajiv Kumar, Chief of Risk, Bajaj General Insurance Company.

Mr. Joydeep Roy, Partner, PwC: Micro finance or Micro lending has always had a problem of getting associated withinsurance. The problem is that if a claim will not get paid. So some claim not get paid. It is important to make sure thetime taking the insurance covered the insurers & the customers the engagement is so much that such thing ultimatelydon't come, but there will be always some.

Worldwide there is no country in the world and there is no insurance companywhich is every paid 100% of the claims. So, then, how to avoid that issue ofmistrust coming in or it being held as a bargaining cheap or the microcreditbusiness going out of its here. The answer lies in how it is sold. If it is soldas an adjunct to the micro credit then in the mind of the consumer it is alsoa part of microcredit, therefore claim not being paid, will be related to that.

We have to take the harder path, harder path is to increase awareness. Insuranceis after all a product which is does not give addiction. Unlike even the loanor phone or anything, you can buy insurance and feel, touch & use it. You

have to hope that you don't have to use it.

It is very much important for microfinance institutions to involve in micro insurance, But it is also important to segregatethe concept from the microcredit been sold. Micro insurance has to be sold with another need being felt and the needtherefore cannot only be life insurance, health insurance. The first and for most way of making people aware of insurance.



AMFI-WB

Awareness creation of insurance for says is very difficult but awareness creation through others means like giving informationabout weather and showing the risk, increase their affinity towards the insurer and distributer and that is more important.

Sri Bikram Kr. Das, DGM, NABARD: It is always great to have all the stakeholders together, to have a discussion oninsurance and find out a rightful path to give the protection to mostly the stress on micro insurance, how to give a right

full protection to the under privilege and find out some explore on operationalservice excellence to know the demand and supply of micro insurance, whereare the graphs, everything. So that we can have a road map for the protectionof the underprivileged & low income generating group of people. Micro insuranceis basically for the insurance for live assets, crop, animals and this entire thing.Micro insurance has got a composite problem of viability & sustainability.Micro insurance is most under developed among all micro finance serviceslike, credit, savings, insurance & pension. Among all the five activities microinsurance is most underdeveloped schemes. Distribution of product is verymuch important. The benefit of the micro insurance is human right. People

should feel it then only they will go for micro insurance. Nationalization of banks is also financial inclusion. NABARD hasstarted National level Bank on agriculture that was also financial inclusion. Micro insurance cannot be standing single.It has to be clubbed in with other thing. SMS or Social media can be utilized to reach to the people about micro insurance,because NABARD mandates to build an inclusive & sustainable Rural India. Micro insurance is a part of that, because itis a mitigating tool for the farmers.

Mr. Rajiv Kumar, Chief of Risk, Bajaj General Insurance Company: morethan two years back Bajaj had launched virtual office. That has actually pickedup more than one thousand virtual office, which is already functioning.Whenever there is cash, there is always a question mark. That the cash isreaching to the company, policy is coming or it is getting pocketed by somebody.Fraud elements increases with the cash transaction, all these thing canbe avoided if electronic being payment is adopted, we see that graduallythere is a movement towards that.

most important part is the time of after sales service. This is basically theclaim services, whether there is a quality, quality he means transparency. Not everything can be paid by an insurancecompanies because there is after all a contract, which has certain condition, but then has it been properly explained thatwhy a person does not get this.

Panel Discussion - 1 :Life Cover: Move from Loan Recovery to client protection:

Moderator- Mr. Amit Roy, Director, PwC

Panelist were:1. Mr. G.V. Ramana, Executive Distribution, DHFL Pramerica Vice President & Zonal Business Director for

East, Star Union Daichi Life2. Mr. Neeraj Maheshwari, Sr. Vice President & Head of Group PartnershipDistribution, DHFL Pramerica

Life Insurance Co. Ltd.3. Mr. Sankalp Tripathy, Manager, Grievance Redressal, MFIN4. Dr. Kuldip Maity, MD, Village Financial Services Pvt. Ltd.

Mr. Neeraj Maheshwari: Everyone needs to change a perception about insurancebusiness. IRDA talk about consumer protection every time. India is most difficultmarket to work on insurance. Micro finance roll in developing insurance not onlyin India, it is across the world. In life insurance, the penetration in microfinanceclients is almost 100%. Life insurance is the risk product. It is a credit protectionproduct; there is only one product, which also have a problem.



Mr. Amit Roy: in terms of distribution, innovation with aggregation, product cross selling & changing from only protectionplus something. Mr. Roy wanted to know from Mr. Kuldip Maity, that did he have seen any path to profitability & visibility?

Dr. Kuldip Maity: there is a huge scope in the insurance sector after microfinance, but there should be some freedom.The main problem is sometimes as a MFI, everyone have to satisfy different regulators like IRDA, RBI, Sa-Dhan, MFINand also to State Government. MFIs should have some incentive but unfortunately RBI has not allowed any incentiveschemes.

Mr. G.V. Ramana: how we reach to the people, with insurance, before we reach with the product. We have to reach withthe knowledge.

Mr. Amit Roy, wanted to know from Mr. Neeraj, how we are taking aboutIRDA, in spite of having 55 life and none life insurance companies, healthinsurance companies, as we are responsible as insurers, as educators ordistributers in terms of creating awareness?

Mr. Neeraj: we have to change perception about insurance. We are here todo business. There is a social increment but every insurance companies arehere to do business. Nobody really bother how much is money made by theFMCG companies,

institutions who are going to partner with us. They do have the equally interested in making the whole scheme verysuccessfully.

Panel Discussion - 2 :

Health Cover: Mitigation of the damaging effects:

Session Moderator: Mr. Tamal Bandopadhyay, Senior Consulting Editor, MINT & Adviser, Bandhan Bank

The panelists were:

1. Mr. Parthanil Ghosh, Head Retail Sales, Open Market at HDFC ERGO, General Insurance Company Ltd.

2. Mr. Ashutosh Shrotriya- Product & Business Process Head from Religare Health Insurance Company Ltd

3. Dr. Ajay Verma, Head Rural & Weather Micro Insurance, Future Generali India Insurance Company Ltd.


Mr. Tamal Bandopadhyay: Microinsurance can be an effective complementto existing menus of social protection programs. A flexible and Powerfulinstrument, micro insurance reduces vulnerability and mitigates the negativeeffects of external shocks on poor households. However, micro insuranceprograms require well developed institutional arrangements in order torun in an efficient and effective manner. Such conditions can be difficultto find in low-income countries.

After sales is very much important. If after sales services are not up tothe expectation of the user, then no product is going to be a sustainablefor long Term.

Mr. Parthnil Ghosh: In managing the cost of distribution of a low ticket item which is going to masses, what kind ofIT intervention they need to do. They have seen some kind of IT intervention in terms of RSVY, but to what extend withthe level of mobile phone, reaching to the villages. They have to look at the proper usage of IT to manage the cost. TheIT will also empower to go for distribution, when we look at CESE & Smartphone and secondly the claims management,when they talked about claims management, he talking about network service provider, what to create a network serviceproviders, how to redefine them & not to go for urban areas like 15 bed & 30 bed hospitals. So claims management &cost management through I T & redefining the network definit ion is ver y much impor tant .



AMFI-WB

Mr. Ashutosh: every model must be sustainable, should not necessarily reliance on subsidies. If you today look at thehealth insurance product sole in retail market of urban India, the average cost of a policy which covers the family in therange, even in the lower side in the range is eight to ten thousand rupees. You cannot expect that premium to come frommicro finance customers. Hence how do you bridge the gap? So there is no doubt that the operational expenditure mustbe minimize to the maximum possible extended, Having said that all the question said constantly as an insurer try toanswer how did he recall that situation. Where he can able have a product that is cheap, affordable, get comprehensive.In that concern,

Mr. Parnab Rakshit: The country like India is so vast, so diversified. That musthave to provide into the clients initially, but going forward is not probably required.While it would be scaled up. MFI can do that creating awareness among the microclients. but sometimes as a practitioner it is not merely providing the informationdoes work. We must have to some products readily available in hand along with theiraffordability and according we need to go forward.

Mr. Parthanil Ghosh: no innovative idea, only basic thing to be done. First thingis that on the network service provider, if you do not have a place where you have to go in the villages or to ask for claimswhat basic microfinance or subsidy we are taking about. So let us leave a real solid kind of networks, quality health carenetworks, in the rural areas and then the product and IT intervention this will follow.

Mr. Ashutosh: two important areas that collectively as a committee want to touch upon, if we can have standardizationof cap which is regulation of the hospital which is to ensure that if somebody is treated for a certain the procedure isstandardize.

Panel Discussion -3 :

Insurance of the agrarian economy:

Moderator- Mr. Joydeep Roy, Partner, PwC

Panelists were:

1. Mr. Rajiv Kumar, Chief of Risk, Bajaj General Insurance Company

2. Mr. John Mayne, Co- Founder & CEO, Future First Insurance BrokingPvt. Ltd.

3. Dr. Ajay Verma, Head Rural & Weather Micro Insurance, FutureGenerali India Insurance Company Ltd.

Mr. Jaydeep Ray: In this session very crucial part of microfinance, somewhereinsurance is a protection too. It is also input cost; it is also something which can smoother the risk of delivery and logisticsof everything. Sometimes we are not connected with agrarian economy. Even we order grocery & vegetables online.

Mr. Rajiv Kumar: Rural people are more vulnerable, when it's come to the act of god appearances. Whether it is theircrop, whether it is their cattle or the property. The vulnerability also gets accentuated because going by study hardly 20-25% of the houses are of concrete and the remaining are different types.

Mr. John Mayne: the risk factor, whether it a person staying in the rural areas or a person staying in the urban areacertain basic risk of all of us has. Whereas in urban area the people are exposed tohave in terms of awareness is bit higher than in rural area. They rely on the assetsfor livelihood. But after the farmers got his produce, there is a risk involve if henot able to sell the product.

Dr. Ajay Verma: in fact there is a larger risk involved for the large number of peoplewho are there in this country that is agriculture & crop insurance. Crop is such anassets that is very vulnerable. Many times it is beyond the control of their own



management. Crop and similarly other assets like livestock, fisheries or poultry their risk is dependent on many of theexternal factor that is why the insurance is one of the essential tools for managing the risk of large section of our society,particularly those are residing in rural India. At the same time it is very very challenging for the insurance service provider,effort are being made but still we all are listening every day, lot of criticism also coming as the PMFBY penetration is verymuch low like 20-25%.

Mr. John Mayne: we are talking about insurance penetration level, awareness is not there. The kind of population whichwe served is more of a micro population than a larger group of population and all the products which are made by theseinsurance companies are focused to that class of people. Definitely the focus is not that much. Even idea has put anobligation to all the insurance companies that a certain percentage of the business has to happen from the micro insurance.But how many insurance companies really create the right kind of product of product mix for the customers.

Dr. Ajay Verma: Public want simplicity when they buying the product. Whatever assets they have, they want a comprehensivein one package; very simple, exclusive policy is being brought by the common people. It is a challenge.

Mr. Rajeev Kumar Stated into his reply that there is mindset also which is coming into the play when it's coming to thedistribution. Imaging the type of unemployment which is existing in our country, is more so in rural than in urban.Youngster are actually unemployed. In none life product they are paying 15% IRDA commission. Without any investmenta person is in a position to earn 15%. He interacted with the rural folks both in Gujrat and in West Bengal, people arevery reluctant, because they feel they have to move a lot, go to the people, but they are prepared to such jobs which perhapstheir family not like them to do. Mindset is prevailing. In India there is still a possibility of working out a product. Thiscan be lower in premium and having coverage's. To an extend RSBY has been able to prove that, if the procedure rate arebeen controlled by the government and this is possible, it has been demonstrated then it is possible to also controlled theprices of the product. So there has to be synergy of different agencies, if they all come together, it should be possible togive out product, which are very appropriately price, doesn't pinch people and the insurance company also, have somethingto earn from.

Mr. Joydeep Roy asked to Mr. John Mayne that from distribution point of view how do you think that you can cometo the party, to at least take out one risk, which is the risk of fraud, from the customer fraud and the distribution fraud,who do you think as a distributer you or any microfinance institutions with work with the insurance companies, that thefraud level which is highest in the world and the premium is probably is the lowest in the world, how can we take out thefraud.

Mr. John Mayne replied in his comment, we have heard that that microfinance institutions is very efficient in collectingmoney back. 99% of the customer pay back the money, whom they deal with. There is element of regular visit, weeklyvisit, fortnightly visit, huge amount of education which goes from the field staff to the individuals, they know them verywell, so in that area the staff know who is good or bad, if they are bad, they will not lend them. So, Insurance companieshave to be eliminated. There have been situation where, Mr. John see that the distributor also has to take a responsibilityon behalf of the insurance company to ensure that they are also not making loss. So it is a basically their responsibilityof all the stakeholders involved in the ecosystem, to ensure that everyone has do something, which will give advantage.

Dr. Ajay Verma: in the crop insurance part, product is quite clear and quite good. These are the two products, which areavailable here, one is the weather index based insurance product & other is indemnity product. The real challenges is thedistribution, and they are we need to help. Though many channels are being used, but still it is not up to the mark. Bankersare only the channel of distribution. Now the CESE, Micro insurance agent, insurance marketing forms, pause, all are beingallowed by IRDA, to distribute the product but again other challenge will come, how this will go and do this distribution.

Mr. Rajeev Kumar: The basis of arriving at the some insured, on the basis of the input cost, it has to be more realistic,The Panchayat, Taluka level authority need is to be participate, so that the estimation is finally arrived at which is nearerto the actual input cost which is gone in.

Mr. Joydeep Roy: technology exist to go down every square inch and do it sitting at one place, whole of India can bemapped, even all the leafs of the existing crops can be scanned for sort of indication of light. All of those can be donethrough very advance image recognition devices, one can even get down to predicting whether, even get down to reallylooking at people who are doing, what they are doing. So technology abound.



AMFI-WB

E. Training On HR Development Strategy (HDS) In MicroFinance Industry:

A two days residential training program organized by AMFI-WB Training & Development Committee (TDC) on 7th and8th of Devember 2017 at Bandhan School of Development Management, Rajpur, Kolkata. The training was an analysisof existing situation of HR development in aspect of microfinance industry and generating new interventionstowards strengthening HR throughout a continuous change culture. The training on "HR Development Strategy(HDS)" in Micro Finance Industry (MFI) is an initiative for HR Managers. This was to find the future directions and alsoto generate new dimension of HR development in aspect of institutionalize the Micro Finance sector. This training mostlycovers the major functions of HR development. It ran through the analysis of existing strength, gaps, opportunities andthreats of HR development. In addition, a session on "Legal aspects and disciplinary proceedings" was also conducted herein the training. An expert group of Training and Development Committee (TDC) played the key role of facilitation throughvarious methods.

The training would like to generate an overall conception that HRD is a cross cutting system and an integrated use ofdifferent components for individual, group, and organizational effectiveness.

Major objectives of training:

l Generating future directions leads to build strongest HR throughout a continuous change culture.

l Equip Leaders and HR Managers with legal concern of HR issues.

l To understand the basic laws and acts related to HR.

l Importance of HR for growth and sustenance of Micro Finance Industry

Participants of this Training Program:

Total no. of Participants - 30

With the Back Ground

l Secretary, President, CEOs and MDs of Small and Medium MFIs

l HR Managers and Executives

l Operation Heads

l Admin

Mr. C. S. Ghosh, MD & CEO, Bandhan bank Ltd.: There shouldbe three things which we always keep in our mind that we shouldbe analysis our business, everything we should be like to assess.Second point is who and other people are performing. The MFIground level staffs welfare factors, their promotions, anddedication factors of work for growing their company as wellas their future prospect. Prioritized the work, will be help usfor personal growth of life & institutional growth. Capacitybuilding is biggest opportunities for personal life of employeeand also the health of the organization. If employees have notgiven hard effort, the money will not return back. He hopes thesetwo days training will be help you for future growth. There isno credit risk in microfinance; there is only one risk that is operation risk. Operation risk means HR risk. If the HR peopleare properly maintaining the operation, credit is not a risk.



Training process detail:

Method follows in this training:

Lecture and discussion, Expert speech, Debate, Group Work and presentation, Exercise, Case Study, Role Play, Talk showetc.

Resource Team & Training professional:

Mr. Deepak Mahalanabish, Mr. Subhendu Gharami, Mr. Kabiratan Dasgupta, Mr. Sukumar Biswas

Activity:

Facilitator instructed the participant for setting up objective. Accordingly the facilitator divided the participant in total5 no's of group.

Team Employment, Team Transformation, Team Capacity Development, Team Legal, Team Technology

Participants from different group set their expectation. Different group member from each group designed their poster,presented in front of the audience and discussed and the other group score them accordingly.

l Facilitator shown an exercise on positive thinking in front of the participant. He has presented an exercise with ahalf glass of water. Mr. Mahalanabish suggested for positive thinking, in every aspect of life as well as in daily practiceof HR.

l Facilitator has distributed some quotations card on HR thoughts to each group members. Accordingly learner readhis/her quotations and later read others in their group. They choose the best and elaborate the meaning. After thatthe facilitators summarizes the whole thing.

l Conceptualization and diversification: HR in MFI Sector was discussed and definition is narrowed down. 7S& 5 Psof HR were explained. Few elementsa. AMFI-WB will have lawyer and can support MFIsb. Employee database preparation -Sharing among MFIs when query is sent, regarding recruitment. Periodic updating

of database.c. AMFI-WB assistance regarding trade license as well also discussed for procuring mf business.d. AMFI-WB maintaining the team capacity development in MFI sectors in west Bengal.e. Employee mobilization by maintaining proper database of HR planning, staffs recruitment, cost ratio maintaining,

making profit portfolio addressed by various MFI followed by AMFI-WB.

This above session are monitored and discussed on the1st day of training with maintained highly valued healthyatmosphere of HR development strategy and its objective.

During this session trainers defined that customer arethe key of microfinance. HR strategy in microfinance isto think about group member, about the borrower andclient. If they are with us, then only organization willalive. We are expert in general part of HR, but we areworried about the new thing that is "Grievance redressed".This is the main thing, what we are doing according tothe code of Grievance redressed.

training method and activity defined about the Human Resource Development & Institutional Sustainability. Followingare the major outcome.

l Institutional planning should aim institutional sustainability - business plan provides the means to reach institutionalsustainability



AMFI-WB

l An organization is institutionally sustainable when it is run smoothly, fulfills its mission and goal, and is financiallyself-sufficient

l Sustainable institutional development enables an organization to introduce effective products and mechanisms whichin turn lead to profit earning and financial self-sufficiency

l Institutional sustainability can be achieved by enhancing 1.structural,2.managerial, and 3.operational efficiencies

l Managerial efficiencies: Incentive systems, good communication between staff, clearly defined responsibilities

The key findings of the session:

l HR practices are evolving along with business expansion, with bigger MFIs having better practices while the othersare trying to catch up.

l Most of the MFIs faced high attrition at field-officer level while the larger MFIs faced attrition even at Supervisoryand HO level. Some practices that could be reviewed.

l The policy of posting staff away from their village/hometown could be reviewed, as staff that was posted in homeplace was found to be more satisfied than those who were not.

l To attract and retain women, MFIs need to have enabling policies and processes such as postings in nearby branches,secured accommodation, suitable working hours etc.

l Very few MFIs had clear staff grievance redressal systems. Lack of awareness among staff of such systems and whereaware, unwillingness to invoke the system needs to be tackled. It would serve better to have one person as a GrievanceRedressal Officer, with whom the staff has built a rapport, such as a trainer rather than some unknown person.

l Reward and recognition were found to be high motivating factors for the staff and a transparent system for rewardingand recognizing the staff could go a long way in driving performance this was a high motivator for the staff and atransparent system put in place could help in many ways.

l Performance Management System (PMS) is weak in MFIs. The prevailing PMS needs to be relooked at from the pointof suitability and relevance to each of the grades rather than the same system for all grades. There must be a formatof PMS and it should be review on monthly or quarterly basis.

Trainers have shown some video clippings which give amessage that every employee have some other competenciesand it's up to the organization how they utilizes. Thefacilitators defined on wider range of strategy direction,like:

Global Strategy, Strategy for Country, Strategy for state,Strategy for MFIs, Strategy for HR in MFI.

Facilitator has given some leaflet to every participant andassigned them to analysis the situation. This was an exerciseon situation analysis. Human Resources Analysis can begiven commitment and satisfaction of the employees which

are sophisticated research tool for every participant for showing positive gesture for their evaluation.

All women branches issue , employee benefits like as insurance , medical, PF, Gratuity, etc., Best Credit Officer/ OperationManagers reward for best performing aspects, up gradation of good employees and encouragement factors, family membersof borrowers priority factors, HR quiz, Letter writing factors funeral assistance factors etc. CSR related initiatives regardingborrower's children education, assistance in arsenic affected area, health camp, eye camp factors etc. CCTV camera in eachbranch issues, Biometric attendance, paternity leave issues, field visit issues of field staffs regularly, etc. factors.

Beside this a comprehensive training session conducted by Mr. Kallol Banerjee, Deputy Labour Commissioner, GOVT.OF WEST BENGAL. He expressed his warm greetings to AMFI-WB for organizing the most wonderful respective training


AMFI-WB Meeting with Syndicate Bank

AMFI-WB Meeting with National Housing Bank



AMFI-WB Meeting with DCB Bank

AMFI-WB Meeting with MFIN

Annual Report 2017-18AMFI-WB


Annual General Meeting of AMFI-WB - July 2017

AMFI-WB District levelMFI/Bank CoordinationMeeting in all districts



AMFI-WB District level Stakeholders’ Meet in all districts



State level Orientation for District lead Coordinatorsunder District Coordination Programme



Bijaya Sammelani and EGM of AMFI-WB

Felicitation to Mr. Chandra Shekhar Ghosh, MD,Bandhan Bank for become President of BCC&I



3rd Eastern India Insurance Summit 2018



Eastern India Insurance Summit 2017




session. In his speech he pointed out some legal impacts regarding HR related factors which can be affected on trainingmodules of strategy. Mr. Banerjee discussed the following concern and issues:

1) Industrial disputes act, which extends to the whole of India and regulates Indian labor law as well as individualworkmen employed in any industry within the territory of Indian mainland.

2) The objective of the contract labor regulation and abolition which can prevent exploitation of contract labor and alsoto introduce better conditions of work.

3) The manifold activities VDA minimum wages should be given to all employees as well as enhancement of wage ceilingunder payment of wages act, 1936 including payment of bonus, Gratuity ESI elements to the employees .

4) Every organization should maintain the appropriate safeguard the interest of workers in general and the poor deprivedand disadvantage sections of the society.

5) Every organization should be maintained of higher production and productivity and to develop and coordinatevocational skill training and employment. However HR practicesgiven priority regarding skill development responsibilities.

6) Every organization should be maintained good quality of staffsand its cost control effectiveness factors.

7) All MFI should maintain significant government regulating actof contract laborfactors, as well as on grievance redressal sectionon behalf of employee.

Mr. Banerjee also provided some statutory obligation and rights toMFI employees in the respective establishment. This act is applicableto all persons employed in an MFI with wages. Best HR practicesshould maintain in MFI with maintain proper staff regulations actsand lawful features. He addressed the law relating to labor and employment in west Bengal based MFI. On the other handin conclusion he added every employees should maintain proper labor contract laws and employers should varied uponthe respective laws of labors laws perfectly and labor law court is open to all for their own lodged grievances.

In the 2nd day session program in 2ndhalf, Mr. Kaustubh Mishra, Zonal Business Head, East BFIL followed by Mr. SaratChandra Tripathy, AVP, HR, BFIL draw valuable points regarding present situation of MFI in West Bengal and easternzone region. He emphasis on sales marketing factors on MFI.

In the conclusion all participants awarded 2 days compact training modules certificates by respective HR training coordinatorsand they have given excellent feedback.

The training program leads the learners towards the directions:1. Technology/Software based HR and integral use

2. Branding formation

3. Competitive career path

4. 3-D in Performance Management System (PMS)

5. Uplift Professionalism

6. Creating example and being Latest

7. Partnership development

8. Ethical and lawful decision making process

9. Scope of exposure, exploration and innovation

10. Decentralization of HR

11. Ethical transformation

12. Women involvement in the programming



AMFI-WB

F. One Day Orientation for District Lead Coordinators foreffective functioning of District Coordination Forum:

AMFI-WB organized one day event on said subject on 17th of November 2017 at Gitanjali Regency, Kolkata. There was total25 District Lead Coordinators from all the districts of West Bengal with an objective of effective functioning of districtcoordination forum to reduce the risk of microfinance operation in the state. The following dignitaries facilitated the entireOrientation:1. Mr. Ajit Kumar Maity from VWS as well VFSL2. Mr. Shirish Panda from Arohan3. Mr. Chandra Shekhar Ghosh from Bandhan Bank4. Dr. Kartick Biswas from Uttrayan5. Mr. Kuldip Maity from VFSL6. Mr. Santanu Bhattacharjee from NABARD7. Mr. Susen Dutta from AMFI-WB8. Mr. Souvik Saha from Sa-Dhan

Mr. Ajit Kr. Maity shared the following :

l Microfinance crisis of Andhra Pradesh has affected the sector across India, including the state of West Bengal. The MFIin West Bengal were not able to disburse new loans because the banks significantly decreased their exposure to thesector. However there is no discernable adverse effect on group discipline or repayments rate despite the lack of increasein the loan disbursed. This is mainly due the conscious efforts made by West Bengal MFIs to create awareness aboutthe ongoing crisis amongst the clients, and educate them about the benefits of group discipline and prompt repayments.

l MFIs need to improve self- regulation by adhering to a code of conduct for lending and recovery practices and ensurefull disclosure to clients to allow MFIs to attract funders. Industry Association like AMFI-WB, Sa-Dhan, MFIN needto ensure that the member MFIs adhere to the code of conduct. There is a need to develop and implement clientprotection principles and standards and put in measures to avoid over indebtedness and fraud. For that Lead districtorganization and lead district coordinators have to play a big role.

Mr. Santanu Bhattacharjee, AGM, NABARD shared the following concern:

l SHG program is still at a nascent stage with limited institutional development. Loans from MFIs is one the mostimportant sources of formal credit for the low-income segment in West Bengal. Maintain cordial relationships withkey stakeholders such as the state government, regulator, funders, general public, and media to showcase the importanceof the sector and take feedback on any issues or complaints.

l A grievance handling mechanism at the institution level need to build up to ensure client issues are resolved in time.Microfinance institutions have been the frontrunners when it comes to providing financial services, specifically micro-credit to the low income segment in West Bengal.

l District lead coordinator need to take initiatives to keep regular contact with other district MFIs. MFIs to provide creditplus service like digitization, digital service among the borrowers. Awareness can be bought among the borrowers,which help the MFI sector also. In his speech Mr. Bhattacharya described briefly about the objective of the DistrictCoordination meeting and need of district core group.

Dr. Kuldip Maity, MD, VFS shared the following concern:

l Microfinance can be de-fined as an economic development approach to provide saving and investment facility to thepoor around world. Microfinance is not just about giving micro credit to the poor rather it is a tool whose objective isto assist poor to work their way out of poverty. It covers a wide range of services like credit, savings, insurance, remittanceand also non-financial services like training, counseling etc.



l MFIs need to maintain high levels of transparency and corporate governance standards to be able to attract funders.They must follow and adhere to a strict code of conduct for lending and recovery practices, and ensures full disclosureto clients. The code of conduct must be disseminated internally within the MFI through operations manuals and stafftraining. Industry associations such as Sa-Dhan or AMFI-WB need to play a proactive role to ensure that its memberMFIs adhere to the code of conduct.

Mr. Shrish Panda, Senior Vice President, Operation, Arohan shared the following concern:

l Emphasized on Cordial relationship with all stakeholders. MFIs should be pro-active to maintain constant dialoguewith all key stakeholders (state government, regulator, funders, general public, and media). This is essential to showcasethe importance of the sector and also take feedback on any issues or complaints.

l Client protection that one of the major reasons for the continuing credit discipline amongst MFI groups in West Bengalwas the prompt action taken by MFIs to inform clients about the existing situation. Some of the MFIs have also takeninitiatives to inform clients about the credit bureau, multiple lending, and transparency of interest rates.

l This should be emulated by all MFIs to avoid dissatisfaction amongst clients and to retain their trust. The state levelassociation of MFIs needs to play a more pro-active role to promote a healthy microfinance sector in the state. Thiscan be done by ensuring adherence to code of conduct by member MFIs, sharing of best practices, and initiating constantdialogue with key stakeholders, conducting state level research to understand customer needs, and pushing MFIs tooffer quality products.

Objective of the District Coordination and District Forum/Core Group:

l To establish effective and meaningful coordination and cooperation among the members of AMFI-WB in District levelmicrofinance operation.

l To understand the issues and challenges of district in order to smooth implementation of the operation/activities.

l To assess the external threat being faced by the MFIs branches/Centre and how District Forum can combat the situationin collective manner.

l To select an MFI/Organization to take a lead role for the district for coordination on behalf of AMFI-WB.

l To discuss about credit Plus activities of the member organization and if possible initiate some collective effort in thedistrict.

l To prepare a joint action plan on increase relationship with different stakeholders like - District administration,Municipal Corporation, Panchayat, Politicians, economist, bankers, press and medias etc. and so on.

Identification of framing the agenda of District Forum Meeting:

l Based on Participants expectation

l Discuss about Strength of MFI initiatives and District Coordination

l Identifying the challenges faced by MFIs i.e. internal challenges

l Identifying the external challenges or threat being faced by the MFIs/banks

l What are the available opportunity in the districts well state and national level to make it in to a strength of MFIs/banks

l Preparation of District level action plan analyzing the SWOT

Identifying Issues & Challenges of the District and role of LDC:: Major Challenges faced by the MFIsin districts level MFI field operation:

l Trade License

l Donations for availing trade license



AMFI-WB

l Compromising with quality

l Assessment of client credibility

l Sector is growing horizontally

l Area based average ticket size

l Equity based challenge

l Ring leader issues.

l Overlapping problem among the borrower and MFIs

l MFIs are not sharing borrower data in credit bureau / Delay information sharing

l NOC of full recovery of borrower's related issues

l External threat of all MFIs

l KYC is not standardizing till today. Different MFIs are following different document. KYC should be common for all.To avoid duplicity MFIs have to follow common KYC.

l Borrower's selection in terms of repayment capacity:

l Multiple borrowing/Over lending should be stopped by the MFIs:

l Member pass book differ with system documentation:

l Group Leaders/Ring Leaders' issues in the district:

l Demonetization issues and its impact:

l RBI Policy violation by few MFIs:

l Snatching issue:

l Staff behavior

Role and responsibility of district level Lead Organization:

l Coordinate the district level AMFI-WB initiatives and keep regular contact with AMFI-WB Office.

l The Lead Organization will work as district level representation of AMFI-WB.

l Facilitate and guide District level MFI Coordination Group or Forum and organize at least one meeting in each monthwith Group members. Keep regular contact with Forum members and listen their views.

l Organize District level MFI Coordination Meeting in regular basis with different venues. The Lead organization willdecide the agenda, budget of the meeting after consultation with AMFI.

l Identify the prioritized issues in the district raised by the member organizations. Make a possible action plan forcombating those issues in priority basis.

l Plan and organize joint credit plus/development activities of under the banner of AMFI-WB.

l Lead Organization will act for one calendar year. After that another organization will act as Lead Organization.

l The Lead Organization will implement the program that would be decided in district level MFI Coordination generalmeeting.

l Lead organization will maintain meeting register and other documents of district level meeting and will provide a verybrief monthly report to AMFI-WB.

l AMFI-WB will bear the simple food cost of general MFI coordination meeting. It is requested to district level MFIs toprovide their meeting venue/meeting place with free of cost. The travel and other cost will be contributed by individualMFIs.



l Distribute time to time introduced or published newsletter or leaflet of AMFI-WB among the Govt. official and otheroffices of respective districts by lead organization and/or through dist. level committee members

l If any sensitive issues arises like publish any anti-micro finance propaganda, attempt to suicide of MF borrowers, anyunethical work done by any AMFI members etc. then this respective lead organization will immediately inform toPresident and/or Secretary of AMFI-WB

l Lead organization should declare the key person's name of the organization who would volunteer/represent the leadorganization.

Role and responsibility of District level MFI/Bank Coordination Group or Forum:

l The district level MFI Coordination Group will work under the leadership and guidelines of Lead Organization of thedistrict. The responsible person of each organization for the district will be the member of such Coordination Group.

l The responsible person for the district of Lead Organization will act as Convener of the District level MFI CoordinationGroup Meeting.

l This type of meeting can be a preparatory meeting of general District level Coordination meeting. It can be called as aCore Group of District MFIs.

l The Coordination Group will finalize the issues in district level before it places it for general meeting.

l The Coordination Group will meet at least once in a month.

l The Group members will interact with themselves in regular basis for any kind of grass root level difficulties.

l The Group members will keep regular contact with AMFI-WB personnel for effective coordination.

l AMFI-WB would not bear the food cost for Coordination Group Meeting as it will be a very short duration meetingwith limited members. The respective MFIs may contribute for tea and snacks for such meeting.

l MFI Co-ordination Group should collect newsletter/leaflet from lead organization and according to their requestdistribute it to the masses.

Engagement with Stakeholders :: Response & Representation to the District Level Stakeholders:: Identificationof important District Level Stakeholders :: Proactive Engagement with District Level Stakeholders :: Responseto Peer Organizations

l Meet with district level stakeholders in joint approach that is as an Association but not as individual entity.

l To eradicate the myth about MFIs from the mindset of different stakeholders

l To share detail about operation method of MFIs

l Sharing of AMFI-WB publications as well Individual MFI reports and publications

l Mapping of district stakeholders visit.

l Organize different Credit Plus initiative jointly under the banner of Association as per suggestion taken from differentstakeholders.

l Sharing of various external district level issues being faced by the member MFIs to District Stakeholders.

l Prioritization of district level stakeholders and find out the expectation from them by the member MFIs and Association.

Role & Responsibilities of District Lead Coordinators:

l Coordinators should be well informed about other MFIs too.

l Loan officer level Coordination



AMFI-WB

l Should take Coordinator onto the new level.

l Other MFIs also inform lead Coordinators.

l Proper exchange of information-like negative areas or other issues.

l Lead Coordinator should neutral and flexible.

l Should not forget the grass root. As a bank remember from where it grown up.

l Stake holder engagement.

l Yearly/Half yearly calendar year

l Stake Holder meetings participation

l Planning for stake holder meeting

l Advance data collection about district level MFIs.

l Detailed flyer/One page documents

l Branch manager Coordination (Like client snatching)

l Violence of code of conduct

l Forming block level Coordinators.

Feed Back:

l Block level meeting

l State level meeting twice in a year

l Assessment of client while sanctioning loan

Importance of "Group liability”:

l Mutual Guarantee

l Assessment of Borrowers/Client



G. AMFI-WB meeting with DCB Bank Ltd. for Partnership &Relationship marketing Development

Objective of the meeting:

After a prolonged discussion with DCB Bank Ltd regional office, aspecial partnership & relationship marketing meeting organizedbetween DCB Bank Ltd & AMFI-WB all members, on 3rd ofNovember, 2018 at 4.30 PM at DCB Bank office, Kolkata. therewas total 24 delegates from 20 of member organizations participatedthe meeting

The following dignitaries participated on behalf of DCB Bank Ltd:

1. Ms. S. Dhar Nath, Branch Manager, DCB Bank Ltd.

2. Mr. Jyotindra Mohan Nath, Institutional Business Head- East,DCB Bank Ltd.

3. Ms. S. Dhar Nath, BM, DCB Bank Ltd.

Mr. Jyotindra Mohan Nath and Ms. S. Dhar Nath, BM, DCB Bank Ltd. shared the following schemes of financial productsthe bank:

l Special scheme named "DCB SHUBHLABH" savings account scheme which is an account is not just an activity, butan auspicious occasion for customers. DCB Bank presented DCB Shubh-Labh savings scheme account to AMFI leaders& delegates which rewards with each transaction making the long term partnership not only auspicious (Subh), ButProfitable (Labh) too.

l There are some followings factors of DCB Bank Ltd Businesssaver account shows benefits for MF industry business towardsMFI leader & delegates , like as a) More Income:- More incomewhere all amounts in excess of RS 25,000/- lying in currentaccount, where MF customers can get maximum access of itthrough linked with savings account. b) Liquidity:- using thecurrent account, where MFI customers get benefited amountbalance lying in the current account and the savings accountany time.

Bank and AMFI-WB members interected which are as follows:

1. AMFI-WB Leaders & representatives interacting with DCBBank Ltd officials for funding factors towards them for promoting MF industries smoothly.

2. the possibilities of funding by DCB Bank Ltd towards NBFC-MFI in West Bengal, where a clear pictures shows aoptimizing of huge partnership & relationship marketing aspects by DCB Bank Ltd.

3. Other nationalized banks funded NBFC-MFI smoothly in West Bengal, where how much DCB Bank Ltd can make ahuge potentially to assist to NBFC- MFI as private player bankers in present banking situation.

4. On the meeting occasion Mr. JM Nath describe that, DCB Bank Ltd, are working in rural areas in CSR Projects inWest Bengal in various parts and they are planning to building up a strong relationship with West Bengal based NBFC-MFI in term of funding of loans, savings a/c, SME loans, business loans, projects loans etc to MFI.

5. Beside, DCB Bank Ltd also highlighted various CSR activities projects with various parts in India in the subjects



AMFI-WB

of Rural development, Environmental Sustainability, Malnutrition, Preventive Healthcare, Water & Sanitation,Eradication of Hunger, Poverty etc and respective bank showed keenness to work closely in West Bengal based NBFC-MFI as well NG-MFIs. The company incurred the identifying appropriate CSR projects and programs in West Bengalfor funding in various segments, which the respective bank presented views in the meeting & will continue to assessfresh projects, programs to explore new geographies in next coming years.

In the meeting, the banks officials also described their marketing business segments portfolio to AMFI-WB membersthat are: Retail, Micro-SME, Midcorporate, Agriculture, Commodities, Government, Public Sector, Indian Banks, CooperativeBanks & Non-Banking Finance Companies and they caters approximately 550,000 Customers in Indian Banking markets.

The DCB bank showed interest to work closely with West Bengal based MFIs. The company incurred the identifyingappropriate CSR projects and programs in West Bengal for funding in various segments and will continue to assess freshprojects, programs to explore new geographies in next coming years.

H. Annual Manufacturing and MSME Conclave On CompetenceBuilding For Manufacturing Emphasizing MSME and AnnualMSME Awards

Organized By Bengal Chamber Of Commerce & Industry

On 2nd& 3rd February, 2018 at Conference Hall, BCC&I, Kolkata

Annual manufacturing & MSME conclave on competence building emphasizing MSME a ceremony annual MSME awardsceremony organized by BCCI on and from 2nd& 3rd February, 2018 at their respective venue.

There were total 8 delegates from AMFI-WB leaders including Program Assistant of AMFI-WB Secretariat participatedthe event.

Mr. Indrajit Sen, President of BCCI addressed & introduct of the conclave & followed by:

l Special invitee, Professor Hamish L. Fraser from Ohio State University, USA,

l Col. Sabyachi Bagchi, Chairman of WBSIDC LTD,

l Mr. Debkumar Basu, Chairperson, MSME Committee of BCCI.

The following concerns were discussed in the conclave regarding

l Emerging opportunities in the defense sectors.

l Indigenization requirement and procedure in IAF revenue domain.

l Warship production opportunities for MSME in India.

l Challenging & opportunities for SME enterprises.

l Information technology helps in manufacturing industry in digital era.

On the theme of "presentation on steel & manufacturing services", the concern discussed mainly by Mr. Gopal KrishnanSaran, Vice President- Corporate affairs, Super Smelters Ltd, Dr. Anjan Ghosh, Former Vice President total qualitymanagement, Exide Industries Ltd, Mr. Kallol Dutta, Former Chairman Andrew Yule & Co. Ltd. The following concernswere discussed in the 2nd day conclave regarding:



a. Innovate solution for line upgrading in the MSME technology.

b. Adopting ZED as a way of life for journey towards excellence in MSME.

c. Current industry academy perspective in MSME.

d. Business opportunities in MSME factors in world.

e. Secruztering the upgrading of emerging of business planning in MSME.

f. Factors of element regarding finding the opportunities of employment & CSR activities in social development inMSME sectors.

I. Meeting with National Housing Bank :AMFI-WB Organized a special meeting with its NBFC member MFIs and National Housing Bank at VFS ECO Space office. The meeting formally started with warm welcome speech by the AMFI-WB Chairperson Mr. Ajit Kumar Maity to all theparticipants. He also welcomed NHB personnel Mr. Niladri Bose in this meeting, after that a brief presentation has beengiven by NHB. Mr. Maity define the objective of the meeting, that why the meeting being conducted between AMFI-WBmembers & Natioanl Housing Bank. A brief presentation has been given by NHB.

In his presentation Mr. Bose mainly define about the schemes of Pradhan Mantri Awas Yojona that is housing for all inurban area and also define about the Credit linked subsidy schemes (CLSS). He informed that by the time the Nationcompletes 75 years of its independence, every family will have a pucca house with water connection, toilet facilities,electricity supply and access.

Under these schemes there is a target of 2 core houses in urban area and 4 core houses in rural areas. This scheme hasfour vertical. Vertical 1, 3 & 4 are being taken care of by the state government. . In West Bengal this is "SUDA" and inother states also they have got the SLNEs (State level nodal agencies). For vertical 2 that are credit linked subsidy schemesfor which HUDCO & NHB are the central nodal agencies.

l "In situ" Slum Redevelopment (Using land as a resource with private participation Extra FSI/TDR to make projectsfinancially viable)

l Affordable Housing through Credit Linked Subsidy (Interest subvention subsidy for EWS, LIG, MIG All statutorytowns would be covered under the Central Sector Scheme)

l Affordable Housing in Partnership (With private or public sector, including Parastatal Central Assistance per EWShouse in Affordable Housing Projects)

l Subsidy for beneficiary-led individual house construction (For individuals of EWS category requiring individualhouse

- State to prepare a separate project for such beneficiaries

- No isolated/ splintered beneficiary to be covered)

For the vertical no 2 , SUDA is the State level Nodal Agencies, in other state Housing and Urban Development Departmentplays the role of SLNE. This is the Central Schemes, in which the subsidy directly coming from the Central government.This scheme is started from 17th June. This schemes Coverage is 4315 statuary towns. In case of middle income groupnotified planning area is already included. If any planning area which is scoundrel to statutory towns is already shownas a planning area by the state and municipality affairs department, those areas can automatically been included underthe statutory town. The subsidy for the loans is for the LIG/MIG and EWS borrowers. The loans are given for bothconstruction and renovations.



AMFI-WB

Credit Linked Subsidy Scheme (CLSS) - Important Facilitators:

v Primary Lending Institution - SCB, HFC, RRB, State Co-op. Bank, Urban Co-op, SFB, NBFC MFI

v State Level Nodal Agencies - Nodal Agency designated by the State Governments for implementing theMission.

v Central Nodal Agencies - National Housing Bank, and Housing and Urban Development Corporation Ltd

v Implementing Ministry - Ministry of Housing and Urban Poverty Alleviation, Government of India

PMAY CLSS - Primary Filters:

About the beneficiaries: A family comprising of husband, wife and unmarried sons and/or unmarried daughters, and notowning a pucca house in the name of any of the family members in any part of India. Not received Central Govt assistancein housing scheme earlier (For MIG, an adult unmarried earning member can be treated as separate family)

Income Criteria:

l EWS - Annual Household Income upto Rs. 3 lakh

l LIG - Annual Household Income above Rs. 3 lakh to Rs. 6 lakh

(Identification for Proof of Income for EWS/LIG - Self Certificate/Affidavit)

l MIG I - Annual Houshold income above Rs 6 lakh to Rs 12 lakh

l MIG II - Annual Houshold income above Rs 12 lakh to Rs 18 lakh

Objective of PMAY CLSS:

l Extension or repair of home only for EWS/LIG

l Home loan credit for acquisition and construction

l Subsidy for home loans of EWS, LIG and MIG Borrowers

l Expand institutional credit flow to housing needs of urban poor

Details of PMAY CLSS:

l Only for EWS/LIG: Property to be in name of Female Head or in the joint name of Male Head. Except for householdwith no adult female member and where the property is already registered in a male member's name.

l Should have basic civic infrastructure like water, sanitation, sewerage, road, electricity and Toilet essential

l Construction to conform to Standards provided in National Building Code and Bureau of Indian Standards codes andextant guidelines on construction and structural safety in the country

l Construction to be completed within 36 months from date of first disbursement

PMAY - CLSS - Loan & Subsidy Details:

l For EWS, ULBs can also sponsor application to Banks

l Beneficiary can approach PLIs for home loan directly.

l No processing Fee will be charged on beneficiaries' up to Eligible loan amount. PLIs will receive Rs.3000/- for EWS/LIGand Rs 2000/- for MIG

l Reduction in Equated Monthly Installment (EMI)

l Additional loan beyond Subsidy eligible limit can be given by PLI at regular Interest rate

l Upfront crediting the subsidy will effectively reduce the loan principal outstanding



J. Meeting With Syndicate Bank on BC Correspondence Model:Date: 07.07.2017, Venue: Syndicate Bank Regional Office, EM Bypass, Kolkata

AMFI-WB Organized a meeting between Syndicate bank and its member on BC Correspondence model. More than 13MFIs attended this meeting, where from Syndicate Bank side Mr. Siva Kumaravel, Zonal Manager & Mr. A.S. Alagarsamy,Regional Manager were present, along with other Syndicate Bank

l Business Correspondents/Business Facilitators (BCBF) Model Details of Syndicate Bank:

l What is BCBF Model of Syndicate Bank

l Guidelines for engaging Business Correspondents (BCs)

l The Role and Responsibilities of the BCs

l Products offered by Business Correspondents:

l Benefits of using BCs:

l Who is Eligible for Syndicate Bank BC

l Skill sets required to become Business Correspondent

l How the BC operates

l How the system operates

Mr. Siva Kumaravel, Zonal manager, Syndicate Bank stated the following concern:

l Financial inclusion initiatives, driven by a combination of technology and communication, have proved tremendoussuccess in the pilot implementation. Instead of a person reaching the Bank branch, now Bank shall reach the doorstepof customer in this Govt. initiated branchless banking. Certain categories of organizations. people like non-governmentorganizations, micro-finance bodies, co-operative societies, grocery shops, Public Telephone Booth operators andindividuals are appointed as business correspondent/facilitator of a commercial Bank and are authorized to collectsmall deposits, disburse and recover certain loans, and also sell other financial products, like insurance, pension andmutual funds, and to handle small remittances and payments through smart card based bio-metric enabled transactionseither online or through offline. This is a cost effective scheme with low investment and, therefore, it is planned tocover entire population in the years to come.

l Extending banking channel to entire population is good step. However, there is a need to sit and review in retrospectwhether we are really catering to the needs of the deprived class, whether the services and products that we offerto urban population also suits them, whether the present rules and regulations, including statutory ones adequatelyaddress their needs also. Not everybody can start his own business and earn a sustainable income. Just extending acredit facility of even a small amount for such people may not be fruitful. Still we should extend credit to such personsfor inclusive growth. We need to innovate different products or a package of products that meet saving, credit andinsurance needs of the people. In fact, savings products must meet the specific requirements of the poor. Where isthe question of savings when the poor hardly earns enough to sustain a day's meal? They live by a day. Therefore,we must tap small savings in return for some incentives, other than some percentage of interest, with suitable back-end technology support.

What is BCBF Model of Syndicate Bank?

In this model BCs are permitted to carry out transactions on behalf of the bank as agents, the BFs can refer clients, pursuethe clients' proposal and facilitate the bank to carry out its transactions, but cannot transact on behalf of the bank. RecentlyReserve Bank of India (RBI) has permitted all Business Correspondents (BCs) working for one particular bank; performbusiness for other banks too

As reported by the banks under their financial inclusion plans nearly 2,48,000 BC agents had been deployed by banks as



AMFI-WB

on March 31, 2014 which are providing services through more than 3,33,000 BC outlets. Nearly 117 million basic savingbank deposit accounts (BSBDAs) opened through BCs remained outstanding as on March 31, 2014

Guidelines for engaging Business Correspondents (BCs):

Banks may formulate a policy for engaging Business Correspondents (BCs) with the approval of their Board of Directors.Due diligence may be carried out on the individuals/entities to be engaged as BCs prior to their engagement. The duediligence exercise may, inter alia, cover aspects such as

(i) Reputation/market standing

(ii) Financial soundness

(iii) Management and corporate governance

(iv) Cash handling ability

(v) Ability to implement technology solutions in rendering financial services.

The Role and Responsibilities of the BCs:

(a) Enrollment of customers, including collection of biometric and other details, provide card ( ID Card, Debit Card, CreditCard), PIN.

(b) Provide transaction facility.

(i) Deposit of money in an account with any bank

(ii) Withdrawal of money from an account with any bank

(iii) Remittances from an account with a bank to an account with the same or any other bank.

(iv) Balance Enquiry and issue Receipts/ Statement of Accounts.

(c) Disbursal of credit facilities to borrowers involving small amounts strictly as per the instructions of the Bank.

(d) Other activities:

i. Identif ication of borrowers and classif ication of activities as per their requirements.

ii. Collection and prima facie scrutiny of loan applications including verification of primary data.

iii. Creating awareness about savings and other products offered by the Bank and education and advice on managingmoney & debt counseling.

iv. Preliminary scrutiny of data and submission of applications to the Bank for its review.

v. Promotion, nurturing, monitoring and handholding of Self Help Groups and/or Joint Liability Groups and/orCredit Groups and others.

vi. Facilitating the repayment of dues owed to the bank by its customers.

vii. Marketing of third party financial products.

Products offered by Business Correspondents:

The following products are to be offered by the CSPs to their clients.

a. No Frills Savings Bank accounts

b. Recurring Deposit Accounts

c. Remittances

d. Fixed Deposit

e. Overdraft/Retail loans



f. KCC/GCC (Kisan Credit Card/ General Credit Card)

g. Third party financial products

Benefits of using BCs:

Some of the advantages in using BCs as listed below:

A better alternative for bank branches : Generally, a rural bank branch can serve 5,000 to 10,000 families in 15 to 20villages within a radius of 15kms. A Public Sector Bank branch may require more than 5 years to serve unbanked areasin India, while a private sector & foreign bank with IT connectivity may require about 5 times more time. Further, obtainingpermission to open a branch is a long and protracted process. The BC option potentially enables banks to reach out muchfaster and at a much lower cost.

Reaching the unreached : The model enable banks to extend financial services to the unreached clients beyond their branchnetwork as beneficiaries of the BCs are mostly located at unbanked and under banked areas.

Better loan performance: Since local stakeholders like NGOs, post offices, etc., are involved in the process, they know thecustomers at a personal level. The personal connection enhances the customers' accountability to the BC, which in turnimproves loan performance and repayment rates.

Doorstep banking: Disbursement and loan recovery at the doorsteps of the beneficiary.

Quick expansion: Scaling up of this model is possible within a short span of time.

Who is Eligible for Syndicate Bank BC?

NGOs/ MFIs set up under Indian Societies/ Trust Acts. (Care: excluding NBFC)

Societies registered under mutually aided co-op. societies (MACs) Act or the Coop. Acts of States.

Section 25 companies.

Post Offices.

Authorized functionaries of well run Self Help Groups (SHGs) linked to banks.

Individual member of Farmer's Clubs.

Individual operators of Rural Multipurpose kiosks/ Village Knowledge Centres

Individuals/ proprietors/ owners who manage Agri Clinics/ Agri Business Centres.

Retired Post Masters.

Individuals operating Common Services Centres (CSCs) established by Service Centre Agencies (SCAs) under the Nationale-Governance Plan (NeGP).

Skill sets Required to become Business Correspondent

Financial inclusion is not merely opening of no frills accounts. It also encompasses giving access to financial products likesavings products, loan products, remittance facilities, micro insurance, micro pension, financial planning and education.Further the ultimate goal is to make available these services across service providers on a nationwide basis. Taking theabove as the basic deliverables expected of a BC, the team spent time in the field observing various BCs and BFs go abouttheir daily routine.



AMFI-WB

K. Special meeting with MFIN Secretariat & AMFI-WBmembers on post demonetization issues that held on 16thof May, 2017 at VFS office, New Town:

AMFI-WB organizes a special meeting between all its member organization & MFIN. The meeting was held at VFSPL ECOSpace Office on 16th of May, 2017.

Major Outcome:

l Ms. Achla Savyasachi stated we have an effective association in West Bengal like AMFI-WB. In other states thereare many policies and steps had been taken from MFIN side. It is a good opportunity for MFIN to learn more fromAMFI-WB. MFIN will be joining from here after in meeting of AMFI-WB. It is always better to exchange, brings thoseexperiences here. It is a very important platform for MFIN also to exchange and learn. She requested AMFI-WB toshare the status of operation of post demonetization. She open the house for an open discussion for everyone senseand challenges. She stated anyone can highlight intervention from thinking.

l Mr. Varghese stated- We end of cutting a sorry figure, because we can't go back and challenge from a legal frontfor those customer. Customer has decided unaware default, nothing much we can do. All this nine organizationincluding eight SFBs and Bandhan Bank dedided to do as per their fence and fancies its growing to create a hugedent over on across the market. Everyone says that there is no 60 K, there is no I lac, I will do as per my own, notfollowing anyone guidelines, s it is growing to create some challenges.

l Ms. Achla says whether and how we should lend to the defaulters. Different organization heads shared differentvision on that. We all get together and take a considered call and decision, which is helping in many places. Bringingclients back into a whole is the only way.

l Mr. Anjan Dasgupta from ASA International stated he has already written to AMFI-WB and MFIN that we areheading towards the version two of Andra Pradesh. Is the moment Universal bank was given a licenses, at that momentHDFC, AXIS bank jumped into the bank backbone of microfinance lending. These banks went be surf lending. Thatwas first witnessed brought into the sector. Anywhere you go each person taken a loan from five different institutions;it is banks or micro finance institutions. In ASA they made it clear, if it is banks, if it is MFIs, if it is BC, they arenot lending to more than two. In West Bengal they have seen many MFIs are going on lending to the borrowers, thosewho have BC loan, Bandhan loan. The loan was not small, it is nearly 1lac and above. Even in a family mother wasgiven a loan, daughter studying, she has no constructive income, she has given a loan, and the whole family put intoa debt situation.

l Mr. Anant Natu from Arohan wanted to know from MFIN that, is RBI entities like SFBs, Banks and NBFCs willbrought into under MFIN. In her turn to Mr. Natu, Ms. Achla stated that RBI is looking that issue. We are going tohave a common framework for particular segments.

l Ms. Achla stated Centre leader issues are at Madhyapradesh, same issue is in Tripura, in Gujrat. Even it is threepercent but similarity across reason, it was so similar which something generated by our own system. It is not onlythat we have over lend money but because this one danger that is being praised by all of us is critical intervention.How we are going to deal with the situation where we are standing today. In last three four years the effort that WestBengal MFIs have made in order to improve, despite the fact that each of NBFCs are independent business housesand they make their own decision. Association is a collective body, it has a sightedness. Association can see beyondwhich as a practitioner MFIs leaders cannot see. You as a practitioners behave differently, but when you sit with tenpeople of your peers the way you have behave that time.



L. District level MFI Coordination Meeting:There was total 44 district level MFI coordination meeting held in different branch offices of member organizationscovering 23 districts where MFI leaders, managers, field officers participated the whole process under the leadership ofdistrict lead organizations (please see the table below). The Objective of those meetings is:

l To establish effective and meaningful coordination and cooperation among the members of AMFI-WB inDistrict level.

l To understand the issues of district in order to smooth implementation of the activities.l To discuss about credit Plus (development program) activities of the member organizations and if possible

initiate some collective effort in the district.l To prepare a joint action plan on increase relationship with different stakeholders like - District administration,

Municipal Corporation, Panchayat, Politicians, economist, bankers, press and medias etc. and so on. Finda suitable date for district level stakeholders meet for District.

l To build consensus and synergies among MFIs/Bank for improving, monitoring and interfacing with focusingthe adequate grow th and sustainabi l i ty of microf inance promotional pro grams.

l To understand the various factors of district in order to smooth running of healthy business atmosphereof MFIs/Bank.

l To help MFIs/Bankers to identify and familiarize with the needs, issues of the sectors at the District level.l For providing/ facilitating development of a common code of conduct for the MFIs/ Banks regarding

ensuring the essence of AMFI-WB rules & activities.

Major outcomes of District Coordination meeting:

l The discussion held on average loan size in the districts. It was also felt that bigger loan size is a concernof OD borrowers' issues. Entire members need to be aware on that.

l Participants shared that MFIs need to share proper data to credit bureau. Participants shared that providingdelay information to CB also make problem to other MFIs.

l Dr. Kuldip Maity stated to Ms. Achala that many of the West Bengal NBFCs getting notice from Income tax departmentregarding the cash deposit. Many of MFIs are disbursing through NEFT or RTGS but collection is done in cash. MFIsare depositing the cash in their account. Sometimes income tax asking for the source of the collection and it is a hugevolume. Every year it will become an issue. MFIN can do something; there should be some kind of standing information.There is a upper cap of total exposure limit to a particular clients. There are few institutions; in one sort they aregiving one lac rupee, so that no other MFI can take the advantage. From MFIN side there must be some limit ofamount also. One MFIs can lend up to forty thousand or fifty thousand. Mr. Maity stated it will reduce the malpractices.

l Mr. Vibhas from Ujjivan stated that he has different understanding. The way microfinance institutions are lending,even under lending is leading to over lending. If anyone need forty thousand loans, and anyone only gave him twentythousand from others. Sufficient loan amount is also very important. We have to learn from smaller MFIs who aredoing well. There is policy and should be controlled also.

l Ms. Achala stated that there is a guideline that every lender has to share data in all four bureaus. Ms. Achla statedmark your request or any such observation to Ms. Sougandh. She is a in charge in MFIN for credit bureau issues.Since last two months basically some of the mails coming from Sougandh to all the members that been mark to heras well with a contact details of CIBIL and Experian contact person and ontinuous request being made to the memberto load their data to this two credit bureau . So all the credit bureau have the data of all MFIs.



AMFI-WB

l It is discussed that every MFIs should follow the two MFIs provisions for multiple lending and not exceedingRs 100,000.00 loan limits for single borrower as per RBI rules.

l The meeting identified the areas in the districts where more OD borrowers remained and mostly willfuldefaulters so that other members can be aware about those areas. The areas regularly update and sharewith the members.

l Through the meeting conception, the MFIs/Banks are able to reaching out and expand the geographicalcoverage in the untapped area for promoting financial inclusion program as per as borrower's needs.

l The discussion held on individual Borrowers meet policy which focuses on financial credit counseling forestablishing adequate borrowers financial planning and availing credit.

l Multiple lending has been assessed carefully in most of the meeting.l It has found that most of the members are now depends on Aadhar for CB checking and as KYC documentation

mandatory.l All the members felt the need of effective coordination among the members even they expressed that

branch/block level coordination is also imparted.l The adequate publicity is carried through the meeting among the MFIs/Banks for impressive growth and

getting conception in terms of seeking the financial inclusive growth in West Bengal.l The discussion held on OD Borrowers policy. It was felt that MFIs who are providing loans more than

Rs.30000.00 should follow the recovery strategy within one year.l Awareness of RBI compliances should be there among field staffs.l It was discussed and felt that the members need to be aware about the ill effect of Ring Leaders. Accordingly,

AMFI-WB district coordination team has started to enlist the ring leaders.l The district coordination team observed and shared the name of chit fund and other financial companies

who are collecting savings and providing loans perhaps without following the RBI compliances. The teampredicted that these types of companies or Institutions may disrupt or defame the activities of microfinancein the district as well state.

l Banks are reluctant to accept the coins from member MFIs - it was resolute that many banks were notinterested to accept the coin from MFIs that they received from borrowers particularly during middle andend of 2017. However, the matter was slightly improved from beginning of 2018. AMFI-WB districtcoordination team visited many banks including Lead Bank Managers and issued letter to them with a copyto RBI.

l Loan Utilization Certificate: The participants shared that the purpose of loan should be verified well beforedisburse loan. They shared about pre and post LUC process.

l Trade license and Shops & Establishment licenses issues - this is a continuous problem in all over the WestBengal. Although many Municipalities and Panchayets as well Labour Department are issuing licenses butstill few are not. AMFI-WB District Coordination Team regularly visits the Municipalities, GPs and Labouroffices and many problems have been solved.

Consolidated data of District level MFI Coordination Meetingfrom 1st April, 2017 to 31st March, 2018:

Sl. Name of the District Name of the District Total number of Total number Maximum numberNo. Lead Organization meeting conducted participants of MFIs

participated1 Alipurduar BJS 2 26 132 Coochbehar VFS 1 15 133 Jalpaiguri ASAI 2 28 124 Darjeeling BFIL 2 14 14



5 Kalingpong Bandhan Bank 1 13 9

6 North Dinajpur BFIL 1 10 12

7 South Dinajpur Seba Rahara 1 12 13

8 Malda VFSL 1 14 15

9 Murshidabad Sarala 2 22 14

10 Birbhum ESAF 2 26 15

11 Purulia Ujjivan SFB 0 0 0

12 Bankura L&T Finance 2 15 6

13 Burdwan Paschim Ujjivan SFB 1 14 10

14 Burdwan Purba Satin Credit Care 4 46 16

15 Hooghly Uttrayan (UFSPL) 4 46 15

16 Howrah Arohan (AFSPL) 2 28 12

17 Nadia Gramin ShaktiMicrofinance Pvt. Ltd. 2 32 13

18 North 24 Parganas Janakalyan Consultancey 3 42 15

19 South 24 Parganas DCBS & DBIS 2 30 16

20 Kolkata Jana SFB 3 35 17

21 Paschim Medinipur Asirvad 3 42 12

22 Purba Medinipur Jagaran 3 30 13

23 Jhargram Arohan & L&T Finance 0 0 0

Total 23 Districts Covered 20 MFI/Bank 44 540 28

M. Stakeholders visit by district level MFI Coordination Team:District coordination team visited different stakeholders and provided them Annual Report, brochure etc. and convincedthem the activities of Association and the member organization. Please see the table below for details of stakeholders visit.

Summary of district level stakeholders meet during the reporting period:

Total number of stakeholders visited from 1st April 2017 to 31st March 2018

Total 23 districts visited by AMFI-WB District MFI Coordination TeamDistrict Superin- Chairman MP/ BDO/ OIC/ Bank Principal/ Superin- Sabhad Total

Magistrate/ tendent of Vice- MLA/ ADBDO/ Sl of Officer- Vice Prin. tendent/ hipati/ADM & Police/DSP/ Chairman/ Minister SDO/Block PS CMD, of Deputy Exe.

DSP Head Exc. Officer/ Sabhapati MD/ College/ Super OfficerQuarter License (President Lead Bank University of -

Addl. SP/ Dept. Head G.P. Hospital/ ZillaSDPO/ of Pradhan Medical Parisad/

Economic Municipality/ College DRDAoffence cell Corporation

52 56 33 21 34 44 110 18 22 47 437

Sl. Name of the District Name of the District Total number of Total number Maximum numberNo. Lead Organization meeting conducted participants of MFIs

participated



AMFI-WB

Major concern/opinion from above mentioned stakeholders' during meeting them:

l Many DM and SPs shared their concern over fair practices by MFIs. They suggested that MFIS/ Banks shouldfollow the ideal code of conduct provided by RBI. In that matter, AMFI-WB district coordination teammembers shared that AMFI-WB member organizations strictly maintain RBI compliances.

l District Magistrate Mr. P Mohan Gandhi, Birbhum, Mr. Kaushick Bhattacharyya, Malda, Mr. Nikhil NirmalAlipurduar, stated that microfinance companies are doing god work for the financial inclusion initiativesand also suggested to increase the awareness campaigning through television media, electronic media,distribution various marketing activities.

l In many districts, AMFI-WB personal meet with state level minister, MP, MLAs. As a result of that the teamreceived various feedback some of them appreciated the effort, in many cases the team members tried todistinguish chit fund organizations and MFI whenever the issue raised by the district authorities.

l Discussion held with SP, and local PS of different districts about snatching theft and robbery issues thatMFIs are suffering during cash transaction in operational areas. The SP and district police department inmany district shared the following suggestions:

n MFI/Bank need to arrange good security in branch officesn CCTV should installed in all branchesn Life Insurance coverage for field and collection staff

l In many districts, AMFI-WB team visited Lead Banks as well as leads District Managers, Zonal/RegionalManagers of lead Banks & others banks, and they are interested to share data with AMFI-WB, if possible inBLBC/DLCC meeting. AMFI-WB also requested them to invite AMFI-WB representatives in DLCC Meeting.

l Many Districts Magistrates particularly from backward districts, requested AMFI-WB members to work inunbanked and rural areas.

l MFI should encourage more agriculture loan to the borrowers along with income generation purposes statedby DM, ADM in many districts

l Most of the DM and SPs requested to share district MFI data base to district authority in regular basis.

l They also suggested to intimate State Economic Office Wing under CID and Lalbazar so that they willinvestigate about the MFIs and may provide a report to all concern Police Stations in the State. That willhelp police station to understand about your activities and MFIs and may take necessary action whenever,MFIs will be in trouble.

N. AMFI-WB members meeting:There was total 7 numbers of Board of Trustee Meeting and Extra General Meeting has been organized duringthe reporting period including AGM. Apart from that Conclave Organizing Committee and Training OrganizingCommittees also had number of meeting. The major discussion topic of those meeting was as follows:

l Selection of office bearers, necessary amendments in Trust Deed, members subscription

l Quarterly Magazine

l Infrastructure Development Fund

l Economic Offence Department.

l Data bank and its importance.

l Different Summit preparation and report presentation and feedback session.

l Possible partnership with National Network



O. Annual General Meeting of AMFI-WB:AMFI-WB has organized its Annual General Meeting during this month, which held at Paulnet Infrastructure Pvt. Ltd. attheir premises at Kadambagachi, Near Barasat. The main agenda which was discussed in this meeting are as follows:

Major Agenda of the Meeting:1. Approval of Annual Report - 2016-20172. Approval of audit report - 2016-20173. Approval of Annual Budget - 2017-20184. Appointment of Auditor for the period of 2017-2018.5. Restructuring of present Board of Trustee6. Miscellaneous agenda

a. Finalization of Member subscription for the financial year 2017-2018.b. Insurance Summit 2017c. Regular (Quarterly) Publication/magazine

Major Decision taken in the meeting by the members:1. Restructure of Board of Trustee.2. Restructure of Membership slab3. AMFI-WB shall sponsor a quarterly Bengali Magazine.

P. AMFI-WB Bijaya Sammelani:Bijaya Sammelani organized during October 2017 in a Hotel at Kolkata where almost all the member Leaders participatedwith joy and greet each others.

Q. Annual Picnic and get together of AMFI-WB:The Annual Picnic organized by AMFI-WB during February 2018 with great jay and fun in a beautiful Picnic Spot nearBarasat, North 24 Parganas. There was an introduction session during the beginning of picnic where all the family membersdescribed themselves and children recite rhymes and song. The Chair Person briefed about the objective of annual picnicand also shared about AMFI-WB and its unity to family members.



AMFI-WB

Credit plus or development initiatives by memberorganizations:l Plantation programl Residential school for orphanl Various awareness programs on social issuesl Awareness on financial literacy program for financial inclusionl Community health program - organize health clinic, Eye camp, save the girl child projectl Education program - run non-formal education program, distribution of books and other study materials

for poor children,l Special livelihood project for hardcore poor familiesl Promotion of plantation program and other environment programl Support of agriculture - promotion of new crops, organic manure, horticulture developmentl Income generation program - support for domestic animal (support for animal husbandry program), bee

keeping,l Handicraft support based programl Agriculture/business development services and livelihood financial services.l Social impact studies.l Targeting the Hard Core Poor program ( Ultra poor)l Livelihoods - skills development ( Handicrafts & Computer literacy)l Old age Homel Special School for poor children and scholarship for poor scholar studentsl Organize different income generating training program

Awards received by member organizations during 2017-2018:

Details of Award, Prizes, and Recognitions of MFIs/SFB/BankName & nature of the Award Awards received in the name of Name of the Institution who

Prizes/Recognition Organization or Individual provided the Awards

Society For Model Gram Bikash Kendra &Grameen Shakti Microfinance Services Pvt. Ltd.

'Dr. A P J ABDUL KALAM AWARD'- For Ganesh Chandra Modak Friendship ForumOutstanding Individual Achievements MD, Grameen Shakti New Delhi& Distinguished Services to the Nation. Microfinance Services Pvt. Ltd.

"RISING & TALENTED PERSONALITIES Ganesh Chandra Modak Association For Rising & TalentedAWARD" Certificate of Excellence For MD, Grameen Shakti Microfinance Personalities, Kathmandu, NepalOutstanding achievements in chosen Services Pvt. Ltdfield of activity

"BEST INDIAN GOLDEN Ganesh Chandra Modak Friendship ForumPERSONALITIES AWARD" MD, Grameen Shakti Microfinance New DelhiFor Individual Excellence and Services Pvt. Ltdoutstanding contribution for theprogress of the nation.



26th Edition of World HRD Congressheld at Taj, Mumbai

Satin Credit CareTop 200 Change Agents of the IT Mr. Sanjay Mahajan Enterprise and IT World" in NewIndustry Award Delhi Dream Companies to work for Ranked at 34th position among the

1540 CompaniesBest Employee Engagement Project SATINUTSAV100 HR Innovators (INDIA) Mr. Subir Roy ChowdhuryHR Achiever of the Year Mr. Ajay SharmaYoung HR Professional of the Year Mr. Nikhil MallahHR Achiever of the Year Mr. Punit SharmaBIG CIO Award Mr. Sanjay Mahajan Trescon Global in Leela MumbaiDigital Leader 2018 Mr. Sanjay Mahajan Dataquest - 35th anniversary

celebration event , DelhiVillage Financial Services Ltd.Best NBFC-MFI for Promotional VFS CIMSME (Chamber of IndianSchemes Award - Winner, Eco- Micro, Small & MediumTechnology Savvy NBFC-MFI Award- Enterprises)Runner-up. 'Rajiv Gandhi Excellence Award' Dr. KuldipMaity The Indian Solidarity CouncilVFS has been ranked 10th across India VFS Srijan Business Plan Competition"KOLKATA BEST EMPLOYER BRAND VFS World HRD Congress and headed byAWARDS 2017 Dr. Indira Parikh Ex-Dean of Indian

Institute of Management, AhmedabadArohan Financial Services Pvt. Ltd.CSR Excellence Award by India International CSR Conclaveon best IT implementation for Mobility SKOCH "Order Of Merit" awardand CRMFor qualifying amongst Top-80 SKOCH "ORDER OF MERIT" AWARDTechnology Projects in India. Ujjivan Small Finance Bank13th Great Place To Work For in India Ujjivan Small Finance Bank Great Place To Work InstituteBFILMicrofinance Organization (Large) Inclusive Finance India Awards

Secretariat 2017for Qualifying Amongst Top-80 SKOCH GROUP - SKOCH ORDER-Technology Projects In India for OF- MERITDigitizing Rural Financial Services Bandhan BankC. Rangarajan Award Bandhan Bank Skoch GroupSera Bangalee Mr. C.S. Ghosh North American Bengali

Conference (NABC)Dun & Bradstreet Banking Awards Bandhan Bank Dun & BradstreetLifetime Achievement Samman Bandhan Bank Friends of Kolkata - ASADHARON 2017

Name & nature of the Award Awards received in the name of Name of the Institution whoPrizes/Recognition Organization or Individual provided the Awards



AMFI-WB

Apart from that, AMFI-WB was Felicitated the following Individuals/MFIs for theiroutstanding achievement during this reporting period:

1. Appreciate &Honour for Outstanding Contribution to Microfinance and Banking Industry. Best Wishes toMr. SamitGhosh, CEO & MD, Ujjivan Small Finance Bank.

2. Appreciate &Honour for outstanding contribution to Microfinance Industry Best Wishes to Ms.RatnaViswanathan, Former CEO, MFIN

3. Appreciate &Honour for Outstanding Contribution to Microfinance and Banking Industry - Best Wishes toMr. P. Satish, Executive Director, Sa-Dhan.

4. Appreciate &Honour for Outstanding Book "Lehmen to Demonetization" a book about critical analysis ofbanking as well Micro finance Industry. Best Wishes To Author Mr. TamalBandapadhyay.

5. Appreciate &Honour For One of the six youngest (as per age) Leaders of AMFI-WB members who has givenendless effort for his organization Best Wishes To Mr. AbhijitBera, MD, Sampurna Training &Entrepreneurship Program (STEP).

6. Appreciate &Honour For One of the six youngest (as per age) Leaders of AMFI-WB members who has givenendless effort for his organization Best Wishes To Mr. KartickBiswas, MD, Uttrayan Financial ServicesPvt. Ltd.

7. Appreciate &Honour For One of the six youngest (as per age) Leaders of AMFI-WB members who has givenendless effort for his organization Best Wishes To Dr. KuldipMaity, MD, VFS.

8. Appreciate &Honour For One of the six youngest (as per age) Leaders of AMFI-WB members who has givenendless effort for his organization Best Wishes To Mr. PrasenjitSaha, Director, Swapnatari FinancialServices Pvt. Ltd.

9. Appreciate &Honour For One of the six youngest (as per age) Leaders of AMFI-WB members who has givenendless effort for his organization Best Wishes To Mr. ShubhenduShekharBiswas, Asst. Secretary,BarasatSamparka.

10. Appreciate &Honour For One of the six youngest (as per age) Leaders of AMFI-WB members who has givenendless effort for his organization Best Wishes To Mr. SubrataGhosh, Secretary, SebaRahara..

11. Appreciate &Honour for Youngest women (as per age) Leader of AMFI-WB members who has given endlesseffort for her organization. Best Wishes to Ms. Swapna Das, President, DBIS.

12. Appreciate &Honour for the MFI with highest percentage of rural penetration (West Bengal Portfolio based)and not borrowers based. Rural penetration as on 31st March 2017 Best Wishes to DCBS for 100% ruralpenetration as on 31st March 2017. The memento has been given by Mr. Ajit Kumar Maity, Chairperson,AMFI-WB.

13. Appreciate &Honour for the MFI with covering maximum borrowers i.e. 645515 numbers in West Bengalduring the financial year 2016-17 Best W ishes to Bharat Financial Inclusion Ltd.

14. Appreciate &Honour for the Highest portfolio 1149 Crores of West Bengal portfolio) of NBFC-MFI ofAMFI-WB members as on 31st March 2017. Best Wishes to Bharat Financial Inclusion Ltd.

15. Appreciate &Honour for the Highest Portfolio (31.4 Crore of West Bengal Portfolio) of NGO-MFI ofAMFI-WB members as on 31st March 2017. Best Wishes to BelghoriaJanakalyanSamity.



Chhabi Pandit, the women of clay:Mrs. Chhabi Pandit, a middle aged home maker from Domjur,in Howrah district of West Bengal lives with her husband and3 minor children. Both husband and wife, with much difficulty,eke out a living working as laborers for terracotta potters. Oflate, they realized that they should start a clay pottery workshop.But they were clue less as they didn't have the initial capitalto realize their dreams. She had gone from pillars to post toarrange cash but to no success. At this juncture came in touchwith the local MFI branch.

as a boon in disguise" that is what Chhabi says. She got theinitial capital of Rs. 20,000/- from MFI and started her venture."I am so happy that MFI has seen the spark in my eyes andhelped me to realize my dream which none others including the Banks tried to understand" said Mrs. Chhabi, with tearsin her eyes.

With the initial capital the couple successfully started their business operation and started repaying the loan. Then theyavailed an upgraded loan of Rs. 30,000/-. With that she could expand the business. Today they are supplying clay pots tonumbers of tea stalls in their locality.

"Thanks for the timely support from MFI, without that our life would have been devastated" she concluded.

This case study of uplifting a poverty stricken family provided a lesson as to with the right support at the right juncturecan make even a poorest of the poor family financially independent …can help them realize their dreams to live a life withself-respect and dignity.

Stories to Inspire:MFI aims to empower borrowers by helping them build a business which can create income and grow. One such borroweris Aparna Mitra, Nimta, North 24 pgs. Five years ago, Aparna's husband passed away. Widowed with a son and living in

a small house, she became helpless. She has no way to feed her son. Herhusband was running a business of making candle which got shut down afterhis death. But she never lost her mental strength. Meanwhile, she came acrossa representative of MFI that supports the poor women in remote areas ofthe country to help them become self-sufficient. MFI empowers women byproviding financial support and training to develop mental confidence forentrepreneurship. Aparna started taking loans from MFI to make up for theloss of her husband's income. She became more self-sufficient as her songrew up and was able to fulfill her son's dream of opening a small business.On 25th July, 2012, she took a loan of Rs. 8000/- from MFI for the 1st timeto revive her husband's candle making business. She has taken multiple cyclesof loan to grow her business and so far she has taken a total loan of Rs.91000/- from MFI. Now she employs 8 labors under her at home. Aparna

said, "Before I met MFI, I had no hope of having my own income," she added "Now I have my own business and my lifehas improved. My goal now is to buy my own house and to look after my son's education".

Case Studies



AMFI-WB

MFI gave Aparna-as it did to millions of other poor people with no credit history, collateral, or steady income-access tobasic financial services. MFI believes that if we can support their movement, recognize these efforts, and give these bravewomen like Aparna a boost.

Manashi Sarker:Manasi was among five daughters and one son of Chittaranjan Das, aresident of Taherpur in Nadia. Unable to bear educational expenses of hersix children, Chittaranjan arranged Manasi's marriage with Indrajit Sarker,a youth from neighboring Doula village under the Kamalpur Gram Panchayet,once she reached 20 years of age. Indrajit was doing odd jobs to feed hisfamily comprising his wife and a one-year old son. But he died youngfollowing a heart attack. The sudden death of her husband left Manasifeeling absolutely shattered. She was at a loss what to do with her oneyear old son.

At this critical juncture, the MFI team enrolled Manasi as a member inits THP (Targeting Hard Core Poor) group and provided financial assistance

to help her get over the life's worst crisis. She started a readymade garments stall with an amount of Rs 7900 from theGBK. Alongside, she has also started goat- rearing. Her twin income helped her open a bank account. When the MFI teamapproached her to know her condition post rehabilitation, she said "It's totally a different life for me now" adding thatshe was sharing her experiences with other village women to tell them about the way she was able to make a turn-aroundin her life. "I am quite stable now," she further said with a smile.

Seema Agarwal :The success story of Seema Agarwal from Durgapur, a rural shop keeper who's earningwas zero till 2016. Her husband's had a small grocery shop; daily business turnoverwas not enough so they could not make ends meet. But Seema Behenji a homemakerhelped her husband in the shop and took care of their son and her Father in-law andMother in-law. Seema Behenji heard about an income generation project of MFI. Seemaand the other group member were taken their 1st loan on 28th Sep'2016; she motivatedherself to enlarge her grocery business, she had taken Rs.25000/- loan and she increasethe grocer y item stock in her shop and also decorated the shop.

Now she is manage her overall business, weekly basis she is going to Kolkata, Asansoland Raniganj to purchase the grocery items. On 22nd Feb'18 she had taken 2nd cycleloan and again she is investing Loan amount to increase business volume. Now shepurchase loose Puffed Rice from Burdwan Market and packaging it by herself to makingextra profit, also she is appointed and lady to help her. Her monthly Business turnoveris more than 50k to 55k, she make her family financially stable, her son getting betterschooling and a socially healthy life also.

Seema Behenji is expecting 3rd cycle loan from our company. She is very grateful to getting financial support. She motivateothers women to taken IJL loan for betterment there income generation source.

JYOTASNA RANI :How Loan has helped and evolved their lives Impact:

She is from Naksalbari area of North Bengal. Before joining MFI, member had 4 cows, but now has 6 cows. Member wasalso involved in a small grocery business, which was not fully profitable. Member has received Rs 20,000 to gradually buy



2 more cows which seems to be working in profits.MFI loan helped her to extend grocery shop. Afterbuying 2 more cows, member has improved herlifestyle both in social and financial aspects. Shecould manage to bear the education expenses ofher children. She also could have extended herexisting grocery shop. In future, if possible, toreceive larger loan amount to expand currentbusiness as well as to renovate current groceryshop. Also she has expected to have been providedHouse building loan in future. Satin's loan has

helped to re-build her business as well as to boost her confidence toward betterfuture. MFI professional guidance like Plans and Ideas regarding financial supportas well as savings options toward enhancing economic development.

Gouri Das:A successful member of the group for 05 years narrates her story. Indiais a rich source of Bamboo and Cane materials and Indian artisans havepractice to produce beautiful utility articles which is eco-friendly andhaving excellent craftsmanship. Earlier, we would sit together at myresidence to discuss ways to earn some income, in spite of our busydaily household activities, as each of us can spare sometime and weare willing to earn from bamboo craft products because of our familytradition in it but having faced the absence of finance/ cash crunchwhen we need it, formed the Karishna group of MFI and received asum of Rs.25,000/- having seen loan product, loan tenure and rate ofInterest which were cordially guided by staff of MFI. MFI gave us not

only monetary support but also gave me to access to finance and knowledge to convert our dream into reality, inspiredmy life which I feel is a big lesson. My dreams are coming true step by step. My life has now changed, I do not worryanymore and my life is not tough now. Now my business is growing and I am a proud member of MFI.

Smt. Bina Paul:Smt. Bina Paul resident of Naihati who displayed her potteryartisan works made of clay, said that their range includedplates, water jugs, biryani pots, fry pans, toy, deities of worshipand other essential items. "We burn the molded clay utensilsfor 12 hours in a furnace to harden them to withstand theheat and pressure while cooking. The clay utensils do notcrack or break even at high temperature. Cooking food in clayutensils is also good for health. Now many health consciouspeople have realized the goodness of cooking food in clayutensils, which has benefited the artisans depending on potteryfor their livelihood." It is always a struggle to get money whenwe needed it. We the poor have to rely on loans from eithermoneylenders at high interest rates or friends and family,whose supply of funds is limited. Group lending, as well as the establishment of close links between us and

Staff of MFI helped to procure the Micro loan. She said, "Loans of amount Rs.30, 000/-, tenure 12 months, helped me



AMFI-WB

to realize my dream and rose to the platform where wheel of livelihood is on. My hard work and financial road map, holisticapproach of MFI helped me to earn and survive with honor. MFI Micro Loan empowered me and empowered my familyalso." Smt Paul also said that if anyone think that there is no place for clay utensils and pots anymore in this era of smartand modular kitchens, then it is nothing but wrong, village artisans are still eking out a living by making clay utensils andpots. Micro loans made us confident on Pottery: Wheel of Livelihood! Wishing all the best for all future programs of MFI,she added.

Baby Dey:Baby Dey has been associated with MFI for last 4 years. She recalls the days when she was asked to join an SHG and sherefused due to some reservation against micro finance. She is traditionally a housewife but worked for others on casual labour basis with no regular employment.Her husband Partha Dey is also a field worker and has a meager monthly income.In 2014, she joined a MFI enrolled SHG, named and took a loan of Rs.10000/- fromone of Kolkata urban branch of MFI. According to her, this loan ushered in a strongfinancial discipline and savings habit. She invested the fund on Grocery businessand started the business of her own with occasional help from her husband andthis venture fetching a good income.

On being suggested by MFI Officials, she started maintaining a "Financial Diary",where she recorded the monthly income and expenses to arrive at a potential savings.The practice was also helped her in planning forthcoming events like marriage orschool admission fees. She also opened a bank account and started depositing hersavings. Of late, she availed Rs.30000/- loan from MFI for expansion of her Grocerybusiness. Today she proudly claims that she is financially aware, taking her decisionsprudently with the help of her Financial Diary. She expressed her gratitude andthanks to MFI for such transformation.

Masuda Bibi:Masuda Bibi hails from a very poor family from Uttar Hazipur, Bramhanparaof Diamond Harbour region in 24 Parganas, South and used to sale fruitson road side in the nearby market along with her hasband Bappa SK.. TheFruit selling business was not so profitable and her family income wasnot sufficient for proper livelihood. One year back she was inspired byone of her friends managing a petty shop. She thought she also could starther own Fruit Stall and discussed her ambition with her friend.

But there were few challenges ahead of her. She would need a little investmentto set up the Stall. And this time again one of her friends informed her about MFI financial offerings and accordinglyshe approached MFI for financial assistance. MFI, Diamondharbour branch appraised her formalities and recently she hasbeen given a loan of Rs.40000/- from Diamond Harbour branch of MFI. She has set up her own Fruit Stall in the market.Her income has grown substantially and now she is leading a satisfactory livelihood and able to save some amount regularlyfor future requirement besides helping her family. She uttered with joy that all these have been possible by the financialassistance from MFI.

Making Life Better:Mrs. Shobha Roy aged about 56 year's old wife of Ashok Roy with one son, a resident of Garia, Kolkata District of WestBengal. She has been running a small Saree and Garments shop at Garia along with her husband. She and her husband



were unable to fulfill the needs of her family with that income as theirson is grown up. Then she decided to take a loan and then suddenlyshe heard about MFI from neighbors' who has already been taken loanfrom same MFI. Then she forms a group consisting of 15 membersand finally took her first loan of Rs 10,000/- in the year 2013. Afterthat along with her husband, she decided to expand their business andstarted adding more items to their shop and finally her income graduallyincreases and also able to make small savings. After completing 1stcycle, she continues to take loan and slowly-slowly her business isexpanding. She had completed 4th loan cycle and in the current 5thloan cycle she took Rs.30000/- .With the help of that loan she alsoadded tea and biscuits besides her current shop.

Gradually, the living standard of her family improved, she proudly says that success of her credit goes to the MFI. She ismuch thankful and wants an everlasting relationship with this MFI.

Secured future with MFI….Aloka Ghosh is an enterprising woman of 48 years. She lives in a small village ofKandi in Mursidabad district of West Bengal, with her husband and two sons. Herhusband is engaged with agricultural work. His income was not enough for allhousehold needs. They had to stop education of their elder son because of poverty.Aloka's younger son is a student of class IX. She doesn't want to discontinue hisstudy too under any circumstance. So to increase their family income Aloka thoughtabout starting a milk selling business. She needed to buy milking cow and cow fodderfor the purpose. But she didn't have any capital to invest in her business.

She came to know about MFI in her locality and approached for a loan to start her business. MFI discussed with her andconsidered her for providing financial assistance as per her requirement. With the financial support from MFI, she rearscows and sells milk and some homemade milk product in her locality. Her elder son helps her in this business. There is agreat demand of good quality cow milk and milk product in the local market. Now Aloka is earning more profit from thebusiness and able to save for their future. She is quite confident now that she can provide uninterrupted education to heryounger son.

New path for a bright future:Uma is a hardworking lady from Baduria, West Bengal. She is 32 years old andmother of a daughter. Her daughter is 13 years old and reads in class VIII in alocal school. Uma's husband is engaged in nursery business. His income level istoo low to meet the basic needs of the family. Uma finds it very difficult to runher family and her daughter's educational expenses with this low income. Sheplanned to be associated with small scale clothing business for increasing theincome level of the family. But she hardly had any money to invest.

She heard about MFI from some local women. She approached for a loan to buysome clothing and start her business. After getting the loan from MFI, Uma startedher business and at present, she sells various clothing for women in her locality.She has a regular list of customers now. Her income from the business gives muchsupport to run her household smoothly. Uma now earns more and saves more for her family. She hopes to provide goodeducation to her daughter.

RECEIPT & PAYMENT FOR THE PERIOD FROM 1.4.2017 TO 31.3.2018Receipt Schedule March March Payment Schedule March March

31 2018 31 2017 31 2018 31 2017Opening Balance Q Current LiabilitiesCash in Hand 611.00 10,192.00 Duties & Taxes 38,336.74 4,340.00Cash at Bandhan Bank 470,319.00 254,089.00 Sundry Creditors S 1,026,755.78 -Cash at Axis Bank 272,933.50 192,237.50 Service Tax Payable 11,400.00 205,362.00Capital Account TDS 22,000.00 15,000.00Corpus Fund - 849,000.00 INFRASTRUCTURE FUND 35,000.00 - GST PAYABLE 179,291.00 -Current Liabilities Liabilities for Expenses 87,670.00 59,740.00Duties & Taxes 4,780.00 3,750.00 Fixed AssetsService Tax 11,400.00 194,752.00 Air Cooler 9,500.00 -TDS 24,000.00 15,000.00 Computer Accessories 22,088.56 16,200.00Investments Office Furniture 3,800.00 24,970.00Fixed Deposit 900,000.00 400,000.00 InvestmentsCurrent Assets Fixed Deposit 1,364,445.00 1,300,000.00Loans & Advances (Asset) 4,000.00 Current AssetsSundry Debtors V 1,381,734.00 196,600.00 Loans & Advances (Asset) 4,000.00 69,976.00MEMBERS SUBSCRIPTION R 1,637,560.00 563,000.00 Sundry Debtors 7,420.00 196,000.00TDS 4,312.00 TDS 68,009.00 -Direct Incomes Purchase AccountsICC Workshop RegistrationFees 7,000.00 105,520.00 QUARTERLY MAGAZINE 8,000.00 -Insurance Summit 2017-Received 265,500.00 Direct ExpensesSponsorship Received 72,500.00 1,539,148.00 Meeting, Seminar, Workshop &

Training Expenses T 658,432.94 810,350.00Interest Received on FixedDeposit 64,445.00 Bonus & Exgratia 39,000.00 -Interest on Fixed Deposittransferred into savings A/c 40,094.00 Publication - 6,000.00Interest Recieved From Bank 37,724.00 86,324.00 SALARY 952,549.00 719,000.00Direct Expenses Indirect ExpensesMeeting, Seminar, Workshop& Training Expenses 3,095.00 DASDIK- QUATERLY 1,640.00 -

MAGAZINE JAN 2018Indirect Expenses Miscellaneous Expenses 1,269.00 14,100.00Conveyance - 5,745.00 Administration Expenses U 290,832.76 214,924.00

Registration Fees Paid (ICC) 8,000.00 15,180.00Interest and Fees 860.00Taxes,Interest and Fees 132.00Paid to Susen Dutta 80.00Closing Balance QCash in Hand 83.00 611.00Cash at Bandhan Bank 305,395.22 470,319.00Cash at Axis Bank 127,089.50 272,933.50

Total 5237007.50 4416077.50 Total 5,237,007.50 4416077.50In terms of our report of even dateFor Arup & AssociatesChartered Accountants

Arup Kumar Das Asit Kumar Mitra Kartick Biswas Bishwajit Das Ajit Kumar MaityProprietor CEO Secretary Treasurer Chairperson

M.No.053564Place : Kolkata Date : 21.07.2018



AMFI-WB



BALANCE SHEET AS ON 31.03.2018

Schedule March 31 2018 March 31 2017

SOURCES OF FUNDCapital Fund

Opening Balance 1,409,500.00 553,000.00Add : Addition during the year - Corpus Fund A 0.00 856,500.00Closing Balance 1,409,500.00 1,409,500.00

Infrastructure Fund B 135,000.00 0.00Reserves & Surplus C 1,078,258.00 786,473.50Current Liabilities D 389,143.62 89,670.00TOTAL 3,011,901.62 2,285,643.50

UTILIZATION OF FUND

Fixed Assets 52,531.90 39,894.00Current Assets

Fixed Deposit with Scheduled Banks 1,864,445.00 1,400,000.00TDS Receivable F 136,273.00 75,886.00Advance for Rent 26,000.00 26,000.00Sponsorship Fees Receivable G 348,000.00 0.00Membership Fees Receivable H 143,000.00 0.00Sundry Debtors 9,084.00 0.00Cash in Hand 83.00 611.00Balance with Scheduled Banks I 432,484.72 743,252.50

TOTAL 3,011,901.62 2,285,643.50

INCOME & EXPENDITURE FOR THE PERIOD FROM 01.04.2017 TO 31.03.2018Schedule March, 31 2018 March, 31 2017

INCOME

Membership Fees J 1,654,920.00 563,000.00Sponsorship Received K 1,386,347.44 1,189,148.00Workshop Registration Fees L 335,377.90 93,530.00Income from Dasdik Magazine M 110,900.00 0.00Interest from Fixed Deposit s 64,445.00 0.00Interest on Fixed Deposit transferred to Bank savings A/c 40,094.00Interest from Bank 37,724.00 83,972.00

3,629,808.34 1,929,650.00

EXPENDITURESeminar, Workshop & Training Expenses N 1,522,094.06 743,461.00Salary & Bonus 991,549.00 781,000.00Meeting Expeses O 73,334.36 42,077.00Publication & Dasdik Quarterly Magazine 99,640.00 6,000.00Annual Picnic 24,050.00 43,812.00Administrative Expenses P 321,739.76 244,471.00Goods & Services Taxes Paid 182,866.00 0.00Depreciation of Fixed Assests 22,750.66 14,753.00

3,238,023.84 1,875,574.00GROSS SURPLUS (Excess of Income over Expenditure) 391,784.50 54,076.00Less : Transferred to Infrastructure Fund 100,000.00 0.00NET SURPLUS (Transferred to Reserve & Surplus) 291,784.50 54,076.00

In terms of our report of even dateFor Arup & AssociatesChartered Accountants

Arup Kumar Das Asit Kumar Mitra Kartick Biswas Bishwajit Das Ajit Kumar MaityProprietor CEO Secretary Treasurer Chairperson

M.No.053564Place : Kolkata Date : 21.07.2018



AMFI-WB

AMFI-WB(Association of Micro Finance Institutions - West Bengal)

Details of Member Organizations

Sl. Name of the Organization Name of Head of the Address for communication withNo. Organization with contact details

designation.1 Arohan Financial Services Mr. Manoj Nambiar, MD Head Office address: PTI Building, 4th Floor, DP-9,

Private Limited Salt Lake, Sector - V, Kolkata - 700091.,Email- [email protected]. 033-40156000,Fax - 40156014, Website: www.arohan.in

2 ASA International India Mr. Anjan Dasgupta, MD New Office: Victoria Park, 9th Floor, GN-37/2,Microfinance (P) Ltd. Sector-V, Salt Lake, Kolkata-700091.

Contact number: [email protected] .Website: www.asaindia.in

3 Asirvad Microfinance Mr. R. Raghavendra, COO Corporate Office address: No 10, Lemuir House, G.N.Pvt. Ltd. Chetty Road, T. Nagar, Chennai- 600017,

Ph- 044-4212-4493, 7397717880. 42124335,[email protected],Website: www.asirvadmicrofinance.co.in

Mr. Deepak Kujur, Regional Office - 17/2, S.L. Sarani, Baguihati,Kolkata - 700159. Email - [email protected] - 7808969001.

4 Bandhan Bank Ltd. Mr. Chandra Shekhar Head Office : DN - 32, Sector - V, Salt Lake City,Kolkata - 91. 033-66090909, [email protected] ,Web-www.bandhanbank.com

5 Barasat Sampark Mr. Shubhendu Shekhar Murali, Bamangachi, Dist: North 24 Parganas, Barasat.Biswas, Assistant Secretary Pin - 743248. [email protected]. M- 9830731236,

Website- www.samparkmf.org6 Belghoria Janakalyan Mr. Bishwajit Das, CEO AE-592, Sec-1,Salt Lake, Kol-64. Ph- 033-40077635,

Samity [email protected] , Website: www.bjsmfindia.com7 Bharat Financial Mr. M. R. Rao, CEO & MD Head Office : 3rd Floor, My Home Tycoon, Block - A,

Inclusion Ltd. 6-3-1192, Kundan Bagh, Begumpet, Hyderabad - 500016.Phone - 040-44526000, Email - [email protected]

Mr. Kaustava Mishra, Regional Office: AE-647, Sector - I, Near AE market,Regional Business Head, Salt Lake City, Kolkata - 64. Website: www.bfil.co.in,East Mobile - 7070994342. Email - [email protected]

8 Dhosa Chandaneshwar Mr. Animesh Naiya, CEO Corporate Office: CB-35, Sector-1, Salt Lake City.Bratyajana Samity Kolkata-700064 [email protected], [email protected]

Ph: 033-23345593 Website: www.dcbs.in9 Dakshin Budhakhali Mr. Prasanta Kr. Panda, Communication Office address: 43B, Sadananda Road,

Improvement Society Secretary Kalighat, Kolkata-700026. Ph- 033-2466-3333,(DBIS) Mob- 9903884823, 8582941003 [email protected],

www.dbisindia.org10 ESAF Small Finance Bank Mr. George K. Jhon, GM, Communication Office: Hepzibah Complex, Mannuthy

Operation P.O, Thrissur, Kerala-680651. 08593993355,0487-2373813, [email protected],www.esafbank.com

Mr. Sudipta Trivedi, Regional Office - 1st Floor, Kanjika Bhawan, Kadru,Regional Business Manager Ranchi - 834002. Email - [email protected],

7808947820.

11 Jagaran Microfin Pvt.Ltd Mr. Jayanta Majumder, MD Head Office - 38, Hemanta Basu Sarani, 5th Floor,Kolkata- 1, Tel: 9230702741, 9831502525, 9073967500Email: [email protected], [email protected] ,Website: www.jagaranmf.com

12 Jana Small Finance Bank Mr. Ajay Kanwal, Head Office - No. 29, Union Street, Off infantry Road,MD & CEO. Cubbon Park Road, Bangaluru - 560001.

Mail - [email protected]. 8046212000Mr. Clemenston Varghese, Zonal Office Kolkata: Globsyn Crystals, 5th Floor,Zonal Head, Eastern Zone. XI-11&12, Block-EP, Sector-V, Salt Lake City, Electronic

Complex, Kolkata-700091. Office LL No- 033-4032 9000,9674136999. Email: [email protected],[email protected]@janalakshmi.com.Website: www.janalakshmi.com.

13 Janakalyan Consultancy Mr. Alok Biswas, MD Corporate Office: CD-193, 1st Floor, Sector-1, Salt Lake& Services Pvt. Ltd. City, Kolkata-700064, Ph: 8902123700,

Email: [email protected], [email protected] L & T Finance Mr. Ramesh Viswanathan, Corporate Office : 7th Floor, Brindavan, Vidyanagari Marg,

Business Head - Micro Loan CST Road, Kalina, Santacruz (E), Mumbai 400 098.Contact Number : 9820769182, +912262125578Email Id: [email protected]

Mr. Taragupta Jena, Kolkata Regional Office: Technopolis, 7th Floor, Block BP,Regional Head - East Salt Lake, Sector V, Kolkata - 700091. M - 91633314700.

[email protected], Website: www.ltfinance.com

15 Sarala Women Welfare Mr. Pranab Rakshit, CEO Kolkata office : 81/2, A.J.C. Bose Road, (1st Floor),Society Kolkata-700014, [email protected];

[email protected]. Mob-9433816469,Website: www.sarala.co.in

16 Sarala Development & Mr. Pranab Rakshit, Head office : 81/2, A.J.C.Bose Road, (1st Floor),Microfinance Pvt. Ltd. Managing Director Kolkata-700014, Mob-9433816469 [email protected];

[email protected], Website: www.sarala.co.in17 Satin Credit Care Mr. H. P. Singh, Corporate Office: Floor 1 & 3, Plot No. - 97, Sector - 44,

Network Ltd. Chairman cum MD Gurugram - 122003, India, New Delhi - 110001, India,Ph- 0124-4715400/450/499

Mr. Tamal Chakraborty, GM State Office: 186/1, Block - J, New Alipur, Kolkata - 700063.Email - [email protected] - 7449306950. Website - www.satincreditcare.com

18 Sampurna Training & Mr. Abhijit Bera, MD Registered Office address: 222/18, MC Garden Road,Entrepreneurship 2nd Floor, Kolkata- 700030. Mob- 9674218738,Program (STEP) [email protected] Website- www.stepindia.in

19 Society for Model Gram Mr. G. C. Modak, Head Office: 13/2, Ashutosh Chatterjee Road, Dhakuria,Bikash Kendra Secretary Kolkata - 700 031, Ph- 9830987098,

Email: [email protected], Website: www.grambikash.org20 Seba Rahara Mr. Subroto Ghosh, "AAKANKSHA-II" Ground Floor, Saibon Road, Jogipara,

Secretary P.O- Rahara, Kolkata- 700118., [email protected],9830141845. 033-65486901, Website: www.sebamf.org




designation



AMFI-WB

21 Sreema Mohila Samity Smt. Bani Saraswati, Registered Office address: Vill + PO- Duttapulia,Secretary Dist- Nadia,Pin- 741504, West Bengal Ph- 03473-265200

[email protected], [email protected] Grameen Shakti Mr. Ganesh Chandra Registered Office: 13/2, Ashutosh Chatterjee Road,

Microfinance Service Modak, MD Dhakuria, Kolkata - 700 031, Ph- 9830987098, 7044044000,Pvt. Ltd. Email: [email protected], [email protected],

033-2423672223 Swapnatari Financial Mr. Prasenjit Saha, Director Office for Communication: Prachin Mayapur, Taltala

Services Pvt. Ltd Lane, PO & PS- Nabadwaip, Nadia. 03472-243165,Mob- 9804743459, [email protected]

24 Uttrayan Financial Mr. Kartick Biswas, MD Registered Office : CF-32, Sector-I, Salt Lake City, BidhanServices Pvt. Ltd. Nagar, 24 Parganas (North), Kolkata 700064, West Bengal,

India. [email protected] Tel: 70440 48874,Website: www.uttrayan-mfi.com

25 Ujjivan Small Finance Bank Mr. Samit Ghosh, CMD Registered Head Office: Grape Garden, 3rd A Cross,18th Main, 6th Block, Koramangala, Bengaluru - 560 095.Email: [email protected], phone: +91 (80) 4071 2121.Fax: +91 (80) 4146 8700, Website: www.ujjivan.com

Mr. Vibhas Chandra, RM, East Regional Office : 4th Floor Rishi Tech Park, PremisesMicrofinance Business No. 02-0360, Plot No. DH-6/2, Action Area ID, New Town,

P.S. New Town (old Rajarhat), Kolkata - 700 156.Mob - 9831180600, 033-40452121.Email - [email protected]

26 UNACCO Financial Mr. N. Irabanta Singh, MD Head Office: Bhetapara Chariali, Building no. 12, SBServices Pvt. Ltd. Complex, Bishnu Rabha Path, Guwahati, Assam-781028.

Mob- 08131941210, [email protected],[email protected], [email protected], Ajoynagar Branch Address, 2/63, Vidyasagar Colony,24 South Parganas, Kolkata - 782403, West Bengal.Ph. - 0361-2301208. Molile - 9085474971, 8638590261.Email - [email protected]

27 Village Welfare Society Mr. Ajit Kr. Maity, CEO Village Tower, F-15, Geetanjali Park, 18/3A, Kumud GhosalRoad, Ariadaha, Kol-57. [email protected]@village.net.in [email protected].,Website: www.vwsindia.org 033-25675745,9831004401, 9432220950, 7278004401

28 Village Financial Dr. Kuldip Maity, MD Corporate Office: ECO Space, Tower-4B, Office No- 403,Services Ltd. Premises IIF/11, AA-II, Kolkata- 700156, Ph- 033-66551414,

[email protected] web- www.village.net.in,29 Vedika Credit Capital Ltd. Mr. Goutam Jain, Corporate Office: Srilok Complex, H.B. Road New,

MD & CEO Ranchi, -834001, [email protected], Mob- 08479915454,Website: www.teamvedika.com

Mr. Bappa Bhowmik, Regional Office : Baro Kathali Sewlie, Telenia Para,State Head P.S. - Titagarh, Besides SBI Bank, North 24 Pgs.,

Pin - 700121, Phone - 8479915454. [email protected]


designation

AMFI-WB Present Secretariat1. Mr. Asit Kumar Mitra, CEO2. Mr. Pabitra Kumar Sarkar, Program Assistant3. Mr. Rajib Chakraborty, Finance Executive

Communication and Contact details AMFI-WBReg. Office

EC - 76, Sector - I, Salt Lake City, Kolkata - 700064, West BengalCorporate Office

BD-407, Sector - I, Salt Lake City, Kolkata - 700064, West Bengal, IndiaPhone : +91 33 46003921, Mobile: +91 9007508415

E-mail :[email protected] \ [email protected], Website: www.amfi-wb.org

amfi-wbat the conclusion, i am grateful to all of our members, stakeholders, banks, lending and it...

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