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SKS’ Raj Says Microfinance Law Will Make Raising Funds Easier

March 16 (Bloomberg) -- S. Dilli Raj, chief financial officer at SKS Microfinance Ltd., comments on India’s annual budget released today by Finance Minister Pranab Mukherjee.

The minister announced a plan to introduce a new microfinance institutions’ bill. Raj spoke in a phone interview from Hyderabad.

“We welcome the finance minister’s commitment to the bill’s introduction this budget session. Its passage would enable us to resume lending and collection in Andhra Pradesh. It will also bring in long-term regulatory clarity for the sector.

‘‘The overall financial inclusion thrust and the rural focus is something that we are happy about because it will help our borrowers. It shows the government’s commitment to last-mile credit delivery.

‘‘If regulatory clarity is given through the bill, then it will give comfort to the creditors and investors. It would make it easier for us to raise funds.

‘‘The target for agricultural credit has been increased to 5.75 trillion rupees ($114 billion). We originate agri loans and then hive them off to the banks. Any increase in the target to that extent enables us to raise more funds.’’

To contact the reporter on this story: Sharang Limaye in Hyderabad at slimaye@bloomberg.net.

To contact the editor responsible for this story: Sam Nagarajan at samnagarajan@bloomberg.net.

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