Rabo India Finance Limited, a 100% subsidiary of Rabobank International, has provided debt funds of INR 350m to Asmitha Microfin Limited (AML), one of the top five micro finance institutions in India in terms of portfolio size.
Asmitha currently serves over 1.36m customers with a loan portfolio of about Rs. 990 crore ($220m) with the aim to reach out to over 4m clients with a portfolio of INR 50bn by 2013.
The institution has a network of over 540 branches across 140 districts in 14 states pan India. It has experienced rapid growth in the last three years and was highly rated by rating agencies CRISIL and M-CRIL.
As also stated by Dr. Vidya Sravanthi, Chairperson and Managing Director of Asmitha, the facility will enable Asmitha to expand its operations deeper into the Indian rural markets and offer its services to many more of the underserved poor in these regions. In addition, the facility will allow the institution to continue with its business plans of reaching out to 1.50m clients by the end of March 2010.