Reliance Capital Limited (RCL) , Anil Dhirubhai Ambani Group’s financial services arm launched its microfinance initiative.
Reliance Capital is joining hands with two Gujarat-based microfinance institutions — MAS Financial Services and Vardan Trust to enhance penetration of microfinance in the country.
Anil Ambani’s wife Tina Ambani launched the initiative and handed over the first disbursement cheques.
By the way what is Microfinance ?
- Microfinance means providing very poor families with very small loans (microcredit) to help them engage in productive activities or grow their tiny businesses.
- Over time, microfinance has come to include a broader range of services (credit, savings, insurance, etc.)
- The typical microfinance clients are low-income persons that do not have access to formal financial institutions.