5 October 2007

Ujjivan Becomes Founding Member of the Association of Karnataka Microfinance Institutions (AKMI)

On September 14th, Ujjivan became one of the founding members of the Association of Karnataka Microfinance Institutions (AKMI). AKMI has a range of objectives aimed at strengthening Community Development Finance in Karnataka, from acting as a forum for information sharing to providing representation within government and banks regarding policy and regulations.

“This is the first time in India the microfinance institutions operating in a State have come together to form an Association to further the growth of providing financial services to the urban & rural poor.” Mr. Al Fernandez, Newly elected Chairman of AKMI.

AKMI will invite organizations involved in supporting and promoting Community Development Finance in Karnataka to participate as Associate Members. AKMI will induct individuals of repute who could contribute to the growth of Community Development Finance and poverty alleviation programs to be Honorary Members of the Association.

AKMI will work in close co-operation with Sa-Dhan, the umbrella organization of microfinance institutions in India.

The founding members of AKMI have a long history of Community Development Finance in the Karnataka. They continue to work towards financial inclusion and poverty alleviation of the rural and urban poor.

The signing ceremony of the AKMI formation documentation. L to R: Mrs Vinatha Reddy, elected Treasurer, Suresh Krishna (standing), Mr. Al Fernandez, elected Chairman and Dr. Ramesh Bellamkonda, Executive Committee Member of AKMI and CEO of BSS, Bangalore

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