Ujjivan's Market Research Publication launched

Ms. Lakshmi Venkatachalam, IAS, Principal Secretary, Urban Development Department, launches "A Study of Economically Active Poor Women in Bangalore," Ujjivan's market research publication.

Also seen are, (L-R): Ujjivan CEO Samit Ghosh, Mona Kachhwaha,Citigroup;
Sita Vasudevan, Unitus; Dhruvi Shah, ABN AMRO Bank.

Text of Chief Guest Lakshmi Venkatachalam's Address (PDF)

Press Release
Ujjivan presents A Study of Economically Active Poor Women in Bangalore 2005
An Insight into the lives of the Working Women in Bangalore

Nov 3, 2006 - Bangalore, INDIA. - Ujjivan Financial Services, a micro finance institution, today launched a report called “A Study of Economically Active Poor Women in Bangalore 2005”. Lakshmi Venkatachalam, IAS, Principal Secretary, Urban Development, Government of Karnataka, was the Chief Guest for the launch.

The book being a one-of-its kind in the country is a comprehensive study of the socio economic conditions of the working poor women in Bangalore who are an integral part of the city’s economy. It includes a detailed research of their credit needs, their saving practices, current providers of these services and the terms and conditions. The study estimates that credit need of the urban poor women is over Rs. 1000 Crore in Bangalore currently largely served by unorganized financiers. Delphi Research Services conducted this market research and ABN AMRO BANK, Citigroup and Unitus sponsored the publication.

Ujjivan commissioned this study prior to launching its microfinance operations in Bangalore. The study helped the organization have a better understanding of the urban poor in Bangalore; this model will be replicated in other cities of India furthering Ujjivan’s mission to provide financial services to the economically active poor. The event was also an official introduction to Ujjivan. Ujjivan started its operations in November 2005 and has grown to serve 10,000 customers.

Samit Ghosh, Chief Executive of Ujjivan said “We find that the urban poor comprise of over 100 million of our country’s population and growing rapidly. Yet, microfinance in India is still mainly a rural phenomenon with only a handful of MFIs providing microfinance services to the urban poor. Ujjivan fills this gap with a mixed product offering targeted at urban, poor women.”

The event also explored urban poverty through a panel discussion on Urban Poor: Are They Most Neglected? The panelists included Dr. Narendar Pani (Economic Times), K.R. Ramamoorthy (ING Vysya Bank), Rajeev Gowda (IIM, Bangalore), Shukla Bose (Parikrma Foundation) and Ashish Sen (Voices).

The panel expressed the importance of addressing the issues of urban poverty. In the end, it is essential to relieve the poor by providing much needed organized financial services.

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