fertilizers and pesticides over the years. The water-table on which almost 90% of the agriculture depends, has also alarmingly dropped in recent years.

With the objective of reducing the economic disparity and cover the areas which have remained deprived of access to financial services in Punjab, Ujjivan will be providing micro-credit to needy working women of the state.

Ujjivan entered the agriculturally advanced state of Punjab by starting operations in Bhatinda and Abohar.

Speaking on this business expansion, Mr. Vikram Jetley, Chief Operating Officer (North), said, “Credit at affordable rate is need of the hour. Punjab is a state where rate of interest and demand for credit is very high. Grameen America is providing micro-credit to a group of 5 women in New York. There are 28 million unbanked people in USA. Potential exists everywhere, but for this there is a need to devise products suitable to the target population.”

A multi-disciplinary team from Ujjivan had conducted a detailed feasibility study of microfinance in Punjab in Nov – Dec 2009. As per the findings of the study, the poor in Punjab were paying high interest rates of 5-20% per month thereby being unable to create assets and expand business in the absence of credit at affordable cost.

“Women in Punjab are very hard working and owing to their involvement in miscellaneous occupations, the state has lots of potential for microfinance business. It is an important strategic market and we have lots of expectations from businesses in Punjab and Haryana”, said Mr. Jetley

After the consolidation of microfinance operations in existing operational areas- Delhi/NCR, UP and Rajasthan, Ujjivan has doubled its branch strength in the North in the last six months operating in 7 states and Union Territories, having an outreach of 65 branches and serving 135,000 economically active poor women.