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From CEO’s Desk

Institute of Rural Credit and Entrepreneurship Development

Financial Capability indicates a person’s ability to use financial services effectively to make informed choices regarding the use and management of money depending on personal attributes and environmental factors. Financial capability is enhanced by not only providing financial services and products through financial institutions, but also by making people financially literate to use those services and products. In order to be financially capable, various abilities such as ability to generate income, spend money wisely, save and invest, use loans and insurance, etc., are required.

The Microfinance scenario in Maharashtra is largely under-served, especially in the rural and peri-urban areas. There is a huge market potential in the state, however, very few institutions are involved in microfinance activities. Comparatively, being a progressive state with a good literacy level, the state has low awareness levels with respect to microfinance.

IRCED aims to provide this awareness and financial capability to poor and needy women in the State of Maharashtra to enable them to live a life of dignity, self-reliance and confidence. Increased financial capability also benefits the families, as women are able to use these finances wisely for household consumption, children’s education and school enrolment, health and nutrition, sanitation, etc., and also to generate alternate sources of livelihood.

So far, IRCED and its dedicated staff has done remarkable work in the field of microfinance and executed several need based projects in collaboration with the Government of Maharashtra and various other NGOs and financial institutions. It has been able to bring extremely high levels of credit discipline in the SHGs and has been receiving 100% repayment of loans issued to poor and needy women.

In the last year alone IRCED has helped 103 women to build their own houses, 630 women to construct toilets, 450 women for their livelihood, 700 women with education material, 1100 women to feed their family, 114 women to light their houses with solar energy and 2600 women for their income generation programmes.

IRCED is thankful to all its funders like SIDBI, NABARD, Corporation Bank, State Bank of India, Indian Bank, Yes Bank, Swarna Pragati Micro Housing Finance, Habitat for Humanity, Finish Society, etc. for their overwhelming and timely support to help the poor and needy women from western Maharashtra.

In the next year (as pointed out by CARE Rating Agency), to increase its outreach, IRCED will open 20 new branches in Maharashtra, Karnataka and Goa states. It will also help 5000 women for the construction of toilets, 500 women for their houses, 5000 women to feed their families, 12000 women to light their houses with solar energy, 1000 women to educate their children.


Mr. Kiran Kulkarni

Secretary & CEO – IRCED