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Nabard
to set up subsidiary for micro-credit
Our
Banking Bureau
4 July 2007
Hyderabad:
The National Bank for Agriculture and Rural Development (Nabard) is launching
a non-banking financial company (NBFC) in the micro credit space. The
new subsidiary would be called Nabard Financial Services (Nabfins), and would
have an authorised capital of Rs 100 crore and an issued capital of Rs 20 crore.
While Nabard
will subscribe to the extent of 51 per cent equity, the remaining is expected
to be held by banks, and state governments among others.
Officials said the main aim behind the initiative was to create an institution
as a model to  be
emulated by other players in this area. Headquartered
in Bangalore, the company will start its operations initially in Karnataka on
a pilot basis and later extend to Andhra Pradesh and Tamil Nadu. Other
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