The Microcredit Summit Campaign welcomes Equitas, a major Indian microfinance institution (MFI), as the 56th organization to make a Campaign Commitment, joining a global coalition working to help 100 million families lift themselves out of extreme poverty.
Equitas is committing to expand its financial services and non-financial services to the following number of clients in the financial year 2015-2016 :
- Provide 1.5 million clients with financial services.
- Cover 70,000 clients under the food security program.
- Cover 50,000 clients under the health education program.
- Screen the health of 850,000 clients.
- Partner hospitals will provide 3,000 Equitas clients discounted consultation/ treatment.
- Use the Progress out of Poverty Index to measure the poverty level of 1.5 million clients.
- Provide financial support to 3,000 disabled women.
- Rehabilitate 200 homeless pavement dwellers.
- Screen, educate, and track the health of 3,500 students in the 6 schools run by Equitas Trust.
- Provide gainful employment to 15,000 unemployed youth.
- Train 50,000 women in new skills to increase their income.
P.N. Vasudevan, founder and managing director of Equitas Micro Finance India P. Ltd., explains their mission and how they support the well-being of their clients:
“When we founded Equitas in 2007, we wanted to create an MFI which would be a global benchmark in fairness and transparency, two facets sadly missing from most of the MFIs globally. Equitas is a Latin word meaning ‘Equitable,’ which means fair and transparent, and this philosophy is woven into every action of Equitas. Equitas had started lending at 25.5% in 2007 (at a time when the other MFI rates were in the high thirties) and after 4 years, Reserve Bank of India capped the lending rate for MFIs in India at 26%! The Equitas Ecosystem Model is designed to support the well-being of our clients by providing financial and non financial services with a clear focus to address a large spectrum of their requirements in the field of health, education, skill development, food security during emergencies, placement for unemployed youth and many more.”
Equitas is an NBFC MFI with headquarters at Chennai, India, and operations in eight states, namely Tamil Nadu, Pondy, Karnataka, Maharashtra, Gujarat, Rajasthan, Madhya Pradesh, and Chattisgarh. Equitas has about 2.8 million active borrowers as of 31st March, 2015. Along with financial services, Equitas is also promoting several non-financial services aiming at holistic development of their clients and their families.
Read Commitment Letter from Equitas.
The Microcredit Summit Campaign looks forward to welcoming our new partners to the global coalition and sharing their progress towards the Commitment achievement at the 18th Microcredit Summit. The Campaign’s 100 Million Project is building a movement among financial service stakeholders committed to helping to end extreme poverty through: public statements of commitment to action, expanding practices to reliably measure movement out of extreme poverty, and promoting innovations and best practices to accelerate movement out of poverty.
We invite you to join Equitas and…
Get Inspired. Set a Goal. Make a Commitment.
Join the movement to help 100 million families lift themselves out of extreme poverty:
- State your Campaign Commitment by filling out the Online Commitment Form or by contacting us at mycommitment[at]microcreditsummit.org
- Need inspiration or additional guidance in formulating your own Campaign Commitment? Refer to our Commitment Development Toolkit or look at all Campaign Commitments
- Be social with us on Facebook and Twitter (@MicroCredSummit) using the hashtag #Commit100M or #endextremepoverty