Some good news

via Microfinance Focus, about profits posted by Ujjivan Financial Services. The MFI has posted a profit this year and there are rewards going out all around. What makes me happy is this bit –

The annual interest rate for 1st cycle business loans is reduced to 23% from 25% and for repeat cycle business loan it is reduced to 22% from 24.5%. For 1st cycle family loans, the interest rate is reduced to 25% from 26.9% and for repeat cycle family loans it has come down to 24% from 26.9%.

The very impressive Managing Director of Ujjivan, Samit Ghosh, says –

“We have transformed from a start-up to a mature social enterprise in the year 2009-10. With maturity comes responsibilities and we hope we have delivered against these objectives to the satisfaction of all our stakeholders.”

and

“As a company committed to our social mission and double bottom line, it is our obligation to not only pass on the benefits of scaling up to our customers but to also share our profitability in servicing the poor”

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