Inspiring life

Social rating & Truelift

GFSPL gets a Social Rating of α- (alpha minus) as well as a Truelift Certification ofAchiever’ level by M-CRIL, and receives Smart Campaign certification award from the hands of Rural Development Minister Mr. Jairam Ramesh

26th December 2013

This year end has been quite eventful for GFSPL as after receiving Rs.50 Cr through non-convertible debentures (NCDs) from Triodos Investment Management, Netherlands and getting upgraded to mfR2 by CRISIL Ratings, in the same month Grameen Financial Services Private Limited’s (GFSPL) efforts were acknowledged by more of reputed rating companies.

GFSPL, popularly known as Grameen Koota, received a Social Rating of ‘α-’ (alpha minus) by M-CRIL, as recognition of its strong social commitment, good systems and adherence to social mission and values. As shared by M-CRIL, in the last 2 years only GFSPL has received α-’ rating in India and there is no other institution even globally which has received ‘α+’ so far.

“Grameen Koota continues to service the women from poor & low income households in a socially responsible and transparent manner. Success of our clients will be the success of Grameen Koota” stated Mr. Suresh Krishna, Managing Director of GFSPL.

As the triumph continues, in the month of December 2013 GFSPL was awarded with its Truelift Certification, again by M-CRIL, acknowledging it at ‘Achiever level’ out of the four Truelift milestones, for its commitment to pro-poor microfinance practices. True lift through this certification not only recognized the efforts made by GFSPL to put welfare of clients at the centre of microfinance but also demonstrated that the institution is responsible, effective and committed towards bringing about total financial inclusion to promote inclusive growth and poverty alleviation. M-CRIL conducted the True lift Assessment using the tool developed by True Lift to form an opinion of an MFI’s performance.

Speaking on this achievement delighted Chairperson of GFSPL, Mrs Vinatha M Reddy, expressed, “The past one month has been quite overwhelming as GFSPL has received so many recognitions for its various services catering to a wide range of vulnerable segments of our society. This certification recognizes the contributions our organization makes towards financial inclusion. This wouldn’t have been possible without the consistent guidance from our Board members and persistent efforts of our staff members, so the credit goes to them.”

jairamIn the same month, Mr. Suresh Krishna, MD, GFSPL and Mr. Udaya Kumar, CEO, GFSPL were honoured with the Smart Campaign certification award which was handed over by our Rural Development Minister Mr. Jairam Ramesh, at an event hosted by the Smart Campaign in Delhi which included a panel discussion on the significance and importance for client protection titled, "Client Protection for Financial Inclusion: The Way Forward in India".

About Grameen Financial Services Private Limited:

Grameen Financial Services Private Limited (GFSPL), popularly known as Grameen Koota (GK), is a Microfinance Institution which serves around 4.42 Lakh members with the support from 1444 employees working in 161 branches spread across Karnataka, Maharashtra and Tamil Nadu. As of 30th November 2013, the portfolio outstanding of Grameen Koota stood at Rs 52,197 Lakhs. Grameen Koota, one of the 6 financial institutions in world and one of the 3 MFI’s in India to have been honoured by Smart Campaign for having met all the client protection principles, has over 14 years of micro-lending experience in working with Joint Liability Groups formed exclusively of women belonging to poor and low income households by providing them with its diverse financial and developmental services that caters to life-cycle needs which includes products for Income Generation and access to Water, Sanitation, Education, Health Care, Energy Efficient Cook Stove etc.

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About Truelift:

With the growth of microfinance sector, the focus has been increasingly on achieving scale of operations and financial performance. Truelift (rebranded from the pro-poor Seal of Excellence) is a global initiative to renew focus on the pro-poor objective of microfinance.

It is a trust mark in microfinance and beyond to signify commitment to positive and enduring change for people living in poverty. It focuses on the outcomes for the people living in poverty to build their own pathways toward improved living conditions with the right financial and other services. The mark will accomplish this through benchmarking and sharing effective best practices and promoting a learning community among all stakeholders – differentiating those that are truly acting in the service of those living in poverty from other microfinance providers. The Truelift mark recognizes effectively pro-poor MFIs and substantiates the work of those MFIs able to provide evidence of significant outreach and positive outcomes for people living in poverty, attracting social impact investors and donors seeking to meet poverty reduction goals.

About M-CRIL:

M-CRIL is a global leader in the financial rating of microfinance institutions and in sectorial advisory services. They aim to have a stimulated sector growth and depth of outreach and impact of initiatives for financial inclusion on a worldwide basis. They provide insightful assessments backed by a uniquely detailed knowledge and understanding of best practices, methodologies and tools.

M-CRIL has played a pioneering global role to develop a systematic methodology for social rating. This has been a significant step as part of M-CRIL’s commitment to support the microfinance sector, reflecting the social values associated with microfinance operations and investment, and providing a robust and relatively quick means to define and report on social performance.

For Further Details on the news please contact,
Ms. Rashmi Kulkarni, Deputy Communications Manager, GFSPL - 8884055500

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