ICICI Bank to support capacity building in micro finance

ICICI Bank recently introduced Financial Information Network and Operations Limited [FINO] to the Sri Lankan market, to provide cutting edge, smart card based multi functional / application solutions, to the unbanked, who are primarily located in rural and semi urban areas.

FINO operations are based on a chip card and bio metrics and are able to work on a range of applications including health, weather, vehicles, equipments and life insurance products for the rural population.

Continuing their efforts to impart knowledge on Micro Finance, ICICI Bank conducted a knowledge sharing programme with the Sri Lanka Micro Finance Institutions, members of the Lanka Micro Finance Network [LMFN] recently, where over 75 MFIs were present.

The event was organised by LMFN and hosted by ICICI Bank with the Head of Micro Finance ICICI Bank India, T. Krishna Prasad, as the keynote speaker.

Amongst the topics discussed by Prasad were the history of MFI in India, the present situation of the MFI market, factors behind the success story of MFIs in India, policy environment for MFIs and government support, different products for MFIs, performance standards and performance monitoring systems for MFIs, capacity building for MFIs, mobilisation of resources and how can a bank help MFIs.

In addition to Prasad, ICICI Bank's Sri Lanka Country Head, Prem Kumar Thampi addressed the gathering, while Deputy Country Head Romesh Elapatha and Senior Manager Mid Sized Businesses, SME and Micro Finance Sampath De Silva, were also present.

"It has been noticed that there is a substantial demand for micro credit in the country through the active participation of MFIs" said Thampi. He said that they may also enlist the technology support of FINO when they launch the credit programme for MFIs in Sri Lanka.

FINO's main technology/business partners include global leaders IBM, HP, and Oracle, as well as Indian multinationals such as I-flex Technologies and Financial Solutions and Services Ltd. FINO has developed a common sectoral platform using biometric enabled hybrid smart card and fixed [stationery] / mobile [hand held] Point Of Transaction (POT) devices.

FINO's solutions are comprehensive and encompass three main components, namely the core banking system component, the distribution component and the credit bureau component.