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This is an archive article published on December 26, 2011

IFC buys stake in microlender Utkarsh

IFC said it has invested in microlender Utkarsh to diversify its product offerings.

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World Bank group member IFC today said it has invested in a start-up microlender Utkarsh to diversify its product offerings,develop processes and introduce a social audit system.

The IFC-supported project will initially focus on Uttar Pradesh and Bihar and Utkarsh aims to reach an estimated 250,000 women borrowers by June 2013,IFC said in a statement.

“We are helping Utkarsh strengthen internal systems and develop operational tools that can help them reach more clients in a sustainable manner,” said Jennifer Isern,who leads IFC’s access to finance work in South Asia.

The Varanasi,UP-headquartered Utkarsh has registered constant growth and attracted new investments in spite of the difficult days being faced by the microfinance sector for the past one year,the statement said.

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