Reliance ADAG launches microfin initiative

Reliance Capital, the financial services arm of Reliance Anil Dhirubhai Ambani Group (Reliance ADAG), launched its microfinance initiative today.

Reliance Capital is joining hands with two Gujarat-based microfinance institutions - MAS Financial Services and Vardan Trust - as part of its initiative to enhance penetration of microfinance in the country.

The initiative was launched by group chairman Anil Ambani's wife Tina Ambani who handed over the cheques.

Reliance Capital is planning to fund MFIs in Gujarat and Maharashtra in the first phase, and subsequently have a national presence.

Tina Ambani said: "Our vision is to provide access to finance at the grassroot level by partnering with MFIs serving the rural and semi-urban areas. This initiative is in line with the group's commitment to play a serious role in bringing value to the lives of the underprivileged and the aged in India."