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2006

January
bullet Conceived idea of initiating a professional livelihood development institution, started planning for the same

December

bullet Foundation meeting held (on 10th December)
bullet Registered under Karnataka Societies Registration Act of 1960 (on 27th December 2006)

2007

January
bullet Established our Base Office in Bidar and recruited Branch Office Staff
bullet Opened first Branch Office in Bidar town

February

bullet First batch of staff joined on 1st February.
bullet Training, area survey, projection meeting started

March
bullet Exposure to operations of Saadhana Microfin Society and training
bullet First ever loan borrowing (by Saadhana Innovative Financial Products & Services Ltd., the then Sai Vachan Securities Ltd.)
bullet First ever loan disbursement made (on 30th March 2007)
bullet Membership in Sa-Dhan, an association of community development microfinance institutions.

July
bullet First loan by any private sector international bank. Sanction of INR 5.00 millions by ABN Amro Bank N.V.

September
bullet Reached 1000 members (on 11th September)
bullet First loan sanction by FWWB-India
bullet Launched website of Nirantara (www.nirantara.org)
bullet Started monthly newsletter, Nirantara News

November
bullet CEO visited operations of Grameen Bank, Bangladesh

December
bullet Crossed 2000 members
bullet Achieved INR 10.00 million in portfolio outstanding

2008

February

bullet First ever rating process (by CRISIL commissioned by SIDBI)

March
bullet First loan by any public sector nationalized bank. Sanction of INR 2.50 millions by Indian Overseas Bank
bullet Crossed INR 25.00 million cumulative disbursements and achieved INR 15.00 million in portfolio outstanding.
bullet Also crossed 3000 active clients figure
bullet Achieved OSS of over 100% for the first time and closed financial year with income over expenditure

 
 

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