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.”
In 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”.