BHARTIYA Micro Credit (“BMC”) is a microfinance company registered & licensed as Non-Profit Making Company (Non-Deposit taking) under section 25 of the Companies Act, 1956 and is exempted from the provisions of Chapter III B of the RBI Act, 1934. As per the new Companies Act, 2013, Section 25 has now become Section 8.
Bhartiya Micro Credit or BMC aims at providing financial assistance to the poor from rural and semi-urban families to strengthen their roles in society. A family is an important institution in Indian society. Just like a potter shapes the clay into a desired pot model, a woman is entrusted to shape the future of her family. She is considered as one of the pillars. BMC believes in strengthening the role of a woman in her family by providing various means of livelihood and assistance she would need in establishing herself as a micro-entrepreneur. Thus, strengthening her role in the society as a whole.
Main focus of the organization is to enhance the income of households and empower the role of women in society. It is important to mention here that income of the households has increased to a certain extent and most of the clients are now entitled for second cycle of loan, therefore, the average loan size will improve by about 30%. However, there is a large portion of the population who are yet to be covered under financial inclusion, leaving much scope to expand our operations. The loan amount is utilized for various income-generating activities like small shop, small trade, animal husbandry, pedal rickshaw, e-rickshaw, etc.
As an organization dedicated to the socio-economic development of rural and semi-urban communities, we facilitate additional services to our clients through alliances with other organizations in various areas like health, education and vocational training.
The poor people are often involved in daily wage labor. They have almost nil assets or savings to fall back on during crisis. Either a person wants an access to capital during emergency or wants to start small business, he or she has to depend on the village money lenders who charge high interest rates; the interests charged is as high as 5-10% in a month. BMC specifically targets the women members of such families who are engaged in some income-generating activity, as well as poor housewives who are not currently working but who show interest and take initiative in joining the vocational program and start a small activity on their own. It is BMC’s belief that financially empowering all the adult members of a family will make a significant contribution to their socio-economic development.
We, at BMC, provide insurance products by collaborating with insurance companies to assist in asset development, as well as a complementary loan product is provided for special emergencies. We also provide social security to our clients. We ensure that our clients, who are enrolled with any of our income-generating activities, get the benefits of Government schemes like Pradhan Mantri Jeevan Jyoti Bima Yojana, Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jan Dhan Yojana, Atal Pension Yojana and Beti Bachao Beti Padhao Yojana.
BMC, initially, provided financial services to poor from rural and semi-urban families in Central and Eastern Uttar Pradesh and Uttarakhand. Now, we have expanded our activities in Delhi NCR, Madhya Pradesh, Maharashtra, Bihar and Andaman & Nicobar Islands, and intend to spread our wings pan India in near future. Presently, BMC is operating through 64 branches in microfinance sector.
BMC was established on January 17, 2008. Within a short span of time, the organisation has proved its strength by making a place for itself within top emerging MFIs in India.