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By Nimal A. Fernando

The target of this document is to facilitate the certainty of the method, implications, and method of commercialization one of the stakeholders in microfinance in Sri Lanka. This examine considers commercialization of microfinance at either micro and macro degrees and analyzes the growth towards commercialization made so far in Sri Lanka's microfinance undefined. additionally explored are the remainder demanding situations and implications for numerous sorts of stakeholders, together with microfinance consumers, practitioners, govt officers, and investment organisations.

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Additional info for Commercialization of Microfinance: Sri Lanka (Commercialization of Microfinance series)

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6) SEEDS data are based on self-reported estimates for number and outstanding microcredit as of 30 June 2001. 7) Janashakthi (Women’s Development Foundation) data are based on total 2000 disbursement figures and self-reported average microcredit loan size of SLRs4,854 as of 31 July 2001. 12 PROGRESS TOWARD MICROFINANCE COMMERCIALIZATION other agencies, such as the NDTF, but most cooperative loans are made from savings. Loans to clients provided by the federation at the district level range from SLRs5,000 to SLRs100,000 ($56–1,111).

However, practitioners noted that the Government had also waived loan repayments for small loans by state commercial banks and some loans under its microfinance programs from time to time. The Farmer’s Relief Scheme, introduced by the Government in 1994, had its termination date extended by 6 months from June 1999 to December 1999, and participatory credit institutions were requested to submit their claims on or before 31 March 2000. Under the scheme, banks write-off 25% of the loans on which farmers have defaulted, including both the principal and accumulated interest.

Under the Banking Act and the Finance Companies Act of 1988, an institution must be licensed as a bank or a finance company to collect deposits. This applies to all deposits, whether from members or nonmembers, and includes compulsory savings that may be a precondition for obtaining microcredit. In practice, the prohibition on savings mobilization has generally not been enforced. Indeed, major government programs, such as the NDTF and the Small Farmers and Landless Credit Project, have required microfinance NGOs borrowing from them to establish savings programs.

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