Reliance Capital Starts Microfinance Fund

Looks like the biggest of the big see profits in reaching out to the smallest of the small. Anil Ambani’s Reliance Capital announced the formation of a microfinance fund that will target the rural poor. Microcapital.org writes that

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 will be run by Ambani’s wife, Tina.

“Our vision is to provide access to finance at the grassroots 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,” Ms. Tina Ambani told reporters.