Public Disclosure Copy The World Bank Implementation Status & Results Report India: Scaling Up Sustainable and Responsible Microfinance (P119043) India: Scaling Up Sustainable and Responsible Microfinance (P119043) SOUTH ASIA | India | Financial and Private Sector Development Global Practice | IBRD/IDA | Financial Intermediary Loan | FY 2010 | Seq No: 9 | ARCHIVED on 11-Jun-2015 | ISR17996 | Implementing Agencies: SIDBI Key Dates Key Project Dates Board Approval date:01-Jun-2010 Effectiveness Date:18-Aug-2010 Planned Mid Term Review Date:31-Dec-2012 Actual Mid-Term Review Date:01-Apr-2013 Original Closing Date:30-Jun-2015 Revised Closing Date:30-Jun-2015 Project Development Objectives Project Development Objective (from Project Appraisal Document) The objective of the project is to scale up access to sustainable microfinance services to the financially excluded, particularly in under-served areas of India, through, among other things, introduction of innovative financial products and fostering transparencyand responsible finance. Has the Project Development Objective been changed since Board Approval of the Project Objective? No PHRPDODEL Components Name Scaling Up Funding Support for Microfinance Institutions:(Cost $292.75 M) Strengthening Responsible Finance:(Cost $3.75 M) Capacity Building and Monitoring Component:(Cost $3.50 M) Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO  Highly Satisfactory  Highly Satisfactory Overall Implementation Progress (IP)  Satisfactory  Satisfactory Overall Risk Rating  Low  Low 6/11/2015 Page 1 of 7 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report India: Scaling Up Sustainable and Responsible Microfinance (P119043) Implementation Status and Key Decisions Overall implementation progress is good. The IDA Credit of $100 million is disbursed completely and US$178.64 million from the US$200 million IBRD Loan has also been disbursed. This brings the total project disbursement rate to 92.88%. The balance funds are expected to be disbursed shortly. The Bank received a request from DEA for reallocation of US$ 5.90 million from Components II and III to Component I (2 percent of the total loan amount, 5.9 per cent of IDA credit) and has processed the disbursement claim (WA no 10)on the basis of the overdraw approval from Task team leader, without going through a formal category reallocation process. DEA has been intimated on this with a copy to SIDBI vide letter dated May 20, 2015. The extension will enable the project to be fully disbursed and permit the recently received additional financing request to be considered by the Board. 6/11/2015 Page 2 of 7 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report India: Scaling Up Sustainable and Responsible Microfinance (P119043) Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance  --  Moderate  Moderate Macroeconomic  --  Low  Low Sector Strategies and Policies  --  Moderate  Moderate Technical Design of Project or Program  --  Low  Low Institutional Capacity for Implementation and Sustainability  --  Low  Low Fiduciary  --  Low  Low Environment and Social  --  Low  Low Stakeholders  --  Low  Low Other  --  --  -- Overall  --  Low  Low Results Project Development Objective Indicators PHINDPDOTBL  Disbursements of loans by beneficiary MFIs to their clients relative to the amounts of financing borrowed from SIDBI (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 1.00 23.84 23.84 4.00 Date 31-Mar-2010 30-Sep-2014 31-Mar-2015 31-Mar-2015 PHINDPDOTBL  Percentage of project funding (debt) for clients in under-served areas (Number, Custom) 6/11/2015 Page 3 of 7 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report India: Scaling Up Sustainable and Responsible Microfinance (P119043) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 84.00 91.87 35.00 Date 31-Mar-2010 30-Sep-2014 31-Mar-2015 31-Mar-2015 PHINDPDOTBL  Percentage of portfolio managed by beneficiary MFIs with OSS of 100% (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 95.00 95.00 60.00 Date 31-Mar-2010 30-Sep-2014 30-Sep-2014 31-Mar-2015 PHINDPDOTBL  Percentage of beneficiary MFIs reporting to the information platform (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 95.00 95.00 75.00 Date 31-Mar-2010 30-Sep-2014 31-Mar-2015 31-Mar-2015 Overall Comments Intermediate Results Indicators PHINDIRITBL  Growth rate of outstanding funding (including senior debt, sub-debt, equity) of SIDBI to MFIs, relative to baseline [SIDBI level] (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -46.00 -46.00 50.00 Date 31-Mar-2010 31-Mar-2013 31-Mar-2013 31-Mar-2015 Comments Exogenous event in the form of AP crisis led to a contraction though portfolio is now growing and has now again regained healthy growth levels. In 2013-14 the portfolio growth was 50% 6/11/2015 Page 4 of 7 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report India: Scaling Up Sustainable and Responsible Microfinance (P119043) PHINDIRITBL  Percentage of beneficiary MFIs undertaking a CoCA Assessment (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 100.00 100.00 75.00 Date 31-Mar-2010 30-Sep-2014 31-Mar-2015 31-Mar-2015 PHINDIRITBL  Percentage of the portfolio managed by beneficiary MFIs with maximum PAR above 90 days under 5% (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 100.00 100.00 80.00 Date 31-Mar-2010 30-Sep-2014 31-Mar-2015 31-Mar-2015 PHINDIRITBL  Total active loan clients of beneficiary MFIs (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 16811199.00 19636955.00 4000000.00 Date 31-Mar-2010 30-Sep-2014 31-Mar-2015 31-Mar-2015 PHINDIRITBL  Volume of Bank Support: Lines of Credit - Microfinance (Amount(USD), Core) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 257.00 279.00 290.00 Date 31-Mar-2010 20-Nov-2014 31-Mar-2015 31-Mar-2015 6/11/2015 Page 5 of 7 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report India: Scaling Up Sustainable and Responsible Microfinance (P119043) PHINDIRITBL  Volume of Bank Support: Institutional Development - Microfinance (Amount(USD), Core) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.28 0.28 3.50 Date 31-Mar-2010 30-Sep-2014 31-Mar-2015 31-Mar-2015 Comments A reallocation from Components II and III to Component I was processed and disbursed according to SIDBI's request on the basis of the overdraw approval from Task team leader. Once the reallocation is formalized through the restructuring paper the end target will also be changed in the system. PHINDIRITBL  Volume of Bank Support: Enabling Environment - Microfinance (Amount(USD), Core) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.13 0.28 3.75 Date 31-Mar-2010 30-Sep-2014 31-Mar-2015 31-Mar-2015 Comments A reallocation from Components II and III to Component I was processed and disbursed on the basis of the overdraw approval from Task team leader. Once the reallocation is formalized through the restructuring paper the end target will also be changed in the system. Overall Comments Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed Disbursed P119043 IBRD-79230 Effective USD 200.00 200.00 0.00 178.64 21.36 89% P119043 IDA-47540 Effective USD 100.00 100.00 0.00 103.27 0.00 103% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P119043 IBRD-79230 Effective 01-Jun-2010 09-Jul-2010 18-Aug-2010 30-Jun-2015 30-Jun-2015 P119043 IDA-47540 Effective 01-Jun-2010 09-Jul-2010 18-Aug-2010 30-Jun-2015 30-Jun-2015 6/11/2015 Page 6 of 7 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report India: Scaling Up Sustainable and Responsible Microfinance (P119043) Cumulative Disbursements Restructuring History Level Approved on 26-Mar-2012 Related Project(s) P155601-Addl. Financing - Scaling Up Sustainable and Responsible Microfinance 6/11/2015 Page 7 of 7 Public Disclosure Copy