The Central Government signed two contracts with the World Bank last Friday by which the World Bank has agreed to lend $407 million to improvise on India's microfinance services in un-banked areas and its quality statistics.

Of the $407 million, $300 million is for improvising the sustainable microfinance services in un-banked areas, and the remaining $107 million for bettering the quality of India's statistics.

The sustainable microfinance project's aim is to increase access to sustainable microfinance services in un-banked areas, by introducing new and innovative financial products and creating a responsible finance.

The World Bank's International Development Association has credited $100 million, and $200 million has been lent by the International Bank for Reconstruction and Development. The second project, of increasing the quality of Indian statistics, will be brought about through statistical reforms in.

The main reform policies are- first, to increase the strength of the leadership institutions and the national statistical system's coordination; second, to improvise on the Central Government's support, along with that of the Ministry of Statistics and Programme Implementation for bettering the country's statistical systems; third, to make strong the performance of the statistical systems, and finally to increase the quality and coverage etc. of the states' statistics.