The 10 Most Trusted Non-Banking Financial Companies to Watch in 2019_compressed
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<strong>The</strong> <strong>10</strong> <strong>Most</strong> <strong>Trusted</strong> <strong>Non</strong>-<strong>Bank<strong>in</strong>g</strong> <strong>F<strong>in</strong>ancial</strong> <strong>Companies</strong> <strong>to</strong> <strong>Watch</strong> <strong>in</strong> <strong>2019</strong><br />
www.<strong>in</strong>sightssuccess.<strong>in</strong><br />
VOL 8<br />
August-<strong>2019</strong><br />
ISSUE 8<br />
Mr. Nirmal Ja<strong>in</strong><br />
Founder<br />
Mr. Sumit Bali<br />
CEO<br />
IIFL FINANCE<br />
ENSURING NO COMPROMISES IN LIFE
From the<br />
Edi<strong>to</strong>r<br />
n an economically develop<strong>in</strong>g country like India, NBFCs<br />
Iare rapidly grow<strong>in</strong>g their loan books by provid<strong>in</strong>g f<strong>in</strong>ance<br />
<strong>to</strong> micro, small and medium-sized enterprises. <strong>Non</strong>-<br />
<strong>Bank<strong>in</strong>g</strong> <strong>F<strong>in</strong>ancial</strong> companies are play<strong>in</strong>g a vital role <strong>in</strong> the<br />
na on, provid<strong>in</strong>g a fillip <strong>to</strong> transporta on, employment<br />
genera on, wealth crea on, bank credit <strong>in</strong> rural segments<br />
and f<strong>in</strong>ancially weaker sec ons of the society.<br />
NBFCs: Fuell<strong>in</strong>g<br />
Growth of Indian<br />
Micro Bus<strong>in</strong>esses<br />
In the present economic system of India, <strong>Non</strong>-bank<strong>in</strong>g<br />
f<strong>in</strong>ancial <strong>in</strong>s tutes can play a vital role <strong>in</strong> enabl<strong>in</strong>g<br />
entrepreneurs <strong>to</strong> realize their strengths. Access <strong>to</strong> credit is a<br />
key fac<strong>to</strong>r <strong>in</strong> empower<strong>in</strong>g economically backsword<br />
entrepreneurs. <strong>The</strong> latent credit demand of an emerg<strong>in</strong>g<br />
India will allow <strong>Non</strong>-bak<strong>in</strong>g f<strong>in</strong>ance companies <strong>to</strong> fill the gap,<br />
especially where tradi onal banks have been the way <strong>to</strong><br />
serve. Today, the MSME sec<strong>to</strong>r is looked upon as the next<br />
driver of the new Indian Success s<strong>to</strong>ry. <strong>Non</strong>-bank<strong>in</strong>g f<strong>in</strong>ancial<br />
<strong>in</strong>s tutes are ac ng as a catalyst <strong>in</strong> the growth of this sec<strong>to</strong>r.<br />
Provid<strong>in</strong>g bus<strong>in</strong>ess credit, help<strong>in</strong>g the unbanked and<br />
undocumented strata, disrup ng status quo are some the<br />
way <strong>in</strong> which NBFCs are serv<strong>in</strong>g the entrepreneurs of India.<br />
<strong>The</strong> Indian MSME sec<strong>to</strong>r is grow<strong>in</strong>g at an amaz<strong>in</strong>g pace and<br />
government <strong>in</strong>i a ves such as Make <strong>in</strong> India, Skill India, and<br />
digital India have helped this sec<strong>to</strong>r <strong>to</strong> reach heights.<br />
Today, NFBCs have punched above their weight and<br />
expanded overall credit market <strong>in</strong> India. Now, the key<br />
expecta on from the government of India is <strong>to</strong> create a<br />
stable policy environment which can facilitate the long term<br />
growth of the NBFC sec<strong>to</strong>r.<br />
Abhijeet kakade<br />
Abhijeet kakade
Edi<strong>to</strong>r-<strong>in</strong>-Chief Pooja M. Bansal<br />
Manag<strong>in</strong>g Edi<strong>to</strong>r Devasish Kanojiya<br />
Executive Edi<strong>to</strong>r<br />
Abhijeet Kakade<br />
Art & Design Head Amol Kamble<br />
Associate Designer Poonam Mahajan<br />
Art & Picture Edi<strong>to</strong>r Rahul Kavnekar<br />
Co-designer<br />
Sapana Sh<strong>in</strong>de<br />
Bus<strong>in</strong>ess Development Lead Ashw<strong>in</strong>i Pahurkar<br />
Bus<strong>in</strong>ess Development Executive Asif Patel<br />
Technical Specialist<br />
Amar, Pratiksha<br />
Digital Market<strong>in</strong>g Manager Prashant Chevale<br />
SME-SMO Executives Manoj, Ketki<br />
Circulation Manager<br />
Tanaji<br />
sales@<strong>in</strong>sightssuccess.com<br />
August, <strong>2019</strong><br />
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RNI NUMBER: MAHENG/2018/75953
Cover S<strong>to</strong>ry<br />
IIFL<br />
FINANCE<br />
Ensur<strong>in</strong>g No Compromises <strong>in</strong> Life<br />
08<br />
16<br />
Interview with<br />
Insights Success<br />
Moneycontrol<br />
A Pioneer <strong>in</strong> Digital <strong>F<strong>in</strong>ancial</strong> Services<br />
24<br />
CXO<br />
Security Insights<br />
How Secure are Instant Loan Portals<br />
Through the Professional’s Eye<br />
NRIs Seek<strong>in</strong>g Home Loans <strong>in</strong> India - A Checklist<br />
32
C O N T E N T S<br />
22<br />
Adhikar Micronance<br />
Uplift<strong>in</strong>g the life of Underprivileged People<br />
28<br />
Fusion Micronance<br />
A Decade-Old Voyage <strong>in</strong> Women Empowerment<br />
30<br />
Kudos F<strong>in</strong>ance<br />
Fund<strong>in</strong>g Ideas, Empower<strong>in</strong>g Idea<strong>to</strong>rs<br />
36<br />
Night<strong>in</strong>gale<br />
Transform<strong>in</strong>g the Lives of Underprivileged<br />
38<br />
Piramal Capital & Hous<strong>in</strong>g F<strong>in</strong>ance<br />
F<strong>in</strong>anc<strong>in</strong>g Your Dreams of Growth
NBFCs Streaml<strong>in</strong><strong>in</strong>g F<strong>in</strong>ance<br />
for Everyone<br />
on-bank<strong>in</strong>g f<strong>in</strong>ance companies are play<strong>in</strong>g crucial role <strong>in</strong> development of Economy. With each pass<strong>in</strong>g day,<br />
Nthe nation is realiz<strong>in</strong>g the importance of NBFC <strong>in</strong>stitutes and what can be a better way than recogniz<strong>in</strong>g the<br />
<strong>in</strong>dustry leaders who are contribut<strong>in</strong>g dist<strong>in</strong>ctively <strong>in</strong> transform<strong>in</strong>g the lives of its beneficiaries?<br />
In this edition, we <strong>in</strong>troduce “<strong>The</strong> <strong>10</strong> <strong>Most</strong> <strong>Trusted</strong> <strong>Non</strong> <strong>Bank<strong>in</strong>g</strong> <strong>F<strong>in</strong>ancial</strong> <strong>Companies</strong> To <strong>Watch</strong> In <strong>2019</strong>”, <strong>in</strong><br />
order <strong>to</strong> assist bus<strong>in</strong>esses <strong>to</strong> choose the right companies. Assess<strong>in</strong>g the scenario <strong>in</strong> versatile perceptions, our<br />
magaz<strong>in</strong>e has brought light on<strong>to</strong> the companies, who are provid<strong>in</strong>g excellent products and solutions <strong>to</strong> its clients.<br />
This list showcases the best <strong>Non</strong>-bank<strong>in</strong>g f<strong>in</strong>ance companies that are bench-mark<strong>in</strong>g their presence <strong>in</strong> this sec<strong>to</strong>r.<br />
In this issue, we have featured India Infol<strong>in</strong>e F<strong>in</strong>ance Limited as the cover s<strong>to</strong>ry. It is a subsidiary of IIFL<br />
Hold<strong>in</strong>gs Limited, India Infol<strong>in</strong>e F<strong>in</strong>ance Ltd.(IIFL F<strong>in</strong>ance) is one of the lead<strong>in</strong>g non-bank<strong>in</strong>g f<strong>in</strong>ance <strong>in</strong> the nation.<br />
Adhikar Microf<strong>in</strong>ance is one of the lead<strong>in</strong>g Microf<strong>in</strong>ance Institutes <strong>in</strong> India serv<strong>in</strong>g the needs of underprivileged<br />
segment of the society. Fusion Microf<strong>in</strong>ance Pvt. Ltd is India’s one of the lead<strong>in</strong>g microf<strong>in</strong>ance company. Kudos<br />
F<strong>in</strong>ance and Investments Pvt. Ltd. is a NBFC formed with a goal <strong>to</strong> help f<strong>in</strong>ance small-scale urban bus<strong>in</strong>esses<br />
through the medium of unsecured loans. Night<strong>in</strong>gale F<strong>in</strong>vest Private Limited (NFPL) provides micro credit<br />
services <strong>to</strong> its clients. Piramal Capital & Hous<strong>in</strong>g F<strong>in</strong>ance Limited (PCHFL) provides hous<strong>in</strong>g f<strong>in</strong>ance and<br />
other f<strong>in</strong>anc<strong>in</strong>g solutions across the entire capital stack.<br />
We also have Moneycontrol as <strong>in</strong>terview with <strong>in</strong>sights success. It is pioneer <strong>in</strong> a digital f<strong>in</strong>ance services.<br />
We have <strong>in</strong>cluded articles like Entrepreneurship – How Secure are Instant Loan Portals written by Akshay<br />
Mehrotra is the Co-founder and CEO of EarlySalary, India's largest consumer lend<strong>in</strong>g application and NRIs<br />
Seek<strong>in</strong>g Home Loans <strong>in</strong> India Written by Shajai Jacob is CEO of Anarock property consultants.<br />
It's time <strong>to</strong> flip the pages and get <strong>to</strong> know about <strong>in</strong>dustry movers with a read<strong>in</strong>g pleasure!
IIFL<br />
FINANCE<br />
Ensur<strong>in</strong>g No Compromises <strong>in</strong> Life<br />
At IIFL we<br />
love disruptive<br />
<strong>in</strong>novations
Asubsidiary of IIFL Hold<strong>in</strong>gs Limited, India<br />
Infol<strong>in</strong>e F<strong>in</strong>ance Ltd. (IIFL F<strong>in</strong>ance) is a<br />
systemically important non-deposit accept<strong>in</strong>g<br />
non-bank<strong>in</strong>g f<strong>in</strong>ance company. It is one of the largest and<br />
most diversified non-bank<strong>in</strong>g f<strong>in</strong>ance companies <strong>in</strong> India.<br />
<strong>The</strong> IIFL Group was founded over two decades ago. <strong>The</strong><br />
NBFC arm was <strong>in</strong>itially <strong>in</strong>corporated <strong>in</strong> the year 2004 as<br />
India Infol<strong>in</strong>e Investment Services Private Limited and<br />
converted <strong>in</strong><strong>to</strong> a Public Limited Company <strong>in</strong> the year<br />
2007. Now, it is known as India Infol<strong>in</strong>e F<strong>in</strong>ance or IIFL<br />
F<strong>in</strong>ance.<br />
In terms of share of bus<strong>in</strong>ess and profitability, IIFL<br />
F<strong>in</strong>ance is the largest entity <strong>in</strong> the IIFL Group. It will be<br />
soon listed as a separate entity on the exchanges as part of<br />
the Scheme of Reorganization of the IIFL Group.<br />
<strong>The</strong> Absolute IIFL F<strong>in</strong>ance<br />
IIFL F<strong>in</strong>ance is engaged <strong>in</strong> the bus<strong>in</strong>ess of home loans,<br />
loans aga<strong>in</strong>st property, gold loans, SME f<strong>in</strong>ance, capital<br />
market f<strong>in</strong>ance and microf<strong>in</strong>ance loans. It offers smallticket<br />
loan products <strong>to</strong> retail borrowers, delivered through<br />
a pan India branch network. IIFL F<strong>in</strong>ance has over 1,900<br />
branches and digital channels. <strong>The</strong> company had loan<br />
Assets Under Management (AUM) <strong>in</strong> excess of Rs.<br />
34,904 crores at the end of March <strong>2019</strong>. <strong>The</strong> capital<br />
adequacy ratio near twenty per cent is well above the<br />
m<strong>in</strong>imum requirement. About eighty-five per cent of its<br />
loans are retail <strong>in</strong> nature and close <strong>to</strong> fifty per cent is<br />
priority sec<strong>to</strong>r lend<strong>in</strong>g compliant. IIFL F<strong>in</strong>ance has a<br />
long-term credit rat<strong>in</strong>g of AA (Stable) by Crisil, AA<br />
(Stable) by ICRA and AA (Positive) by CARE.<br />
<strong>The</strong> parent, IIFL Group has a cus<strong>to</strong>mer base of over four<br />
million across eight countries. <strong>The</strong> NBFC operation has<br />
branches mostly <strong>in</strong> smaller <strong>to</strong>wns and rural locations. <strong>The</strong><br />
wealth bus<strong>in</strong>ess manages and advises about Rs. 170,000<br />
crores of assets. IIFL Institutional Equities caters <strong>to</strong> over<br />
400 global funds.<br />
Over the years, IIFL forayed <strong>in</strong><strong>to</strong> life <strong>in</strong>surance & mutual<br />
fund distribution, <strong>in</strong>stitutional equities bus<strong>in</strong>ess, consumer<br />
f<strong>in</strong>ance bus<strong>in</strong>ess and wealth management bus<strong>in</strong>esses. IIFL<br />
also expanded globally and has regulated subsidiaries <strong>in</strong><br />
eight major global f<strong>in</strong>ancial centers.<br />
Leader <strong>in</strong> digital f<strong>in</strong>ance<br />
We are liv<strong>in</strong>g <strong>in</strong> an era where digitalization is<br />
revolutioniz<strong>in</strong>g f<strong>in</strong>ance space <strong>in</strong> an amaz<strong>in</strong>g way.<br />
Digitalization is core <strong>to</strong> IIFL F<strong>in</strong>ance’s way of work<strong>in</strong>g.<br />
<strong>The</strong> company offers end-<strong>to</strong>-end cus<strong>to</strong>mer journey on<br />
digital platform. <strong>The</strong> loan orig<strong>in</strong>ation happens through its<br />
<strong>in</strong>-house app on a tablet followed by underwrit<strong>in</strong>g<br />
processes, which also heavily use digital <strong>to</strong>ols, thereby<br />
au<strong>to</strong>mat<strong>in</strong>g the decision mak<strong>in</strong>g and reduc<strong>in</strong>g human<br />
<strong>in</strong>teraction. Be<strong>in</strong>g an <strong>in</strong>nova<strong>to</strong>r and early adopter of<br />
digital transformation, IIFL F<strong>in</strong>ance is able <strong>to</strong> offer a 22<br />
m<strong>in</strong>ute end-<strong>to</strong>-end loan process<strong>in</strong>g turn-around time for<br />
gold loans. This is one of the fastest and most advanced<br />
loan experiences offered by any NBFC <strong>in</strong> India.<br />
All of its cus<strong>to</strong>mer <strong>to</strong>uch po<strong>in</strong>ts are digitally enabled<br />
br<strong>in</strong>g<strong>in</strong>g huge efficiencies <strong>to</strong> company’s bus<strong>in</strong>esses and<br />
help them provide frictionless services <strong>to</strong> cus<strong>to</strong>mers. A<br />
large part of company’s new cus<strong>to</strong>mer acquisition is<br />
through digital mode. It is also <strong>in</strong>troduc<strong>in</strong>g chatbots <strong>to</strong><br />
help its cus<strong>to</strong>mer service team <strong>to</strong> provide better<br />
experience <strong>to</strong> cus<strong>to</strong>mers. Also, IIFL is <strong>in</strong>vest<strong>in</strong>g <strong>in</strong><strong>to</strong><br />
robotic process au<strong>to</strong>mation <strong>to</strong> digitize legacy systems and<br />
processes. <strong>The</strong> company’s digital analytics team uses<br />
mach<strong>in</strong>e learn<strong>in</strong>g models <strong>to</strong> design credit policy decisions<br />
accurately. It also helps <strong>to</strong> reduce risk by provid<strong>in</strong>g early<br />
warn<strong>in</strong>g on possible del<strong>in</strong>quencies.<br />
In addition, the company has partnered with some of<br />
India’s most <strong>in</strong>novative f<strong>in</strong>-tech companies and leverage<br />
their expertise <strong>to</strong> provide best-<strong>in</strong>-class cus<strong>to</strong>mer<br />
experience and meet expectations of the millennial<br />
cus<strong>to</strong>mers, who prefer do-it-yourself mode of loan<br />
process<strong>in</strong>g.<br />
About the CEO<br />
Sumit Bali, the CEO and Executive Direc<strong>to</strong>r of IIFL<br />
F<strong>in</strong>ance, is a seasoned banker carry<strong>in</strong>g vast experience <strong>in</strong><br />
the Indian corporate sec<strong>to</strong>r. He holds a PGDM from IIM<br />
Ahmedabad and B.A (Hon) from St. Stephen’s College,<br />
New Delhi. Prior <strong>to</strong> his current role, Sumit has spent over<br />
two decades with the Kotak Group. His last position at<br />
Kotak Mah<strong>in</strong>dra Bank was of Senior Executive Vice<br />
President, oversee<strong>in</strong>g consumer bank<strong>in</strong>g retail asset<br />
products <strong>in</strong>clud<strong>in</strong>g home loans, loan aga<strong>in</strong>st property,<br />
credit cards, salaried personnel loans, and SME loans.<br />
Previously, he also held the position of CEO of Kotak
Mah<strong>in</strong>dra Prime Ltd. (KMPL) and also was a Direc<strong>to</strong>r on<br />
KMPL’s Board. He began his career with Glaxo India<br />
Limited <strong>in</strong> the year 1990 and has also worked with Asian<br />
Pa<strong>in</strong>ts (I) Ltd.<br />
<strong>The</strong> Legendary Founder<br />
Nirmal Ja<strong>in</strong> is the Founder and Chairman of IIFL<br />
Group. He is a first generation entrepreneur, who is<br />
credited with build<strong>in</strong>g one of the largest f<strong>in</strong>ancial services<br />
groups <strong>in</strong> India <strong>in</strong> just about two decades. He is a PGDM<br />
(Post Graduate Diploma <strong>in</strong> Management) from IIM,<br />
Ahmedabad, a rank holder Chartered Accountant, and a<br />
Cost Accountant.<br />
Nirmal Ja<strong>in</strong> began his career <strong>in</strong> the year 1989 with<br />
H<strong>in</strong>dustan Lever Limited (HUL), the Indian arm of<br />
Unilever. After a few years, <strong>in</strong> the year 1995, he founded<br />
his own equity research company, which is <strong>to</strong>day known<br />
as India Infol<strong>in</strong>e or IIFL Group. <strong>The</strong> company's<br />
pioneer<strong>in</strong>g work <strong>in</strong> equity research had set new standards.<br />
Further, <strong>in</strong> the year 1999, he launched the website<br />
www.<strong>in</strong>dia<strong>in</strong>fol<strong>in</strong>e.com where he made available his<br />
research free on the Internet. F<strong>in</strong>ally, <strong>in</strong> the year 2000, the<br />
company forayed <strong>in</strong><strong>to</strong> the transaction space, with the<br />
launch of the onl<strong>in</strong>e trad<strong>in</strong>g portal. Under his leadership,<br />
the company started diversify<strong>in</strong>g the bus<strong>in</strong>ess model by<br />
add<strong>in</strong>g multiple bus<strong>in</strong>ess streams while rema<strong>in</strong><strong>in</strong>g focused<br />
on the core doma<strong>in</strong> of f<strong>in</strong>ancial services.<br />
Under Nirmal Ja<strong>in</strong>’s visionary direction, <strong>to</strong>day IIFL is one<br />
of the largest f<strong>in</strong>ancial services firms <strong>in</strong> India backed by<br />
marquee global <strong>in</strong>ves<strong>to</strong>rs like Fairfax Group, private<br />
equity major General Atlantic, and the UK government’s<br />
private equity fund - CDC Group.<br />
Nirmal Ja<strong>in</strong> has successfully steered IIFL <strong>to</strong> reach the<br />
epi<strong>to</strong>me of success and stands amongst India's lead<strong>in</strong>g<br />
f<strong>in</strong>ancial services groups.<br />
NBFC is Important!<br />
<strong>The</strong> profound team at IIFL has shared their views on<br />
NBFC as follows. In FY18, NBFCs accounted for more<br />
than a third of <strong>in</strong>cremental credit. Broadly, PSU banks,<br />
private, banks and NBFCs have an equal share <strong>in</strong><br />
<strong>in</strong>cremental credit. More importantly, most NBFCs do not<br />
fund large projects or <strong>in</strong>dustrial houses, so their relative<br />
share <strong>in</strong> consumer and small bus<strong>in</strong>ess f<strong>in</strong>ance is even<br />
greater. As per estimates of a rat<strong>in</strong>g agency, NBFCs
One of India's<br />
most diversied<br />
NBFCs<br />
accounted for 44 per cent of the <strong>to</strong>tal credit <strong>to</strong> retail and<br />
small bus<strong>in</strong>ess segments. <strong>The</strong>y have played a very<br />
important role <strong>in</strong> mak<strong>in</strong>g credit available <strong>to</strong> those who do<br />
not have access <strong>to</strong> formal credit. One can cite examples of<br />
excesses <strong>in</strong> any sec<strong>to</strong>r, but by and large flow of credit is<br />
essential <strong>to</strong> keep the momentum of growth. Even<br />
consumer credit helps <strong>in</strong> driv<strong>in</strong>g demand and thereby<br />
production and growth. In other words, the flow of credit<br />
<strong>to</strong> the bot<strong>to</strong>m of the pyramid, millions of people <strong>in</strong> the<br />
<strong>in</strong>formal sec<strong>to</strong>r, helps them produce more and consume<br />
more.<br />
IIFL F<strong>in</strong>ance’s focus on <strong>F<strong>in</strong>ancial</strong> Literacy and<br />
Environmental, Social and Governance (ESG)<br />
programs<br />
IIFL F<strong>in</strong>ance’s major clientele is from smaller locations<br />
and have been underserved <strong>in</strong> the f<strong>in</strong>ancial system.<br />
<strong>The</strong>refore, IIFL F<strong>in</strong>ance along with IIFL Foundation has<br />
set up f<strong>in</strong>ancial literacy centres across West Bengal,<br />
Jharkhand, Odisha, Assam, Meghalaya and Karnataka <strong>to</strong><br />
impart f<strong>in</strong>ancial literacy and is expand<strong>in</strong>g <strong>to</strong> more states.<br />
<strong>The</strong> f<strong>in</strong>ancial literacy centres not only educate them, but<br />
also handhold and <strong>in</strong>itiate them <strong>in</strong><strong>to</strong> the f<strong>in</strong>ancial system<br />
like open<strong>in</strong>g a bank account, understand<strong>in</strong>g government<br />
schemes beneficial for them, understand<strong>in</strong>g crucial<br />
f<strong>in</strong>ancial products like <strong>in</strong>surance, mutual funds etc and<br />
make f<strong>in</strong>ancially prudent.<br />
IIFL F<strong>in</strong>ance has so far reached more than <strong>10</strong>0,000 people<br />
and aims <strong>to</strong> reach over 200,000 people by end of 2020.<br />
Dr Sarika Kulkarni, CEO, IIFL Foundation said, “Be<strong>in</strong>g a<br />
f<strong>in</strong>ancial services company it is our moral obligation <strong>to</strong><br />
create a f<strong>in</strong>ancial literate community and help them break<br />
the vicious circle of poverty through f<strong>in</strong>ancial prudence.”<br />
In addition <strong>to</strong> f<strong>in</strong>ancial literacy, IIFL F<strong>in</strong>ance runs ‘IIFL<br />
Milan’, one of India’s largest Environmental, Social and<br />
Governance programs by a corporate. This is <strong>in</strong> l<strong>in</strong>e with<br />
IIFL's effort <strong>to</strong> be a part of the community and ensure that<br />
the community’s well be<strong>in</strong>g is taken care of <strong>in</strong> addition <strong>to</strong><br />
bus<strong>in</strong>ess relationships.<br />
Our effort is <strong>to</strong> provide<br />
nance <strong>to</strong> the underserved
Under IIFL Milan, <strong>10</strong>,<strong>10</strong>9 activities have so far been<br />
conducted, <strong>to</strong>uch<strong>in</strong>g 315,000 lives through varied themes.<br />
IIFL F<strong>in</strong>ance has also under taken one of India's largest<br />
girl child education <strong>in</strong>itiatives <strong>in</strong> Rajasthan, where it aims<br />
<strong>to</strong> help the every girl child study at least until class <strong>10</strong><br />
with<strong>in</strong> the next ten years. IIFL Foundation has set up<br />
‘Sakhiyon Ki Baadi’, unique community schools across<br />
Rajasthan, which facilitates education <strong>in</strong> <strong>in</strong>accessible<br />
locations as per the time convenience of the students <strong>in</strong><br />
dialogue with the local community.<br />
Notable Awards, Achievements, and Recognitions<br />
<strong>The</strong> Economic Times has listed IIFL among the <strong>to</strong>p five<br />
companies <strong>in</strong> India, on which <strong>in</strong>ves<strong>to</strong>rs trust. It has been<br />
ranked as one of the Forbes ‘India’s Super 50<br />
<strong>Companies</strong>’, a benchmark <strong>to</strong> identify Indian companies<br />
that exhibit high growth <strong>in</strong> profitability, sales and<br />
shareholder returns. IIFL is also among the ‘Outlook<br />
Bus<strong>in</strong>ess Outperformers’ - a prestigious list of eight<br />
companies which have beaten the Sensex over a<br />
five-year period. <strong>The</strong> M<strong>in</strong>t newspaper has recognized it<br />
among the seven f<strong>in</strong>ancial conglomerates <strong>in</strong> India. Also,<br />
IIFL has been recognized as ‘India’s <strong>Most</strong> <strong>Trusted</strong><br />
<strong>F<strong>in</strong>ancial</strong> Service Brand (<strong>Non</strong>-Bank)’ by the Brand Trust<br />
Report India Study. It has also received ‘India’s <strong>Most</strong><br />
Promis<strong>in</strong>g Brand' award at WCRC Global India<br />
Excellence Summit <strong>in</strong> London.<br />
Grow<strong>in</strong>g with the Ultimate Strategies<br />
In the last quarter of 2018, the company halved its<br />
commercial paper exposure, down from 24% <strong>to</strong> 12%. <strong>The</strong><br />
fund<strong>in</strong>g mix rema<strong>in</strong>s well diversified <strong>in</strong>clud<strong>in</strong>g term<br />
loans, securitization and direct assignments, ref<strong>in</strong>ance and<br />
non-convertible debentures. <strong>The</strong> company recently raised<br />
over Rs. 1<strong>10</strong>0 Cr via NCDs. <strong>The</strong> company is further <strong>in</strong><br />
discussions with other <strong>in</strong>stitutions for long-term fund<strong>in</strong>g<br />
agreements along with sanctioned undrawn credit l<strong>in</strong>es<br />
from banks. On the asset side, the loan book has a<br />
relatively short maturity pattern, with 25% of loans<br />
hav<strong>in</strong>g a maturity of less than six months and 39% of<br />
loans hav<strong>in</strong>g a maturity of less than 12 months. <strong>The</strong><br />
company has a positive asset-liability mismatch across all<br />
buckets and cont<strong>in</strong>ues <strong>to</strong> ma<strong>in</strong>ta<strong>in</strong> a comfortable liquidity<br />
position. IIFL F<strong>in</strong>ance has a long-term credit rat<strong>in</strong>g of AA<br />
(Stable) by Crisil, AA (Stable) by ICRA and AA (Positive)<br />
by CARE.<br />
<strong>The</strong> Future Vision<br />
As India is the world's fastest grow<strong>in</strong>g economy, the<br />
NBFC sec<strong>to</strong>r has huge scope for its growth. IIFL F<strong>in</strong>ance<br />
has a diversified product portfolio, caters <strong>to</strong> needs of a<br />
broad spectrum of cus<strong>to</strong>mers – salaried, self-employed,<br />
<strong>in</strong>formal sec<strong>to</strong>r, HNIs, and corporates.<br />
IIFL F<strong>in</strong>ance aim<strong>in</strong>g <strong>to</strong> address grow<strong>in</strong>g f<strong>in</strong>ancial needs <strong>in</strong><br />
under-served markets. About 85% of the book is retail <strong>in</strong><br />
nature, therefore, the focus of the company will rema<strong>in</strong> on<br />
retail lend<strong>in</strong>g especially <strong>in</strong> the middle-class borrower<br />
segment. Home loans, Gold loans, SME f<strong>in</strong>anc<strong>in</strong>g, and<br />
Microf<strong>in</strong>ance will be key areas for growth for IIFL<br />
F<strong>in</strong>ance.
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Gautam Shelar<br />
Bus<strong>in</strong>ess Head<br />
16<br />
August <strong>2019</strong>|
Interview with Insights Success<br />
MONEYCONTROL<br />
A PIONEER IN DIGITAL FINANCIAL SERVICES<br />
In an exclusive <strong>in</strong>terview with Insights Success, Gautam Shelar, Bus<strong>in</strong>ess Head of<br />
Moneycontrol gave some <strong>in</strong>sightful answers highlight<strong>in</strong>g the <strong>in</strong>fluences made by the<br />
company <strong>to</strong> take the f<strong>in</strong>ance <strong>in</strong>dustry <strong>to</strong> the next level.<br />
IS: From sett<strong>in</strong>g up a bus<strong>in</strong>ess from scratch <strong>to</strong> scal<strong>in</strong>g up <strong>to</strong> large bus<strong>in</strong>esses like Times<br />
Group <strong>in</strong> the past and now as the Bus<strong>in</strong>ess Head for Moneycontrol – look<strong>in</strong>g back, how<br />
do you def<strong>in</strong>e this journey?<br />
Gautam: It feels marvelous <strong>to</strong> have been at the cusp of the digital revolution, the journey has<br />
been transformational and disruptive. I have had the advantage of witness<strong>in</strong>g and contribut<strong>in</strong>g<br />
<strong>to</strong> India’s growth chart of digitalization. Hav<strong>in</strong>g spent close <strong>to</strong> more than a decade <strong>in</strong> the<br />
media <strong>in</strong>dustry has been highly reward<strong>in</strong>g albeit challeng<strong>in</strong>g experience. Dur<strong>in</strong>g my st<strong>in</strong>t with<br />
Times, my ma<strong>in</strong> focus was on lead<strong>in</strong>g <strong>in</strong>novations and build<strong>in</strong>g a robust team and support<br />
system that propels the growth of the brand <strong>in</strong> the perennially chang<strong>in</strong>g digital environment.<br />
With moneycontrol, my role has expanded and accumulates the gamut of my experience <strong>in</strong> the<br />
digital media <strong>in</strong>dustry. At present, as India is go<strong>in</strong>g through a digital renaissance with<strong>in</strong> a<br />
highly competitive market. It becomes imperative <strong>to</strong> be at the <strong>to</strong>p of the game and constantly<br />
<strong>in</strong>novate our offer<strong>in</strong>gs basis the evolv<strong>in</strong>g dynamics of the <strong>in</strong>dustry. At the same time ensur<strong>in</strong>g<br />
moneycontrol rema<strong>in</strong>s the leader of its segment by formulat<strong>in</strong>g strategies that blend creativity<br />
with <strong>in</strong>novative advancements. We have always strived <strong>to</strong> lead the game with an experimental<br />
approach, creat<strong>in</strong>g multiple <strong>to</strong>uch po<strong>in</strong>ts for our readers that constantly redef<strong>in</strong>es the formats <strong>in</strong><br />
deliver<strong>in</strong>g <strong>in</strong>formation and news. For <strong>in</strong>stance, moneycontrol is one of the only Indian<br />
f<strong>in</strong>ancial and bus<strong>in</strong>ess multi-platform publication that extends <strong>to</strong> creative albeit reader friendly<br />
web-comics, podcasts, and premium applications.<br />
IS: What was your source of motivation? Or, who is your role model or the person that<br />
<strong>in</strong>spires you? Have your family played a significant role <strong>in</strong> script<strong>in</strong>g your success voyage?<br />
Gautam: All we need <strong>to</strong> do is persistently improve on ourselves by look<strong>in</strong>g around us <strong>to</strong> f<strong>in</strong>d<br />
someth<strong>in</strong>g that <strong>in</strong>spires us. I meet a lot of people every day, all from different <strong>in</strong>dustries and<br />
backgrounds, each one of them <strong>in</strong>spir<strong>in</strong>g me <strong>in</strong> their own way. This whole experience has been<br />
noth<strong>in</strong>g short of heartwarm<strong>in</strong>g and has truly brought a host of th<strong>in</strong>gs <strong>in</strong><strong>to</strong> perspective.<br />
Hav<strong>in</strong>g said that, the biggest <strong>in</strong>spiration <strong>in</strong> my life is my mother. All my life, s<strong>in</strong>ce the<br />
beg<strong>in</strong>n<strong>in</strong>g she has be<strong>in</strong>g my icon. She is the driver <strong>in</strong> my life as she herself is an entrepreneur<br />
and I have seen her revel <strong>in</strong> the good times and not lose heart <strong>in</strong> the struggles. As they say, if<br />
family is your first school, then mother is your first teacher. She taught me that hard times can<br />
be overcome with sheer determ<strong>in</strong>ation and will and enable you <strong>to</strong> emerge as vic<strong>to</strong>rious. I know<br />
how strong-m<strong>in</strong>ded she is and that has always <strong>in</strong>spired me <strong>to</strong> push myself <strong>to</strong> do more and more<br />
|August <strong>2019</strong> 17
th<strong>in</strong>gs <strong>in</strong> my life. She has thought me <strong>to</strong> get out of my<br />
comfort zone and do go for that extra mile.<br />
IS: A decade of experience <strong>in</strong> digital media, how do you<br />
determ<strong>in</strong>e the key areas of a bus<strong>in</strong>ess that needs <strong>to</strong> be<br />
strategized?<br />
Gautam: Determ<strong>in</strong><strong>in</strong>g the key focus pillars of any<br />
organization is of utmost importance. It is the foundation of<br />
the cores and beliefs on which a brand functions and<br />
operates. Design<strong>in</strong>g a growth strategy <strong>in</strong>volves envision<strong>in</strong>g<br />
deliberate long-term plans that is beneficial and leverages<br />
all the available resources <strong>to</strong> its optimum. In my<br />
experience, these are the pillars that have aided me <strong>in</strong><br />
develop<strong>in</strong>g a robust growth strategy for bus<strong>in</strong>esses –<br />
Brand Ethos and Value – Mold<strong>in</strong>g an expansive chart of<br />
your brand’s ethos and the values that it will hold is the<br />
foremost th<strong>in</strong>g <strong>in</strong> the growth chapter of any company. It is<br />
the North Star of any bus<strong>in</strong>ess that directions the rest of the<br />
operations and services of the bus<strong>in</strong>ess<br />
Key Indica<strong>to</strong>rs – Identify<strong>in</strong>g key <strong>in</strong>dica<strong>to</strong>rs that affect the<br />
growth of the bus<strong>in</strong>esses, and constantly are <strong>in</strong>novat<strong>in</strong>g the<br />
services and offer<strong>in</strong>gs as per the chang<strong>in</strong>g requirements of<br />
the consumer<br />
Talented workforce – A talented and skilled workforce is<br />
the key <strong>to</strong> lead a bus<strong>in</strong>ess <strong>to</strong>wards growth. <strong>The</strong>y are the<br />
propellers who take forward the brand ethos and values.<br />
IS: K<strong>in</strong>dly <strong>in</strong>troduce ouTr readers with the exquisite<br />
products and services offered along with talk<strong>in</strong>g about<br />
your role as a Bus<strong>in</strong>ess Head at MoneyControl.<br />
Gautam: Internet has become the universal source of<br />
<strong>in</strong>formation for millions of people, at home, at school, and<br />
at work. Internet has changed the dissem<strong>in</strong>ation and<br />
consumption of <strong>in</strong>formation. People have access <strong>to</strong><br />
real-time updates just by a click on their palms. Smartphone<br />
penetration aided by Jio’s acceleration <strong>in</strong> provid<strong>in</strong>g cheap<br />
data has revolutionized the bridge between people and<br />
digital. Leverag<strong>in</strong>g the shift and transformation<br />
moneycontrol has constantly extended <strong>in</strong><strong>to</strong> multiple<br />
platforms and has further augmented its multimedia<br />
position<strong>in</strong>g through various <strong>in</strong>novative and value-added<br />
offer<strong>in</strong>gs <strong>to</strong> advocate f<strong>in</strong>ancial literacy amongst its<br />
audience.<br />
Ensur<strong>in</strong>g that the consumer, be it a seasoned trader, <strong>in</strong>ves<strong>to</strong>r<br />
or a newbie, receives everyth<strong>in</strong>g at their f<strong>in</strong>gertips, the<br />
moneycontrol website, app and podcast work <strong>in</strong> tandem<br />
<strong>to</strong>wards the common goal of <strong>in</strong>form<strong>in</strong>g and educat<strong>in</strong>g the<br />
audience <strong>in</strong> matters of all-th<strong>in</strong>gs-f<strong>in</strong>ance. With<br />
moneycontrol’s audience compris<strong>in</strong>g of digital-first and<br />
conscious users, the platform aimed <strong>to</strong> deliver <strong>in</strong>formation<br />
through varied mediums (website, app, podcast) featur<strong>in</strong>g<br />
<strong>in</strong>formation <strong>in</strong> dist<strong>in</strong>ct formats. Moneycontrol’s<br />
multi-platform presence serves it <strong>to</strong> be the one-s<strong>to</strong>pdest<strong>in</strong>ation<br />
br<strong>in</strong>g<strong>in</strong>g all bus<strong>in</strong>ess news and trends for<br />
audience that is constantly on-the-move.<br />
With moneycontrol realiz<strong>in</strong>g the demand for premium and<br />
personalised services, the platform rolled out Moneycontrol<br />
Pro and the Moneycontrol Podcasts. As the perfect product<br />
for loyal users who heavily consume market-related<br />
<strong>in</strong>formation and news, Moneycontrol Pro br<strong>in</strong>gs daily<br />
<strong>in</strong>vestment recommendations, curated markets data,<br />
exclusive trad<strong>in</strong>g recommendations, <strong>in</strong>dependent equity<br />
analysis, actionable <strong>in</strong>vestment ideas and practical <strong>in</strong>sights<br />
from market gurus. On the other hand, the podcast property<br />
provided a means <strong>to</strong> an end by engag<strong>in</strong>g with an audience<br />
that had been so far left untapped. <strong>The</strong> audio podcasts sheds<br />
light on the various aspects perta<strong>in</strong><strong>in</strong>g <strong>to</strong> <strong>in</strong>vestments,<br />
personal f<strong>in</strong>ance, market trends, etc.<br />
<strong>The</strong> digital offer<strong>in</strong>gs by moneycontrol are the perfect<br />
amalgamation of <strong>in</strong>-house expertise and capabilities for<br />
breakthrough journalism and s<strong>to</strong>rytell<strong>in</strong>g that provide highquality<br />
content <strong>in</strong> captivat<strong>in</strong>g formats.<br />
Along with this, I am also responsible for <strong>in</strong>troduc<strong>in</strong>g new<br />
products and services, In addition <strong>to</strong> strategiz<strong>in</strong>g and<br />
process<strong>in</strong>g plans for moneycontrol, that help generate<br />
advertis<strong>in</strong>g revenue. With the race <strong>to</strong> be the first <strong>in</strong> the<br />
<strong>in</strong>formation age be<strong>in</strong>g of paramount importance, the<br />
consumer can be rest assured that via moneycontrol they<br />
receive the latest news and reports that is backed with<br />
research, analysis and <strong>in</strong>dustry perspective.<br />
IS: Digital platforms have far more outreach as<br />
compared <strong>to</strong> traditional bus<strong>in</strong>ess models. How has the<br />
f<strong>in</strong>ancial sec<strong>to</strong>r embraced technology <strong>to</strong> create multiple<br />
channels <strong>to</strong> serve their audience better?<br />
Gautam: S<strong>in</strong>ce 2014, a slew of policy measures like<br />
Digital India, Skill India, Make <strong>in</strong> India, Startup India, has<br />
thrust the nation <strong>to</strong>wards an unprecedented digital<br />
18<br />
August <strong>2019</strong>|
evolution. In addition, with Reliance Jio’s enabled<br />
smartphone penetration and affordable data prices have<br />
aided digitization <strong>to</strong> grow from strength <strong>to</strong> strength and has<br />
gradually overtaken the traditional outreach of various<br />
bus<strong>in</strong>ess operations. Rapid advancements <strong>in</strong> technology has<br />
made digital an <strong>in</strong>tegral part of our everyday lives. It has<br />
altered the content consumption pattern of the consumers.<br />
<strong>The</strong> gradual shift from traditional <strong>to</strong> digital has not been<br />
restricted <strong>to</strong> one segment but all the <strong>in</strong>dustries. <strong>The</strong> growth<br />
of tech-driven <strong>in</strong>itiatives has enhanced cus<strong>to</strong>mer<br />
experience, thereby improv<strong>in</strong>g efficiency and reduced costs.<br />
Subsequently, the f<strong>in</strong>ance sec<strong>to</strong>r has undergone meteoric<br />
advancements <strong>in</strong> the digital doma<strong>in</strong>. People track s<strong>to</strong>cks<br />
and all the latest trends on their screens <strong>in</strong>stantly. Lead<strong>in</strong>g<br />
the way, moneycontrol is one of the only f<strong>in</strong>ance and<br />
bus<strong>in</strong>ess news dest<strong>in</strong>ations that also provide a mutual fund<br />
<strong>in</strong>vestment platform – Money Control Transact. It provides<br />
ease <strong>in</strong> handl<strong>in</strong>g end-<strong>to</strong>-end digital transactions with<br />
personalized recommendations for mutual funds based on<br />
multiple parameters. Extend<strong>in</strong>g itself <strong>to</strong> a multi digital<br />
platform; moneycontrol leverages it <strong>to</strong> reach out <strong>to</strong> a wider<br />
audience with readily available and <strong>in</strong>formed knowledge on<br />
any company along with quick and real time access <strong>to</strong> the<br />
trends of the <strong>in</strong>dustry.<br />
IS: Moneycontrol Pro –This exclusive application was<br />
launched on March <strong>2019</strong>. K<strong>in</strong>dly take us through <strong>in</strong>itial<br />
idea or concept that led <strong>to</strong> the development of this app<br />
along with the dist<strong>in</strong>ctive features that makes it your<br />
USP over others.<br />
Gautam: Moneycontrol works <strong>to</strong>wards a vital goal of<br />
provid<strong>in</strong>g <strong>in</strong>sights along with <strong>in</strong>form<strong>in</strong>g and educat<strong>in</strong>g their<br />
audience with the latest trends <strong>in</strong> the f<strong>in</strong>ance and bus<strong>in</strong>ess<br />
<strong>in</strong>dustry. It has brought <strong>to</strong>gether the user and the experts all<br />
under one roof <strong>to</strong> ensure that the consumer, be it a seasoned<br />
trader, <strong>in</strong>ves<strong>to</strong>r or a newbie, receives everyth<strong>in</strong>g at their<br />
f<strong>in</strong>gertips on one dest<strong>in</strong>ation. By identify<strong>in</strong>g the ris<strong>in</strong>g<br />
demand for premium and personalized content, we released<br />
an ad-free moneycontrol Pro app <strong>to</strong> give our audience more<br />
personalized and cus<strong>to</strong>mized presentation of the f<strong>in</strong>ancial<br />
news and allow<strong>in</strong>g them <strong>to</strong> keep track of the latest events<br />
around the globe. <strong>The</strong> exclusive content is backed with<br />
credible and authentic <strong>in</strong>sight backed with extensive<br />
research and expert analysis. With content that goes beyond<br />
the ma<strong>in</strong>stream our readers get <strong>to</strong> make an <strong>in</strong>formed<br />
<strong>in</strong>vestment.<br />
Our services allows them <strong>to</strong> moni<strong>to</strong>r and update their<br />
watchlists and portfolio's related <strong>to</strong> S<strong>to</strong>cks, Mutual Funds,<br />
ULIPs, Bullion, commodities, futures and currencies <strong>to</strong><br />
moni<strong>to</strong>r. With our readers hav<strong>in</strong>g a real-time watch over the<br />
price and volume of s<strong>to</strong>cks, the app has also s<strong>to</strong>len a march<br />
over its competi<strong>to</strong>rs by provid<strong>in</strong>g an enhanced chart<strong>in</strong>g <strong>to</strong>ol<br />
<strong>to</strong> assist the <strong>in</strong>ves<strong>to</strong>r. This strategic idea leads <strong>to</strong> immense<br />
knowledge shar<strong>in</strong>g <strong>in</strong> the trad<strong>in</strong>g and <strong>in</strong>vest<strong>in</strong>g sec<strong>to</strong>r,<br />
result<strong>in</strong>g <strong>in</strong> the consumer mak<strong>in</strong>g a much-more <strong>in</strong>formed<br />
<strong>in</strong>vest<strong>in</strong>g decision.<br />
IS: How do you depict the growth trajec<strong>to</strong>ry of<br />
Moneycontrol for the com<strong>in</strong>g years?<br />
Gautam: <strong>The</strong> long-term aim for moneycontrol was <strong>to</strong> build<br />
a platform that caters <strong>to</strong> all the demands and requirements<br />
of the reader related <strong>to</strong> the f<strong>in</strong>ance and bus<strong>in</strong>ess <strong>in</strong>dustry.<br />
<strong>The</strong> backbone of the growth has been <strong>to</strong> provide accurate<br />
<strong>in</strong>formation and research-based analysis <strong>to</strong> our audience<br />
and become the go-<strong>to</strong> platform for all their f<strong>in</strong>ancial<br />
decisions. For <strong>in</strong>stance, one of our offer<strong>in</strong>gs based on<br />
Mutual Funds is the ‘Moneycontrol Transact’ that enables<br />
the users <strong>to</strong> understand and undertake all the Mutual Fund<br />
activities compris<strong>in</strong>g of mak<strong>in</strong>g <strong>in</strong>vestments, view<strong>in</strong>g<br />
recommendations and analyz<strong>in</strong>g markets/<strong>in</strong>vestments onthe-go.<br />
<strong>The</strong> app is highly personalized and enjoys a valueadded<br />
feature that recommends suitable mutual funds <strong>to</strong><br />
users based on the multiple parameters.<br />
<strong>The</strong> Network18’s association with Reliance Jio lends aid <strong>in</strong><br />
thrust<strong>in</strong>g the platform on an <strong>in</strong>cremental and radical<br />
<strong>in</strong>novation path. <strong>The</strong> future lies <strong>in</strong> deeper penetration of<br />
smartphones across the length and breadth of the country.<br />
We have forever striven <strong>to</strong> <strong>in</strong>novate and improve, while<br />
stay<strong>in</strong>g true <strong>to</strong> the quality and authenticity of the content.<br />
With a staunch objective of reta<strong>in</strong><strong>in</strong>g our leadership<br />
position we have kept the consumer at the core and ensure<br />
that they make well <strong>in</strong>formed <strong>in</strong>vest<strong>in</strong>g decisions. By<br />
constantly <strong>in</strong>novat<strong>in</strong>g <strong>to</strong> cater <strong>to</strong> the evolv<strong>in</strong>g needs of the<br />
reader, we aspire <strong>to</strong> build trust <strong>in</strong> the m<strong>in</strong>ds of our audience.<br />
Moneycontrol, as the leader <strong>in</strong> the market sec<strong>to</strong>r, always<br />
looks out <strong>to</strong> give the consumer a fresh perspective, format<br />
and platform <strong>to</strong> access <strong>in</strong>formation, and we shall cont<strong>in</strong>ue<br />
<strong>to</strong> churn out a host of services <strong>in</strong> the near future that they<br />
can be proud <strong>to</strong> use.<br />
|August <strong>2019</strong> 19
A DHIKAR<br />
MICROFINANCE<br />
Uplift<strong>in</strong>g the life of Underprivileged People<br />
“Microcredit is all about giv<strong>in</strong>g<br />
hope”<br />
- Natalie Portman<br />
Based out of Odisha, Adhikar<br />
Microf<strong>in</strong>ance Private<br />
Limited is the organization<br />
which is dedicated <strong>to</strong> uplift life of<br />
underprivileged people. <strong>The</strong> company<br />
is committed <strong>to</strong> creat<strong>in</strong>g a stable and<br />
<strong>in</strong>clusive f<strong>in</strong>ancial system for<br />
betterment of socially and<br />
economically backward people. <strong>The</strong><br />
company has <strong>to</strong>uched the lives of<br />
million people through its 84 branches<br />
<strong>in</strong> five states across the country. It has<br />
a strong presence <strong>in</strong> some of the most<br />
backward districts of Odisha <strong>in</strong>clud<strong>in</strong>g<br />
Nabarangpur, Malkangiri, Koraput,<br />
Kalahandi, Bolangir, Nuapada and<br />
Bastar district <strong>in</strong> Chhattisgarh. Also<br />
some of the backward areas of Assam<br />
and West Bengal.<br />
Over the years, Adhikar has undertaken<br />
various f<strong>in</strong>ancial <strong>in</strong>clusion programs<br />
through remittance, credit l<strong>in</strong>kage <strong>to</strong><br />
Self Help Groups (SHGs) and credit<br />
for <strong>in</strong>come generation activities,<br />
water and sanitation, house renovation,<br />
and <strong>in</strong>surance services for its clients.<br />
<strong>The</strong> company also conducts f<strong>in</strong>ancial<br />
literacy programs, safety, and hygiene<br />
practices with skill tra<strong>in</strong><strong>in</strong>g activities<br />
for its client’s growth. It is associated<br />
with more than 15000 SHGs and has<br />
served more than 2 lakh clients.<br />
22<br />
Lad<strong>in</strong>g Light of Adhikar<br />
Microf<strong>in</strong>ance<br />
With over a decade of experience <strong>in</strong><br />
the field of microf<strong>in</strong>ance, Mr. Am<strong>in</strong> is<br />
the Founder and Manag<strong>in</strong>g Direc<strong>to</strong>r<br />
of the company. In addition he also is a<br />
veteran social development<br />
professional with twenty-six years of<br />
extensive experience <strong>in</strong> the sec<strong>to</strong>r. He<br />
is one of the early votaries of the<br />
microf<strong>in</strong>ance movement <strong>in</strong> Odisha. He<br />
has a master's degree <strong>in</strong> Law from the<br />
Utkal University, Bhubaneswar,<br />
Odisha. He completed the certificate<br />
course/diploma <strong>in</strong> Human Rights from<br />
the Chulalongkorn University,<br />
Bangkok and has a certificate <strong>in</strong> credit<br />
delivery and recovery mechanism from<br />
the Garm<strong>in</strong> Bank, Bangladesh and<br />
Harvard Bus<strong>in</strong>ess School, Bos<strong>to</strong>n,<br />
USA. In addition he is an Ashoka<br />
Fellow for the <strong>in</strong>novative approach <strong>to</strong><br />
f<strong>in</strong>ancial and social <strong>in</strong>termediation<br />
through SHGs. Under his dynamic<br />
leadership and f<strong>in</strong>ancial acumen,<br />
Adhikar has reached out <strong>to</strong> extremely<br />
difficult geographical locations<br />
<strong>in</strong>clud<strong>in</strong>g left w<strong>in</strong>g extremist affected<br />
districts of Odisha and Chhattisgarh.<br />
Exceptional Services Driv<strong>in</strong>g<br />
Change<br />
Adhikar Microf<strong>in</strong>ance offers f<strong>in</strong>ancial<br />
and non-f<strong>in</strong>ancial products <strong>to</strong> meet<br />
specific social needs of the<br />
disadvantaged section of the<br />
community. <strong>The</strong> company offers below<br />
f<strong>in</strong>ancial services <strong>to</strong> its clients.<br />
Income Generation Loan- Income<br />
Generation Loan is one of the primary<br />
loan products offered <strong>to</strong><br />
underprivileged women <strong>in</strong> rural and<br />
semi-rural areas. Under this product<br />
segment, the company provides loans<br />
<strong>to</strong> women who are not be<strong>in</strong>g able <strong>to</strong><br />
access formal f<strong>in</strong>ancial services <strong>to</strong><br />
improve their standard of liv<strong>in</strong>g. Over<br />
the years Adhikar has <strong>to</strong>uched the lives<br />
of 1.93 lakhs of clients.<br />
Water and Sanitation Loan -As large<br />
numbers of households <strong>in</strong> Odisha are<br />
exposed <strong>to</strong> unhygienic liv<strong>in</strong>g<br />
conditions and water-borne diseases <strong>in</strong><br />
the absence of clean dr<strong>in</strong>k<strong>in</strong>g water,<br />
Adhikar is envisioned <strong>to</strong>wards this<br />
cause and hence work<strong>in</strong>g on ‘creation<br />
of low cost <strong>in</strong>frastructure for<br />
accessibility of water and <strong>to</strong>ilets’ <strong>to</strong><br />
ensure safe dr<strong>in</strong>k<strong>in</strong>g water and<br />
hygienic sanitation for the people.<br />
Adhikar provides WATSAN loan<br />
termed as ‘Jeevan Dhara’ and reached<br />
out <strong>to</strong> 3348 clients.<br />
Energy Loan-<strong>The</strong> company offers safe,<br />
susta<strong>in</strong>able solar solution <strong>in</strong> the lives of<br />
the rural and tribal communities of<br />
Odisha for their social and economic<br />
empowerment. Around 3648 clients are<br />
benefited through this product.<br />
MSME Loan -MSME loan is offered <strong>to</strong><br />
small entrepreneurs (small bus<strong>in</strong>ess<br />
owner). MSME loan is one of the<br />
August <strong>2019</strong>|
asic requirements of the poor and<br />
underprivileged communities for the<br />
expansion of their respective bus<strong>in</strong>ess<br />
and generates more <strong>in</strong>come. <strong>The</strong><br />
company provides MSME Loan <strong>to</strong><br />
small entrepreneurs or small bus<strong>in</strong>ess<br />
owners for their various f<strong>in</strong>ancial<br />
needs. Over the year 199 clients are<br />
benefited through this loan.<br />
Low-Cost Hous<strong>in</strong>g Loan- Adhikar<br />
addresses the hous<strong>in</strong>g f<strong>in</strong>ance need of<br />
the poor and underprivileged and offers<br />
low-cost hous<strong>in</strong>g loan/house<br />
improvement loan with an easy<br />
repayment provision.<br />
Micro-<strong>in</strong>surance- Though poor are<br />
vulnerable <strong>to</strong> workplace <strong>in</strong>juries, only<br />
a few of them are covered under<br />
formal <strong>in</strong>surance. <strong>The</strong> company’s all<br />
of the cus<strong>to</strong>mer are covered under<br />
credit l<strong>in</strong>e <strong>in</strong>surance with jo<strong>in</strong>t life<br />
cover<br />
Mak<strong>in</strong>g a World a Better place<br />
Adhikar strives for the betterment of<br />
society through its exceptional<br />
non-f<strong>in</strong>ancial services.<br />
<strong>F<strong>in</strong>ancial</strong> Literacy- Access <strong>to</strong> formal<br />
credit along with f<strong>in</strong>ancial education is<br />
the key <strong>to</strong> f<strong>in</strong>ancial <strong>in</strong>clusion of the<br />
poor and unprivileged. Adhikar is<br />
striv<strong>in</strong>g <strong>to</strong>wards render<strong>in</strong>g f<strong>in</strong>ancial<br />
literacy <strong>to</strong> educate its cus<strong>to</strong>mers on<br />
various f<strong>in</strong>ancial services and risk<br />
management.<br />
Cloth for Work (CFW) -Cloth<strong>in</strong>g is one<br />
of the most important aspects of human<br />
life and Adhikar makes it available for<br />
the needy while keep<strong>in</strong>g their dignity<br />
<strong>in</strong>tact.<br />
Skill Tra<strong>in</strong><strong>in</strong>g for Entrepreneurship-<br />
Adhikar strongly believes <strong>in</strong> the idea of<br />
“Entrepreneurship” as the driv<strong>in</strong>g force<br />
beh<strong>in</strong>d susta<strong>in</strong>able and large scale<br />
development of the marg<strong>in</strong>alized and<br />
deprived communities. It envisioned <strong>to</strong><br />
scale-up the capacity of the youths for<br />
employment and entrepreneurship by<br />
impart<strong>in</strong>g skill.<br />
Prioritiz<strong>in</strong>g Client Needs<br />
Adhikar Microf<strong>in</strong>ance is always ready<br />
<strong>to</strong> walk an extra mile for its cus<strong>to</strong>mers.<br />
<strong>The</strong> company is creat<strong>in</strong>g best-<strong>in</strong>-class<br />
<strong>in</strong>come generation activities for low<strong>in</strong>come<br />
<strong>in</strong>dividuals <strong>to</strong> improve their<br />
quality of liv<strong>in</strong>g. With better access <strong>to</strong><br />
f<strong>in</strong>ancial services, health, hygiene and<br />
susta<strong>in</strong>able green energy, the company<br />
is ensur<strong>in</strong>g utmost cus<strong>to</strong>mer<br />
satisfaction.<br />
With the use of <strong>in</strong>novative <strong>in</strong>formation<br />
communication technology, Adhikar is<br />
serv<strong>in</strong>g a large number of cus<strong>to</strong>mers <strong>in</strong><br />
a faster, transparent, secure ways. <strong>The</strong><br />
company supports a robust and<br />
resilient service <strong>to</strong> the beneficiaries.<br />
Moreover, bus<strong>in</strong>ess processes are most<br />
efficient with the use of technology.<br />
Future Roadmap<br />
Adhikar has become the preferred<br />
lender and a partner of the cus<strong>to</strong>mers<br />
<strong>in</strong> transform<strong>in</strong>g their social and<br />
economic life. Focus on robust digital<br />
technology <strong>to</strong> reach out <strong>to</strong> more<br />
underprivileged cus<strong>to</strong>mers <strong>in</strong> remote<br />
locations with digital f<strong>in</strong>ancial services<br />
and meet<strong>in</strong>g the current needs like<br />
MSME loans, hous<strong>in</strong>g loans,<br />
au<strong>to</strong>mobile loans etc. <strong>The</strong> company is<br />
look<strong>in</strong>g forward <strong>to</strong> spread out <strong>to</strong> 6<br />
states <strong>in</strong> India. Adhikar is the only MFI<br />
<strong>in</strong> Eastern India <strong>to</strong> reach the most<br />
disadvantaged people <strong>in</strong> remote<br />
locations. We cherish this idea and<br />
further strengthen it <strong>to</strong> achieve the<br />
f<strong>in</strong>ancial <strong>in</strong>clusion <strong>in</strong><strong>to</strong> a reality. It<br />
wants <strong>to</strong> be the lead<strong>in</strong>g MFI <strong>in</strong> Eastern<br />
India work<strong>in</strong>g <strong>in</strong> most difficult<br />
locations <strong>in</strong>clud<strong>in</strong>g the conflict zones.<br />
We are<br />
‘’<br />
transform<strong>in</strong>g<br />
the lives<br />
of socially and<br />
economically<br />
backward<br />
people<br />
|August <strong>2019</strong> 23
How SECURE<br />
are<br />
INSTANT LOAN PORTALS<br />
ABOUT THE AUTHOR<br />
Akshay Mehrotra is the Co-founder and CEO of<br />
EarlySalary, India’s largest consumer lend<strong>in</strong>g<br />
application. He has over 16 years of experience at<br />
some of the biggest brands <strong>in</strong> the country. Armed<br />
with a Master’s Degree <strong>in</strong> Bus<strong>in</strong>ess Adm<strong>in</strong>istration<br />
from Symbiosis Institute of Management Studies,<br />
Pune, Akshay Mehrotra is now spearhead<strong>in</strong>g his<br />
own Start-up venture EarlySalary. Prior <strong>to</strong> this,<br />
Akshay was associated with brands like Future<br />
Retail Ltd, PolicyBazaar.com, Big Bazaar and Bajaj<br />
Allianz Life Insurance Co. Ltd. His bus<strong>in</strong>ess<br />
acumen and attention <strong>to</strong> detail led <strong>to</strong> him be<strong>in</strong>g<br />
conferred with the “<strong>Most</strong> Talented CMO of the<br />
Year” award <strong>in</strong> 2013 – 2014 <strong>in</strong> the retail space, by<br />
CMO Asia. In his leisure time, he likes <strong>to</strong> explore<br />
new places and spend time with his family.<br />
24<br />
August <strong>2019</strong>|
Security Insights<br />
Akshay Mehrotra<br />
Co-founder<br />
|August <strong>2019</strong> 25
Instant loans are available on various portals onl<strong>in</strong>e. <strong>The</strong>ir application and approval process is fast and hassle-free, and the<br />
loan is transferred almost immediately <strong>to</strong> your account. Everyth<strong>in</strong>g from the application process <strong>to</strong> document verification<br />
is done onl<strong>in</strong>e, from the comfort of your home. However, while this is very convenient, you need <strong>to</strong> be careful while<br />
shar<strong>in</strong>g personal <strong>in</strong>formation onl<strong>in</strong>e, especially when it relates <strong>to</strong> f<strong>in</strong>ancial matters. Many websites and loan portals are secure<br />
and you can trust them <strong>to</strong> keep your <strong>in</strong>formation safe, but there are also many websites and apps which may turn out <strong>to</strong> be<br />
fake and breach your privacy. Instant loan portals are just like all other websites some are secure while others are not. Hence,<br />
<strong>to</strong> ensure that your personal <strong>in</strong>formation is protected and not misused, you need <strong>to</strong> be careful which portals <strong>to</strong> trust with your<br />
<strong>in</strong>formation. Here are some tips <strong>to</strong> help you f<strong>in</strong>d out if the lender is legit and trustworthy.<br />
Check their physical address and contact <strong>in</strong>formation<br />
Every company has a physical office, and onl<strong>in</strong>e lenders are no exception. Reputable lenders would have their address and<br />
contact number listed on their website. If no address or contact <strong>in</strong>formation is listed, it is a major red flag. Without a chance of<br />
contact<strong>in</strong>g your lender, there is no way <strong>to</strong> hold them accountable for any mistakes. <strong>The</strong>re is also the much greater danger that<br />
the company doesn’t exist at all. Even if contact <strong>in</strong>formation is listed, it is always better <strong>to</strong> call them and speak <strong>to</strong> the people<br />
<strong>in</strong> charge <strong>to</strong> get an idea of the legitimacy of the lender before shar<strong>in</strong>g your f<strong>in</strong>ancial <strong>in</strong>formation with them.<br />
Check if the website is secured and encrypted<br />
This is the easiest and most basic th<strong>in</strong>g <strong>to</strong> do before decid<strong>in</strong>g whether <strong>to</strong> trust any website with your <strong>in</strong>formation. Hackers and<br />
scammers tend <strong>to</strong> steal and misuse your <strong>in</strong>formation through unprotected websites. If your browser is show<strong>in</strong>g security errors<br />
<strong>in</strong> the website, you need <strong>to</strong> be wary of it unless you trust the lender implicitly. All you need <strong>to</strong> do <strong>to</strong> verify the encryption on<br />
the website is look at the address bar. A secure website has a “lock” icon and its URL starts with “https” <strong>in</strong>stead of “http”. If<br />
these are present, the portal is more likely <strong>to</strong> be safe.<br />
<strong>Watch</strong> out for Scammers<br />
A major <strong>in</strong>dication of scammers is if they ask you <strong>to</strong> pay a fee upfront while you’re apply<strong>in</strong>g for a loan. This is the most<br />
common red flag you’ll come across when it comes <strong>to</strong> onl<strong>in</strong>e <strong>in</strong>stant loan portals. No reputable lender would ask you <strong>to</strong> pay<br />
upfront fees. <strong>The</strong> fee may be masked as someth<strong>in</strong>g fancy or benign, like “process<strong>in</strong>g fee”, but you’re not responsible <strong>to</strong> cover<br />
any <strong>in</strong>itial payment. Such a demand is a clear sign that the website is dishonest, and you should never take loans from such<br />
portals.<br />
Another sign that the lender is a scammer is if they are offer<strong>in</strong>g loans <strong>to</strong> anyone without a credit check. It may seem a good<br />
deal, but reputable lenders don’t take the risk of giv<strong>in</strong>g you a loan without ensur<strong>in</strong>g that you can repay them. A loan you get<br />
without credit checks may seem <strong>to</strong>o good <strong>to</strong> be true because it usually is. Scammers tend <strong>to</strong> charge ridiculously high penalties<br />
and late fees if you fall beh<strong>in</strong>d on your payments, which they count on.<br />
Create a strong password<br />
All onl<strong>in</strong>e portals, apps and websites are susceptible <strong>to</strong> hack<strong>in</strong>g and security breaches, no matter how secure they claim <strong>to</strong> be.<br />
<strong>The</strong> best way <strong>to</strong> prevent misuse of your <strong>in</strong>formation is <strong>to</strong> set a strong password. It may seem an <strong>in</strong>significant detail, <strong>to</strong>o<br />
tedious <strong>to</strong> pay much attention <strong>to</strong>, but its importance cannot be ignored. A strong password may be difficult <strong>to</strong> remember,<br />
especially if you haven’t used it elsewhere, but the best way <strong>to</strong> keep your f<strong>in</strong>ancial <strong>in</strong>formation safe is <strong>to</strong> use a password that<br />
is difficult <strong>to</strong> crack and also not used <strong>in</strong> any social media account. Try <strong>to</strong> use uppercase and lowercase letters as well as<br />
numbers, and even symbols if it is permitted. This will significantly m<strong>in</strong>imize identity threats and help <strong>in</strong> keep<strong>in</strong>g your<br />
<strong>in</strong>formation safe.<br />
Be wary of unprofessional cus<strong>to</strong>mer service<br />
Unprofessional or unresponsive cus<strong>to</strong>mer service is always an off-putter, but <strong>in</strong> case of onl<strong>in</strong>e loan portals, it is a red flag<br />
which may <strong>in</strong>dicate that the website is not trustworthy. A primitive website which is full of errors is a sign that you may be<br />
deal<strong>in</strong>g with scammers. Another th<strong>in</strong>g <strong>to</strong> look out for is how their cus<strong>to</strong>mer service staff speaks <strong>to</strong> you. While f<strong>in</strong>ancial<br />
<strong>in</strong>stitutions are not known for their warm service, they are usually professional, if not polite. If, on speak<strong>in</strong>g with the staff,<br />
you get the impression that there is someth<strong>in</strong>g fishy, trust your <strong>in</strong>st<strong>in</strong>cts. After all, it is better <strong>to</strong> be safe than sorry.<br />
Care must be taken <strong>to</strong> ensure that your <strong>in</strong>formation is safe with the <strong>in</strong>stant loan portal you choose, and many portals provide<br />
security features like encrypted transactions <strong>to</strong> ensure the security of your f<strong>in</strong>ancial <strong>in</strong>formation. EarlySalary is one such<br />
portal, which is lead<strong>in</strong>g <strong>in</strong> security features and gives immense importance <strong>to</strong> <strong>in</strong>formation protection and privacy.<br />
26<br />
August <strong>2019</strong>|
F USION<br />
MICROFINANCE<br />
A Decade-Old Voyage <strong>in</strong> Women Empowerment<br />
Rural India along with tier<br />
three, four and five <strong>to</strong>wns<br />
have been considered as<br />
significant contribu<strong>to</strong>rs <strong>to</strong> the growth<br />
of Indian economic s<strong>to</strong>ry over the last<br />
fifteen <strong>to</strong> twenty years. <strong>The</strong> goods and<br />
services with respect <strong>to</strong> the agricultural<br />
activities carried throughout these<br />
areas have consistently enhanced,<br />
ensur<strong>in</strong>g an all-around resurgence <strong>in</strong><br />
activities across the economic pla<strong>in</strong> <strong>in</strong><br />
the last two decades. NBFC’s have<br />
played a pioneer<strong>in</strong>g role <strong>in</strong> cater<strong>in</strong>g <strong>to</strong><br />
the credit requirements of millions of<br />
cus<strong>to</strong>mers <strong>in</strong> these areas both <strong>in</strong> the<br />
secured and unsecured lend<strong>in</strong>g<br />
landscape. Today, these NBFCs have a<br />
place of pride <strong>in</strong> hav<strong>in</strong>g a large pie of<br />
the Indian credit market. It has also<br />
evolved by offer<strong>in</strong>g ‘one w<strong>in</strong>dow’ and<br />
para bank<strong>in</strong>g services <strong>to</strong> cus<strong>to</strong>mers at<br />
their doorstep, enabl<strong>in</strong>g larger parts of<br />
the country <strong>to</strong> be brought under the<br />
umbrella of f<strong>in</strong>ancial services and as a<br />
result, the ga<strong>in</strong>s have been more<br />
evident. NBFC credit as a percentage<br />
of India’s GDP is approximately 13%.<br />
Various estimates put NBFCs cater<strong>in</strong>g<br />
<strong>to</strong> 30-45% of the <strong>to</strong>tal credit <strong>in</strong> India.<br />
Recently, a special category of NBFCs,<br />
the MFIs(Micro F<strong>in</strong>ance Institutions)<br />
are prov<strong>in</strong>g <strong>to</strong> be a frontrunner <strong>in</strong><br />
Inclusive Growth. Along with a<br />
cus<strong>to</strong>mer base of around 3.8 crores <strong>to</strong><br />
an asset book size of approx. Rs.<br />
1,87,000 crores, it is grow<strong>in</strong>g at an<br />
impressive rate of more than 35%.<br />
One such company enlist<strong>in</strong>g its growth<br />
<strong>in</strong> the said MFIs is Fusion<br />
Microf<strong>in</strong>ance Pvt. Ltd. Established <strong>in</strong><br />
January 20<strong>10</strong>, Fusion operates on the<br />
time-tested Jo<strong>in</strong>t Liability Group (JLG)<br />
model with <strong>10</strong>0% women clients from<br />
rural and semi-rural areas.<br />
Headquartered <strong>in</strong> Delhi, Fusion is<br />
provid<strong>in</strong>g f<strong>in</strong>ancial services through<br />
524 branches that spread across 18<br />
Indian states. It believes <strong>in</strong> robust<br />
bus<strong>in</strong>ess practices, transparent policies<br />
expressed <strong>to</strong>wards the Cus<strong>to</strong>merfocused<br />
Approach with regard <strong>to</strong> the<br />
clientele. Fusion primarily works <strong>in</strong><br />
rural and semi-urban areas provid<strong>in</strong>g<br />
f<strong>in</strong>ancial services <strong>to</strong> women belong<strong>in</strong>g<br />
<strong>to</strong> the economically and socially<br />
deprived section of the society. Over<br />
85% of the active loan clients of<br />
Fusion belong <strong>to</strong> the marg<strong>in</strong>alized<br />
communities such as ST/SC and OBC.<br />
It is provid<strong>in</strong>g f<strong>in</strong>ancial services <strong>in</strong> 205<br />
backward districts out of 254<br />
operational districts.<br />
Handl<strong>in</strong>g <strong>The</strong> Reigns<br />
Founder and CEO - Devesh Sachdev<br />
is an XLRI post graduate with sixteen<br />
years of experience <strong>in</strong> the service<br />
<strong>in</strong>dustry. He started his career with Citi<br />
group <strong>in</strong> 1996 prior <strong>to</strong> Fusion’s orig<strong>in</strong>.<br />
In the past, he has worked <strong>in</strong> capacity<br />
of a Direc<strong>to</strong>r <strong>in</strong> BSA Group of<br />
<strong>Companies</strong> where he successfully led<br />
the growth of BSA <strong>to</strong> a pan India<br />
foothold with diversified service<br />
offer<strong>in</strong>gs. Across all the diverse<br />
experiences, his expertise lies <strong>in</strong><br />
build<strong>in</strong>g bus<strong>in</strong>esses, manag<strong>in</strong>g large<br />
teams <strong>in</strong> a cost-efficient manner,<br />
strategy, key relationship management<br />
and handl<strong>in</strong>g all dimensions of the<br />
bus<strong>in</strong>ess. Under his leadership, Fusion<br />
has grown <strong>in</strong><strong>to</strong> one of the lead<strong>in</strong>g<br />
microf<strong>in</strong>ance <strong>in</strong>stitutions and cont<strong>in</strong>ues<br />
<strong>to</strong> expand its operations. He was on the<br />
Board of MFIN, a Self-Regula<strong>to</strong>ry<br />
Organization for NBFC-MFIs. MFIN<br />
works closely with regula<strong>to</strong>rs and other<br />
key stakeholders. It plays an active part<br />
<strong>in</strong> the larger f<strong>in</strong>ancial <strong>in</strong>clusions<br />
dialogue through the medium of<br />
microf<strong>in</strong>ance. In 2015, he attended and<br />
successfully completed a Strategic<br />
leadership program at Harvard<br />
Bus<strong>in</strong>ess School.<br />
Reach<strong>in</strong>g for the Skies<br />
<strong>The</strong>re are some ethics and pr<strong>in</strong>ciples<br />
that Fusion cares and implements<br />
throughout its organization and<br />
operations which are stated below -<br />
• Integrity: “We adhere <strong>to</strong> ethical<br />
standards <strong>to</strong> ensure <strong>in</strong>tegrity,<br />
transparency, <strong>in</strong>dependence &<br />
accountability <strong>in</strong> deal<strong>in</strong>g with all<br />
stakeholders,” says Team Fusion.<br />
• Responsibility: “Grow<strong>in</strong>g with<br />
responsibility, we are very high on<br />
governance mechanism, strategic<br />
risk management framework and<br />
well-diversified portfolios,” tells<br />
Devesh.<br />
• Passionate People and Work<strong>in</strong>g<br />
28<br />
August <strong>2019</strong>|
• Culture: “Passionate & strong team<br />
and positive workplace culture<br />
fosters an environment where<br />
employees feel connected and<br />
contribute <strong>to</strong> achiev<strong>in</strong>g,” he adds<br />
further.<br />
• Humility: “Fusion leads with<br />
humility. Cont<strong>in</strong>uously evolv<strong>in</strong>g <strong>to</strong><br />
achieve excellence, believes <strong>in</strong> a<br />
collaborative effort, collectively<br />
takes its employees forward, values<br />
stakeholders, appreciate the success<br />
and accept the challenges,” op<strong>in</strong>es<br />
Devesh.<br />
• Exceptional Client Focus: “Putt<strong>in</strong>g<br />
the ‘client first’ has been a<br />
qu<strong>in</strong>tessential Fusion credo across<br />
years and the focus has always been<br />
<strong>to</strong> provide seamless services <strong>to</strong> our<br />
clients across the length and breadth<br />
of the country,” adds Fusion team.<br />
By keep<strong>in</strong>g the above pr<strong>in</strong>ciples <strong>in</strong><br />
m<strong>in</strong>d, the Fusion team provides its<br />
clients with optimum services. By<br />
connect<strong>in</strong>g with Fusion, the 1.5 million<br />
women cus<strong>to</strong>mers across the country,<br />
came under the larger ‘organized<br />
f<strong>in</strong>ancial umbrella’ and ma<strong>in</strong>stream<br />
credit l<strong>in</strong>e. <strong>The</strong>y are assured of a long<br />
term partner <strong>in</strong> growth and not a fairweather<br />
friend. Also, they received a<br />
chance <strong>to</strong> upgrade themselves, be it on<br />
<strong>F<strong>in</strong>ancial</strong> Literacy Level or learn<strong>in</strong>g<br />
vocational subjects under the<br />
organization’s well-entrenched CSR<br />
program. <strong>The</strong> clients are encouraged <strong>to</strong><br />
become entrepreneurs <strong>in</strong> their own<br />
right lead<strong>in</strong>g <strong>to</strong> a better standard of<br />
liv<strong>in</strong>g for them and the family. This<br />
helps them <strong>in</strong> provid<strong>in</strong>g better<br />
education, health and better stature <strong>in</strong><br />
society. Through this process, Fusion is<br />
be<strong>in</strong>g able <strong>to</strong> create more jobs <strong>in</strong> its<br />
catchment area lead<strong>in</strong>g <strong>to</strong> better overall<br />
development <strong>in</strong> the rural ecosystem.<br />
Challenge Accepted! Industry<br />
Disrupted...<br />
From all these years, the company has<br />
turned opportunities <strong>in</strong><strong>to</strong> achievements.<br />
1.5 million women clients from rural<br />
areas depict the vast cus<strong>to</strong>mer loyalty<br />
Fusion has. Achiev<strong>in</strong>g an exceptional<br />
feat <strong>in</strong> employee satisfaction, Fusion<br />
has entered the <strong>to</strong>p quadrant among<br />
BFSI organizations with a score of<br />
78% <strong>in</strong> the Employee Satisfaction<br />
Survey, conducted by Aon Hewitt. “We<br />
successfully launched our mobile app,<br />
mShakti,” states Devesh emphasiz<strong>in</strong>g<br />
on the company’s digital journey.<br />
This unique solution has significantly<br />
improved cus<strong>to</strong>mer on-board<strong>in</strong>g<br />
process, TAT for the loan process<strong>in</strong>g<br />
has reduced, improved <strong>in</strong>ven<strong>to</strong>ry<br />
management of loan documents and<br />
secured data management <strong>in</strong> terms of<br />
keep<strong>in</strong>g digital copies of all the<br />
documents safe. <strong>The</strong> company has<br />
taken steps <strong>to</strong> strengthen a strong risk<br />
management framework which seeks<br />
<strong>to</strong> proactively identify, address and<br />
mitigate exist<strong>in</strong>g and emerg<strong>in</strong>g risks.<br />
<strong>The</strong> firm is supported by diversified<br />
lenders which <strong>in</strong>cludes private banks,<br />
mutual funds and other f<strong>in</strong>ancial<br />
<strong>in</strong>stitutions. <strong>The</strong> future aspirations of<br />
the company <strong>in</strong>cludes:<br />
• Effective client life-cycle<br />
engagement. Provid<strong>in</strong>g need-based<br />
flexible f<strong>in</strong>ancial solutions.<br />
• Aspir<strong>in</strong>g <strong>to</strong> serve 5 million<br />
cus<strong>to</strong>mers <strong>in</strong> the next 3 <strong>to</strong> 4 years<br />
through PAN India coverage.<br />
• Cont<strong>in</strong>uous <strong>in</strong>vestment <strong>in</strong> <strong>in</strong>novative<br />
technologies <strong>in</strong> order <strong>to</strong> provide a<br />
seamless experience <strong>to</strong> the clients.<br />
• Build a ‘Best Place <strong>to</strong> Work’<br />
platform. <strong>The</strong> Plan is <strong>to</strong> recruit 5000<br />
plus members, <strong>to</strong> make a strong<br />
‘Fusion Team’.<br />
• Scale-up responsibly and explore<br />
new products. Use of data analytics<br />
for <strong>in</strong>sightful bus<strong>in</strong>ess decisions and<br />
risk mitigation while ma<strong>in</strong>ta<strong>in</strong><strong>in</strong>g a<br />
cont<strong>in</strong>uous focus on human capital.<br />
We are<br />
‘’<br />
motivated<br />
<strong>to</strong> provide<br />
susta<strong>in</strong>able<br />
socio-economic<br />
growth <strong>to</strong><br />
our clients<br />
|August <strong>2019</strong> 29
K UDOS<br />
FINANCE<br />
Fund<strong>in</strong>g Ideas, Empower<strong>in</strong>g Idea<strong>to</strong>rs<br />
An entrepreneur needs a few<br />
basic th<strong>in</strong>gs <strong>to</strong> start a<br />
venture – a unique idea, a<br />
target cus<strong>to</strong>mer, and f<strong>in</strong>ance. Of<br />
these, money and idea are perhaps<br />
the most crucial. Many a time, they<br />
have <strong>to</strong> let go of an idea just because<br />
there wasn’t enough money <strong>to</strong> back<br />
it. For such ambitious, purposedriven,<br />
and self-employed people <strong>in</strong><br />
the country, the need is – access <strong>to</strong><br />
money. While bank<strong>in</strong>g <strong>in</strong>stitutes and<br />
Venture Capitalists are do<strong>in</strong>g their<br />
part, the role of <strong>Non</strong>-<strong>Bank<strong>in</strong>g</strong><br />
<strong>F<strong>in</strong>ancial</strong> <strong>Companies</strong> has been<br />
ga<strong>in</strong><strong>in</strong>g attention. Kudos F<strong>in</strong>ance<br />
and Investments is one such<br />
technology led data-driven NBFC<br />
cater<strong>in</strong>g <strong>to</strong> those <strong>in</strong> need of f<strong>in</strong>ancial<br />
help <strong>to</strong> realize their potential. S<strong>in</strong>ce<br />
<strong>in</strong>ception, it has disbursed over 130<br />
crores, completed over 1 lac loans<br />
hav<strong>in</strong>g over 50,000 unique<br />
cus<strong>to</strong>mers present over eight<br />
hundred cities <strong>in</strong> the country.<br />
Liv<strong>in</strong>g the Dreams<br />
It all started when Pavitra<br />
Walvekar, then work<strong>in</strong>g <strong>in</strong> San<br />
Francisco, returned <strong>to</strong> India and<br />
noticed a massive gap <strong>in</strong> fulfill<strong>in</strong>g<br />
debt requirements for the underserved<br />
market. It was a challeng<strong>in</strong>g<br />
market <strong>to</strong> serve s<strong>in</strong>ce its an<br />
unsecured product with most<br />
cus<strong>to</strong>mers not hav<strong>in</strong>g Strong<br />
f<strong>in</strong>ancial paperwork. <strong>The</strong> foundation<br />
for Kudos was laid and through a<br />
focused data led approach and<br />
perseverance the team proved the<br />
model and kept execut<strong>in</strong>g, even<br />
evolv<strong>in</strong>g their offer<strong>in</strong>g with time.<br />
Pavitra feels, “Our lives are<br />
fulfill<strong>in</strong>g when we have mean<strong>in</strong>g and<br />
purpose. Liv<strong>in</strong>g a life that benefits<br />
other people’s lives is the best way<br />
possible <strong>to</strong> live. In a small way, I<br />
have mean<strong>in</strong>g and purpose with<br />
families we support through<br />
employment and the loans we give <strong>in</strong><br />
the market.”<br />
He was later jo<strong>in</strong>ed by Naresh Vigh<br />
as Co-founder a ex-Bajaj and<br />
<strong>in</strong>dustry veteran<br />
NBFC – <strong>The</strong> Evolv<strong>in</strong>g Support<br />
NBFC’s are cater<strong>in</strong>g <strong>to</strong> cus<strong>to</strong>mers<br />
usually overlooked and left out of<br />
the formal system by private and<br />
public sec<strong>to</strong>r banks. NBFC’s have<br />
<strong>in</strong>tegrated them by be<strong>in</strong>g risk takers<br />
and built specific niche<br />
understand<strong>in</strong>g of these markets. <strong>The</strong><br />
country can only grow if large parts<br />
of the populations are part of the<br />
India s<strong>to</strong>ry. NBFC’S have broken<br />
the l<strong>in</strong>k of large parts of the<br />
population rely<strong>in</strong>g on loan sharks <strong>to</strong><br />
meet their f<strong>in</strong>ancial needs, thereby<br />
empower<strong>in</strong>g the nation. Us<strong>in</strong>g<br />
technology, NBFCs are enabl<strong>in</strong>g<br />
achievement of higher scale and<br />
predictability of service. It has<br />
allowed on-board<strong>in</strong>g of cus<strong>to</strong>mers,<br />
evaluation and delivery of the loan<br />
<strong>to</strong> be changed dramatically.<br />
While they cont<strong>in</strong>ue <strong>to</strong> provide<br />
fund<strong>in</strong>g for various personal and<br />
bus<strong>in</strong>ess needs, NBFCs themselves<br />
have gone through a st<strong>in</strong>g<strong>in</strong>g funds<br />
crunch <strong>in</strong> the last 6 months. S<strong>in</strong>ce<br />
the IL&FS crisis, the funds from two<br />
ma<strong>in</strong> providers - MFs and banks -<br />
have been dry<strong>in</strong>g up. While a few of<br />
the NBFCs had the mismatch on<br />
maturity tenors for asset and<br />
liability, but the majority of others<br />
<strong>in</strong>clud<strong>in</strong>g the short team lenders who<br />
did not have these issues had also <strong>to</strong><br />
bear the brunt. <strong>The</strong>re are a lot of<br />
discussions on open<strong>in</strong>g up l<strong>in</strong>es<br />
through public sec<strong>to</strong>r banks or RBI<br />
provid<strong>in</strong>g a special w<strong>in</strong>dow with a<br />
l<strong>in</strong>e of credit for NBFCs. However,<br />
this needs <strong>to</strong> be resolved on an<br />
urgent basis so that both the NBFCs<br />
30<br />
August <strong>2019</strong>|
and the large economic base be<strong>in</strong>g<br />
served by them, start gallop<strong>in</strong>g<br />
forward fast aga<strong>in</strong>.<br />
<strong>The</strong> Way <strong>to</strong> Achieve Kudos!<br />
Kudos F<strong>in</strong>ance is a profitable<br />
venture that is backed by multiple<br />
bank<strong>in</strong>g <strong>in</strong>stitutions. <strong>The</strong><br />
understand<strong>in</strong>g of a specific cus<strong>to</strong>mer<br />
niche allows it <strong>to</strong> tailor an<br />
experience that is appropriate for the<br />
cus<strong>to</strong>mer. <strong>The</strong> company’s<br />
understand<strong>in</strong>g of cus<strong>to</strong>mer’s<br />
marg<strong>in</strong>s, bus<strong>in</strong>ess cycles, experience<br />
allows it <strong>to</strong> cater <strong>to</strong> them with speed<br />
and accuracy thereby solv<strong>in</strong>g the<br />
problem of go<strong>in</strong>g <strong>to</strong> multiple places<br />
<strong>to</strong> get a loan and giv<strong>in</strong>g a great<br />
cus<strong>to</strong>mer experience. Believ<strong>in</strong>g that<br />
no-one size fits all, it has curated<br />
specific solutions by divid<strong>in</strong>g the<br />
self-employed <strong>in</strong><strong>to</strong> 3 categories<br />
MSME- Mom and pop shops all<br />
under 1Cr <strong>in</strong> turnover eg. retailers,<br />
traders, general s<strong>to</strong>res ticket size 3-5<br />
lacs<br />
Professional Loans- Doc<strong>to</strong>rs, CA'S,<br />
Architects ticket size 7-<strong>10</strong>lacs<br />
Partnerships- Us<strong>in</strong>g various<br />
platforms plugg<strong>in</strong>g <strong>in</strong><strong>to</strong> distribution<br />
networks for a specific niche market<br />
eg. Education fees, Doc<strong>to</strong>r hardware<br />
purchase,Uber drivers etc Ticket size<br />
5k-80k<br />
An <strong>in</strong>-house tech team has built<br />
capabilities <strong>to</strong> enable contactless<br />
disbursement, authentication and<br />
collection. Its differentiated<br />
approach uses data m<strong>in</strong><strong>in</strong>g <strong>to</strong><br />
K-STAMP cus<strong>to</strong>mers, which is a<br />
pre-approved methodology <strong>to</strong><br />
acquire cus<strong>to</strong>mers. Through<br />
K-STAMP strategy Kudos achieves:<br />
• Super experience for the cus<strong>to</strong>mer<br />
as the loan is disbursed with<strong>in</strong> 48<br />
hours<br />
• Higher conversion for the sales<br />
team<br />
• Avoid<strong>in</strong>g highly leveraged<br />
cus<strong>to</strong>mers that come through DSA<br />
channels<br />
• Lower process<strong>in</strong>g cost a team is<br />
work<strong>in</strong>g only on files with a very<br />
high probability of approval,<br />
lead<strong>in</strong>g <strong>to</strong> higher profitability.<br />
Gett<strong>in</strong>g Future Ready<br />
Be<strong>in</strong>g a part of cus<strong>to</strong>mers’ growth<br />
and support<strong>in</strong>g them through each<br />
life cycle of their bus<strong>in</strong>ess gives<br />
team Kudos immense joy and pride<br />
<strong>in</strong> positively impact<strong>in</strong>g peoples<br />
lives. Pavitra says, “I envision a<br />
company of scale that caters and<br />
reaches a million lives. <strong>The</strong> aim is <strong>to</strong><br />
execute with speed and accuracy<br />
with operations across India and<br />
creat<strong>in</strong>g a <strong>10</strong>00cr book company.”<br />
Our country is<br />
grow<strong>in</strong>g and<br />
we are<br />
play<strong>in</strong>g a<br />
small part <strong>in</strong> its<br />
growth by<br />
empower<strong>in</strong>g<br />
‘’peoples lives<br />
|August <strong>2019</strong> 31
ABOUT THE<br />
AUTHOR<br />
Shajai Jacob is CEO - GCC (Middle<br />
E a s t ) o f A N A R O C K P r o p e r t y<br />
Consultants, launched by real<br />
estate <strong>in</strong>dustry veteran Anuj Puri <strong>in</strong><br />
2017. A well-rounded sales &<br />
market<strong>in</strong>g expert, Mr. Jacob was<br />
previously Executive Direc<strong>to</strong>r &<br />
Head - Market<strong>in</strong>g (West Asia) at<br />
one of India's lead<strong>in</strong>g <strong>in</strong>ternational<br />
property consultancies. He is<br />
based out of ANAROCK's Dubai<br />
office, has complete oversight of<br />
the Firm's brokerage operations<br />
across the Middle East & North<br />
A f r i c a n c o u n t r i e s , a n d<br />
spearheads ANAROCK's rapidly<br />
grow<strong>in</strong>g Middle Eastern bus<strong>in</strong>ess.<br />
He has 18+ years of rich experience<br />
<strong>in</strong> build<strong>in</strong>g brands and widen<strong>in</strong>g<br />
the visibility and scope for lead<strong>in</strong>g<br />
b u s i n e s s e s a n d h a s d e e p<br />
expertise across national and<br />
<strong>in</strong>ternational markets. In the past,<br />
he worked with major firms such<br />
as H<strong>in</strong>dustan Unilever, YES BANK,<br />
United Spirits, K<strong>in</strong>gfisher Airl<strong>in</strong>es<br />
and Barista. He holds a Master<br />
degree <strong>in</strong> Bus<strong>in</strong>ess Adm<strong>in</strong>istration.<br />
Shajai Jacob<br />
CEO<br />
32<br />
August <strong>2019</strong>|
Through the Professional’s Eye<br />
NRIS SEEKING HOME LOANS IN INDIA -<br />
A CHECKLIST<br />
Just like resident Indians, NRIs can <strong>in</strong>vest <strong>in</strong> any<br />
number of properties <strong>in</strong> India and are also eligible<br />
<strong>to</strong> avail of home loans for as many properties as<br />
they like. Of course, while there is no cap on the number<br />
of properties for which an NRI can take home loans for,<br />
repayment capacity must always be fac<strong>to</strong>red <strong>in</strong>. Overleverag<strong>in</strong>g<br />
is never a good idea and regardless of what<br />
viewpo<strong>in</strong>t a bank takes, NRIs must do their own<br />
repayment capacity calculations.<br />
In India, most banks and non-bank<strong>in</strong>g f<strong>in</strong>ancial<br />
<strong>in</strong>stitutions offer home loans <strong>to</strong> NRIs. However, the<br />
tenure of the home loan may vary, and the rate of <strong>in</strong>terest<br />
is usually higher for NRIs.<br />
Loan Tenure and Rate of Interest<br />
An NRI usually has <strong>to</strong> pay a higher rate of <strong>in</strong>terest than<br />
resident Indians. <strong>The</strong> tenure for a home loan <strong>to</strong> an NRI<br />
usually ranges between 5 <strong>to</strong> 20 years - only <strong>in</strong> select<br />
cases can it go up <strong>to</strong> 30 years for salaried professionals.<br />
<strong>Most</strong> banks determ<strong>in</strong>e the loan amount eligibility of NRI<br />
borrowers based on their <strong>in</strong>come and credit his<strong>to</strong>ry.<br />
Apart from fulfill<strong>in</strong>g basics like m<strong>in</strong>imum age,<br />
qualification and years of employment, one must earn a<br />
m<strong>in</strong>imum amount <strong>to</strong> qualify for a home loan.<br />
<strong>The</strong> manda<strong>to</strong>ry <strong>in</strong>come limit aga<strong>in</strong> varies from bank <strong>to</strong><br />
bank and also differs for the country of residence. For<br />
<strong>in</strong>stance, $24,000 a year is considered the m<strong>in</strong>imum<br />
<strong>in</strong>come level for US-based NRIs. <strong>The</strong> loan amount can<br />
start from a few lakhs and go up <strong>to</strong> crores, depend<strong>in</strong>g on<br />
how much is the bank conv<strong>in</strong>ced of one’s eligibility.<br />
Some banks may allowNRIs <strong>to</strong> club their spouse’s or<br />
sibl<strong>in</strong>g’s <strong>in</strong>come with theirs <strong>to</strong> improve their eligibility,<br />
while other banks will only consider the pr<strong>in</strong>cipal<br />
borrower’s <strong>in</strong>come. Obviously, it is important <strong>to</strong> have a<br />
good credit his<strong>to</strong>ry and high credit score, as banks will<br />
<strong>in</strong>variably check the <strong>in</strong>tend<strong>in</strong>g borrower’s credit report -<br />
both <strong>in</strong> the country of residence and India.<br />
Eligibility Requirements<br />
Any NRI can apply for a home loan <strong>in</strong> India as long as<br />
he/she is capable of repay<strong>in</strong>g the loan and meets the<br />
eligibility requirements. <strong>The</strong>se can aga<strong>in</strong> vary from bank<br />
<strong>to</strong> bank - however, most banks follow basic guidel<strong>in</strong>es:<br />
Age:<strong>The</strong> home loan applicant should be m<strong>in</strong>imum 18<br />
years and maximum 60 years of age. This age limit may<br />
differ depend<strong>in</strong>g on the bank <strong>in</strong> question - for <strong>in</strong>stance,<br />
Axis Bank lists 24 years as the m<strong>in</strong>imum age for NRI<br />
applicants.<br />
Job tenure:<strong>The</strong> applicant should have been employed<br />
abroad for at least two years, or should be serv<strong>in</strong>g a valid<br />
job contract abroad for a m<strong>in</strong>imum period of two years.<br />
Type of account:<strong>The</strong> applicant needs <strong>to</strong> open an<br />
NRE/NRO (non-resident rupee/non-resident ord<strong>in</strong>ary)<br />
account from which <strong>to</strong> service the home loan.<br />
Documents Required for Avail<strong>in</strong>g Home Loan<br />
• Valid passport and visa documents for the manda<strong>to</strong>ry<br />
know your cus<strong>to</strong>mer (KYC) exercise.<br />
• Permanent address proof <strong>in</strong> India.<br />
• Appo<strong>in</strong>tment letter, work experience certificate, work<br />
permit and contract of employment from the current<br />
employer <strong>in</strong> the concerned country.<br />
• Salary pay-slips and support<strong>in</strong>g statements of <strong>Non</strong>-<br />
Resident External (NRE) and <strong>Non</strong>-Resident Ord<strong>in</strong>ary<br />
|August <strong>2019</strong> 33
Prevail<strong>in</strong>g Rate of Interest for NRIs <strong>in</strong> lead<strong>in</strong>g banks <strong>in</strong> India<br />
Bank<br />
Annual Rate for Loan<br />
Annual Interest Rate amount up <strong>to</strong> INR 30<br />
Lakhs<br />
Annual Rate for Loan<br />
amount up <strong>to</strong> INR 75<br />
Lakhs<br />
Rate for Loan<br />
amount above INR<br />
75 Lakhs<br />
SBI 8.70%onwards 8.65 - 8.75% 8.90 - 9.00% 9.00 - 9.<strong>10</strong>%<br />
HDFC Bank 8.80% onwards 8.75 - 9.25% 8.95 - 9.45% 9.00 - 9.50%<br />
ICICI Bank 8.95% onwards 8.95% 9.<strong>10</strong>% 9.15%<br />
Axis Bank 8.80% onwards 8.90% 9.05% 9.<strong>10</strong>%<br />
Canara Bank 8.85% onwards 8.75% 8.85% 8.90%<br />
(NRO) bank accounts.<br />
• Address proof from the current country of residence,<br />
verified by the current employer (this can be supplied<br />
by mail as well), along with the <strong>in</strong>come tax return<br />
statements from the concerned country.<br />
• A valid qualification certificate <strong>to</strong> pass eligibility<br />
criteria.<br />
• A General Power of Authority (GPA), duly notarized.<br />
Repayment of Home Loan<br />
An NRI can opt for various routes <strong>to</strong> make the<br />
repayment of their home loan EMIs, which must<br />
manda<strong>to</strong>rily be paid <strong>in</strong> Indian rupees via an NRE or<br />
NRO account:<br />
• Transfer money from an overseas bank account<br />
through regular bank<strong>in</strong>g channels.<br />
• Issue post-dated cheques or an Electronic Clearance<br />
Service (ECS) mandate from an NRE, NRO or Foreign<br />
Currency <strong>Non</strong>-Repatriable (FCNR) bank account.<br />
• Pay from the rental <strong>in</strong>come accrued from the property.<br />
• Issue cheques for the EMI from a local relative’s bank<br />
account.<br />
<strong>The</strong> designated GPA holder must be present <strong>in</strong> person at<br />
the time of disbursement of the home loan, as his/her<br />
signature is required by the bank <strong>in</strong> the absence of the<br />
ma<strong>in</strong> applicant.<br />
Importance of Power of At<strong>to</strong>rney<br />
<strong>Most</strong> lenders require a Power of At<strong>to</strong>rney (PoA) while<br />
extend<strong>in</strong>g home loans <strong>to</strong> NRIs. A PoA is a document<br />
stat<strong>in</strong>g that the NRI has given someone else the authority<br />
<strong>to</strong> make certa<strong>in</strong> decisions and act on their behalf.<br />
<strong>The</strong> logic beh<strong>in</strong>d this requirement is s<strong>in</strong>ce the NRI lives<br />
<strong>in</strong> a foreign country, the lender needs someone <strong>in</strong> India<br />
<strong>to</strong> deal with. <strong>The</strong> PoA enables the bank <strong>to</strong> have a po<strong>in</strong>t of<br />
contact <strong>in</strong> India <strong>in</strong> case of any property or loan-related<br />
issue. Usually, lenders <strong>in</strong>sist that the NRI borrowers<br />
appo<strong>in</strong>t their parents, friends or children as the PoA<br />
holder.<br />
While these are the broad guidel<strong>in</strong>es for NRIs avail<strong>in</strong>g<br />
home loans <strong>in</strong> India, it is also important that NRIs do<br />
their own due diligence and compare the best bank<br />
options available.<br />
S<strong>in</strong>ce certa<strong>in</strong> rules vary from bank <strong>to</strong> bank, NRIs should<br />
check the <strong>in</strong>formation available onl<strong>in</strong>e and also speak <strong>to</strong><br />
the concerned representative <strong>in</strong> each of the banks under<br />
consideration. This not only allows them <strong>to</strong> identify the<br />
best option suit<strong>in</strong>g their requirements but also opens a<br />
w<strong>in</strong>dow for possible cus<strong>to</strong>mizations.<br />
34<br />
August <strong>2019</strong>|
NIGHTINGALE<br />
Transform<strong>in</strong>g the Lives of Underprivileged<br />
<strong>Non</strong>-bank<strong>in</strong>g f<strong>in</strong>ancial<br />
companies are an <strong>in</strong>tegral<br />
part of the Indian <strong>F<strong>in</strong>ancial</strong><br />
system. <strong>The</strong> NBFC sec<strong>to</strong>r <strong>in</strong> India<br />
has undergone significant over the<br />
past few years. This sec<strong>to</strong>r plays a<br />
strategic important role <strong>in</strong> poverty<br />
alleviation. Microf<strong>in</strong>ance <strong>in</strong>stitutes<br />
are the robust pillars of progress,<br />
economic growth, and development<br />
of the economy. In develop<strong>in</strong>g<br />
countries like India, Women-centric<br />
microf<strong>in</strong>ance <strong>in</strong>stitutions are play<strong>in</strong>g<br />
a critical role <strong>in</strong> empower<strong>in</strong>g<br />
Women. Over the years,<br />
Microf<strong>in</strong>ance <strong>in</strong>stitutions have<br />
helped nation <strong>to</strong> achieve the<br />
objective of f<strong>in</strong>ancial <strong>in</strong>clusion.<br />
With a social vision <strong>to</strong> reach out<br />
an underprivileged segment of<br />
society, especially women between<br />
the age group eighteen <strong>to</strong> fiftyfive,<br />
Night<strong>in</strong>gale F<strong>in</strong>vest Private<br />
Limited (NFPL) offers microcredit<br />
services <strong>to</strong> transform the lives<br />
their lives. <strong>The</strong> company is<br />
dedicatedly provid<strong>in</strong>g its services <strong>to</strong><br />
the sixteen districts of the Assam,<br />
Meghalaya, Mizoram, and<br />
Arunachal Pradesh. Night<strong>in</strong>gale<br />
has 37 branches <strong>in</strong> 13 districts of<br />
Assam and 1 branch <strong>in</strong><br />
Meghalaya, Mizoram, and<br />
Arunachal Pradesh as on date.<br />
36<br />
Successful Journey over the Years<br />
<strong>The</strong> journey of the night<strong>in</strong>gale<br />
started seventeen years back when<br />
Night<strong>in</strong>gale Charitable Society was<br />
formed on Gandhi Jayanti Day, 2nd<br />
Oc<strong>to</strong>ber 1997 at Guwahati. With a<br />
vision <strong>to</strong> conduct various social<br />
activities <strong>in</strong> a rural area, Night<strong>in</strong>gale<br />
is registered under the Societies Act<br />
<strong>in</strong> the year 1998.To change the<br />
economic conditions of the poor, the<br />
society started its micro-f<strong>in</strong>ance<br />
activities by avail<strong>in</strong>g fund from<br />
f<strong>in</strong>ancial <strong>in</strong>stitutes and banks <strong>to</strong><br />
generate <strong>in</strong>come activities for the<br />
underprivileged. We believe that we<br />
have earned full faith of the poorest<br />
class of the society <strong>to</strong> whom we<br />
are associat<strong>in</strong>g like a catalyst for<br />
their upliftment and for that we<br />
can console ourselves that our<br />
organization has contributed<br />
someth<strong>in</strong>g <strong>to</strong> the society which<br />
directly reflects our success. Today,<br />
the Company is work<strong>in</strong>g with<br />
experienced and knowledgeable<br />
professionals with vast experience<br />
and complementary skill set <strong>in</strong> the<br />
f<strong>in</strong>anc<strong>in</strong>g of MSMEs, and other<br />
similar product s<strong>in</strong>ce we believe<br />
with the eternal philosophy that the<br />
success of any <strong>in</strong>stitution requires<br />
competency standards on the part of<br />
its staff . <strong>The</strong> his<strong>to</strong>ry & track<br />
record of management is critical<br />
for the growth and susta<strong>in</strong>ability of<br />
microf<strong>in</strong>ance <strong>in</strong>stitution. We have<br />
taken our strategy <strong>to</strong> go more and<br />
more unbanked areas <strong>to</strong> serve the<br />
under preveleiged section of the<br />
society as commited <strong>to</strong> our<br />
mission.An Ingenious Leader of<br />
Night<strong>in</strong>gale<br />
Mantu Nath Sarma is the<br />
Manag<strong>in</strong>g Direc<strong>to</strong>r and CEO of<br />
the company. Under his leadership,<br />
the company cont<strong>in</strong>ues <strong>to</strong> provide<br />
micro-credit activities <strong>to</strong> the<br />
underprivileged section of the<br />
society. He is a post graduate <strong>in</strong><br />
Commerce possess<strong>in</strong>g over 17 years<br />
of experience <strong>in</strong> the field of<br />
promotion and f<strong>in</strong>anc<strong>in</strong>g of<br />
MSMEs, Microf<strong>in</strong>ance, and<br />
<strong>F<strong>in</strong>ancial</strong> Structur<strong>in</strong>g. “Without<br />
upgrad<strong>in</strong>g the economic condition<br />
of poor and low-<strong>in</strong>come group of<br />
the society, there will not be any<br />
change of lives and liv<strong>in</strong>g standard<br />
of poor and low-<strong>in</strong>come group of<br />
the society and also generate<br />
employment <strong>to</strong> unemployed”, Says<br />
Mantu.<br />
He is <strong>in</strong>strumental <strong>in</strong> spread<strong>in</strong>g<br />
the outreach of microcredit w<strong>in</strong>g<br />
of Night<strong>in</strong>gale Charitable Society<br />
with the consistent growth <strong>in</strong><br />
bus<strong>in</strong>ess. To change the economic<br />
conditions of the poor, Mantu has<br />
raised fund from various f<strong>in</strong>ancial<br />
<strong>in</strong>stitutions and banks for<br />
August <strong>2019</strong>|
generat<strong>in</strong>g <strong>in</strong>come activities for<br />
low-<strong>in</strong>come households. His<br />
ethics helps him <strong>to</strong> make a good<br />
relationship with officials of the<br />
banks and f<strong>in</strong>ancial <strong>in</strong>stitutes. This<br />
help <strong>in</strong> rais<strong>in</strong>g fund from numerous<br />
f<strong>in</strong>ancial <strong>in</strong>stitutes and banks. He<br />
has been moni<strong>to</strong>r<strong>in</strong>g the activities<br />
and complied with guidel<strong>in</strong>es of<br />
regula<strong>to</strong>ry authorities.<br />
Mak<strong>in</strong>g a Mark<br />
On account of his ability and<br />
knowledge, the Manag<strong>in</strong>g Direc<strong>to</strong>r<br />
of the company was nom<strong>in</strong>ated by<br />
SIDBI for undergo<strong>in</strong>g tra<strong>in</strong><strong>in</strong>g on<br />
Strategic Response <strong>to</strong> Risk <strong>in</strong><br />
Microf<strong>in</strong>ance Markets at Boulder<br />
Institute of Microf<strong>in</strong>ance at<br />
Wash<strong>in</strong>g<strong>to</strong>n DC . <strong>The</strong> activities of<br />
Night<strong>in</strong>gale Charitable Society were<br />
acknowledged by the North Eastern<br />
Development F<strong>in</strong>ance Corporation<br />
Ltd.<br />
<strong>The</strong> society is awarded with a<br />
certificate of excellence <strong>in</strong> 20<strong>10</strong><br />
excellence <strong>in</strong> Enterprise creation<br />
and contribution <strong>to</strong> the growth of<br />
the economy <strong>in</strong> the N.E Region.<br />
<strong>The</strong> company has bagged award as<br />
the best microcredit f<strong>in</strong>ance<br />
company <strong>in</strong> Assam. <strong>The</strong> company<br />
also awarded as Best NBFC <strong>in</strong><br />
North Eastern Region by MSME<br />
<strong>Bank<strong>in</strong>g</strong> Excellence Award. In this<br />
connection the Government of<br />
India, Department of Home Affairs<br />
telecasted a documentary <strong>in</strong><br />
Doordarshan Titled # Purbottar ke<br />
Sitare # (Star of the Northeast)<br />
for half an hour highlight<strong>in</strong>g all<br />
our activities for the society <strong>in</strong> the<br />
northeast as a mark of their<br />
recognition.<br />
Mak<strong>in</strong>g the world a better place<br />
<strong>to</strong> live-<strong>in</strong><br />
Night<strong>in</strong>gale is also engaged <strong>in</strong><br />
Social activities like health<br />
check-up camps, cleanl<strong>in</strong>ess<br />
programs, AIDs awareness, benefits<br />
of forestry, etc. <strong>The</strong> microcredit<br />
activities of the Company have<br />
extended <strong>to</strong> un-served areas where<br />
other MFIs are not assessed <strong>to</strong> the<br />
areas. <strong>The</strong> company is provid<strong>in</strong>g<br />
services <strong>to</strong> areas where banks or<br />
other MFIs are not adequate <strong>to</strong><br />
provide f<strong>in</strong>ancialsupport.<br />
Night<strong>in</strong>gale is successful <strong>in</strong><br />
transform<strong>in</strong>g the lives of many<br />
unprivileged people. <strong>The</strong> company<br />
is dedicated <strong>to</strong> raise the <strong>in</strong>come of<br />
poor people and uplift their f<strong>in</strong>ancial<br />
condition. <strong>The</strong> company has<br />
<strong>in</strong>spired many poor people <strong>to</strong><br />
become an entrepreneur by<br />
provid<strong>in</strong>g f<strong>in</strong>ancial assistance,<br />
necessary tra<strong>in</strong><strong>in</strong>g and cont<strong>in</strong>uous<br />
counsel<strong>in</strong>g by our dedicated staff<br />
members.<br />
<strong>The</strong> Road Ahead<br />
Progress<strong>in</strong>g forward with a positive<br />
approach, the company’s aim is <strong>to</strong><br />
provide microcredit <strong>to</strong> 1 million<br />
families by the end of 2025. <strong>The</strong><br />
company is also expand<strong>in</strong>g its<br />
activities <strong>to</strong> entire states of N.E<br />
Region. <strong>The</strong> company is<br />
implement<strong>in</strong>g the technology of<br />
m-pose company spice money for<br />
cashless transaction. Night<strong>in</strong>gale<br />
will cont<strong>in</strong>ue <strong>to</strong> deliver best <strong>in</strong> class<br />
microcredit services <strong>to</strong><br />
underprivileged <strong>in</strong> the future s<strong>in</strong>ce it<br />
is a <strong>to</strong>ol for economic growth and<br />
poverty alleviation.<br />
We are<br />
‘’<br />
chang<strong>in</strong>g<br />
the lives of<br />
underprivileged<br />
through<br />
microcredit<br />
services<br />
|August <strong>2019</strong> 37
PIRAMAL CAPITAL<br />
& HOUSING FINANCE<br />
F<strong>in</strong>anc<strong>in</strong>g Your Dreams Of Growth<br />
Khushru Jij<strong>in</strong>a is the<br />
Manag<strong>in</strong>g Direc<strong>to</strong>r of<br />
Piramal Capital &<br />
Hous<strong>in</strong>g F<strong>in</strong>ance. A Chartered<br />
Accountant with an illustrious career<br />
spann<strong>in</strong>g well over three decades <strong>in</strong><br />
the field of real estate, corporate<br />
f<strong>in</strong>ance and treasury management, he<br />
has been with the Piramal Group for<br />
around 18 years. His role<br />
encompasses oversee<strong>in</strong>g the entire<br />
spectrum of activities rang<strong>in</strong>g from<br />
orig<strong>in</strong>ation, <strong>in</strong>vestments, asset<br />
management, exits and new<br />
fundrais<strong>in</strong>gs.<br />
<strong>The</strong> <strong>F<strong>in</strong>ancial</strong> Group<br />
Piramal Capital & Hous<strong>in</strong>g F<strong>in</strong>ance<br />
Limited (PCHFL) is registered as a<br />
hous<strong>in</strong>g f<strong>in</strong>ance company with<br />
National Hous<strong>in</strong>g Bank (NHB). It is<br />
engaged <strong>in</strong> various f<strong>in</strong>ancial services<br />
bus<strong>in</strong>esses and provides both<br />
wholesale and retail fund<strong>in</strong>g<br />
opportunities across <strong>in</strong>dustry sec<strong>to</strong>rs.<br />
In real estate, it provides hous<strong>in</strong>g<br />
f<strong>in</strong>ance and other f<strong>in</strong>anc<strong>in</strong>g solutions<br />
across the entire capital stack such as<br />
structured debt, construction f<strong>in</strong>ance,<br />
flexible lease rental discount<strong>in</strong>g etc.<br />
PCHFL also offers cus<strong>to</strong>mised<br />
f<strong>in</strong>anc<strong>in</strong>g solutions <strong>to</strong> the hospitality<br />
sec<strong>to</strong>r.<br />
<strong>The</strong> wholesale bus<strong>in</strong>ess <strong>in</strong> the non-real<br />
estate sec<strong>to</strong>r <strong>in</strong>cludes separate<br />
verticals:<br />
38<br />
Corporate F<strong>in</strong>ance (CFG) - It<br />
provides cus<strong>to</strong>mized fund<strong>in</strong>g solutions<br />
<strong>to</strong> companies across sec<strong>to</strong>rs such as<br />
<strong>in</strong>frastructure, renewable energy,<br />
<strong>in</strong>dustrials, etc.<br />
Emerg<strong>in</strong>g Corporate Lend<strong>in</strong>g (ECL)<br />
– It focuses on provid<strong>in</strong>g funds <strong>to</strong><br />
Small and Medium Enterprises<br />
(SMEs).<br />
Tech-transformation<br />
<strong>The</strong> country's NBFC sec<strong>to</strong>r is<br />
experienc<strong>in</strong>g rapid growth, due <strong>to</strong><br />
macroeconomic conditions and high<br />
credit penetration. It is also witness<strong>in</strong>g<br />
major disruptions through the<br />
adoption of tech-driven <strong>in</strong>novations.<br />
In its early days, PCHFL focused on<br />
build<strong>in</strong>g a standardized set of systems,<br />
bus<strong>in</strong>ess processes and underwrit<strong>in</strong>g<br />
standards <strong>to</strong> achieve scale and<br />
redef<strong>in</strong><strong>in</strong>g the market with <strong>in</strong>novative<br />
products. Today it is <strong>to</strong>uted as hav<strong>in</strong>g<br />
some of the best processes and<br />
governance standards as evidenced<br />
and validated at multiple <strong>in</strong>stances by<br />
the regula<strong>to</strong>rs, various external<br />
service providers as well as the rat<strong>in</strong>g<br />
agencies themselves.<br />
Leverag<strong>in</strong>g technology, PCHFL<br />
adopted a cus<strong>to</strong>mized and built <strong>to</strong> suit<br />
technology platform that spans the<br />
entire wholesale f<strong>in</strong>ance bus<strong>in</strong>ess. It<br />
helped the company <strong>to</strong> enhance its<br />
operational efficiency by elim<strong>in</strong>at<strong>in</strong>g<br />
data duplication, reduc<strong>in</strong>g paperwork,<br />
facilitat<strong>in</strong>g a seamless data flow for<br />
effective moni<strong>to</strong>r<strong>in</strong>g and control.<br />
A recent scheme relies on a<br />
technology-led solution <strong>in</strong> both<br />
cus<strong>to</strong>mer acquisition and stakeholder<br />
(distribu<strong>to</strong>rs and developer)<br />
management. It has the ability <strong>to</strong> send<br />
out well-targeted propositions,<br />
provide more personal access <strong>to</strong><br />
cus<strong>to</strong>mers, lower turnaround time and<br />
provide more efficient service. It is<br />
expected <strong>to</strong> significantly impact the<br />
company's ability <strong>to</strong> scale the size of<br />
its book, whilst also creat<strong>in</strong>g a USP,<br />
through its reliance on technology.<br />
Innovation – <strong>The</strong> Key <strong>to</strong> Growth<br />
<strong>The</strong> Piramal Group has successfully<br />
created <strong>in</strong>dustry benchmarks time and<br />
aga<strong>in</strong> by launch<strong>in</strong>g unique strategies<br />
and rely<strong>in</strong>g on both product and<br />
process <strong>in</strong>novations <strong>to</strong> ga<strong>in</strong> a<br />
competitive edge.<br />
In order <strong>to</strong> detect early warn<strong>in</strong>g<br />
signals, it created a unique asset<br />
moni<strong>to</strong>r<strong>in</strong>g model across its<br />
<strong>in</strong>vestments with the team moni<strong>to</strong>r<strong>in</strong>g<br />
each project on a regular basis. This<br />
<strong>in</strong>cludes conduct<strong>in</strong>g regular site visits<br />
for real estate projects, ma<strong>in</strong>ta<strong>in</strong><strong>in</strong>g<br />
monthly MIS updates on the progress<br />
of each <strong>in</strong>vestment, ensur<strong>in</strong>g<br />
August <strong>2019</strong>|
collection of receivables, conduct<strong>in</strong>g<br />
regular project moni<strong>to</strong>r<strong>in</strong>g meet<strong>in</strong>gs<br />
with the clients and more.<br />
<strong>The</strong> fund management bus<strong>in</strong>ess also<br />
brought certa<strong>in</strong> unique and <strong>in</strong>novative<br />
strategies such as slum redevelopment<br />
(Mumbai Redevelopment Fund) or<br />
bulk buy<strong>in</strong>g of apartments (Apartment<br />
Fund). It has also translated this<br />
entrepreneurial m<strong>in</strong>d-set <strong>in</strong><strong>to</strong> the<br />
<strong>in</strong>troduction of multiple new products<br />
with<strong>in</strong> its wholesale lend<strong>in</strong>g bus<strong>in</strong>ess<br />
over the years – from a ‘Flexi-LRD’ <strong>to</strong><br />
the ‘Piramal Preferred Partner’<br />
program. Recently, it set up the<br />
Emerg<strong>in</strong>g Corporate Lend<strong>in</strong>g team <strong>to</strong><br />
target small and medium enterprise<br />
lend<strong>in</strong>g <strong>in</strong> order <strong>to</strong> access smaller<br />
corporates.<br />
In its retail Hous<strong>in</strong>g F<strong>in</strong>ance bus<strong>in</strong>ess,<br />
it <strong>in</strong>troduced a unique bus<strong>in</strong>ess model<br />
– B2B2C – (bus<strong>in</strong>ess <strong>to</strong> developer <strong>to</strong><br />
cus<strong>to</strong>mer) which is a key<br />
differentia<strong>to</strong>r. In this model, it has<br />
leveraged exist<strong>in</strong>g robust relationships<br />
with its developer partners comb<strong>in</strong>ed<br />
with <strong>in</strong>novative product offer<strong>in</strong>gs such<br />
as:<br />
SUPER Loans – A popular product<br />
that fac<strong>to</strong>rs the future <strong>in</strong>come potential<br />
after assess<strong>in</strong>g the credit parameters<br />
for the retail loan <strong>to</strong> enable cus<strong>to</strong>mers<br />
<strong>to</strong> purchase their ideal home.<br />
AdvantAGE -- Specially designed for<br />
parent-child where<strong>in</strong> both can pay a<br />
higher EMI <strong>in</strong> the <strong>in</strong>itial years when<br />
their <strong>in</strong>come is higher. In the later<br />
years, when <strong>to</strong>tal family <strong>in</strong>come is<br />
reduced, the cus<strong>to</strong>mer can avail an<br />
option <strong>to</strong> pay lower EMIs fac<strong>to</strong>r<strong>in</strong>g<br />
the revised family <strong>in</strong>come.<br />
Bridge -- It caters <strong>to</strong> those cus<strong>to</strong>mers<br />
who aspire <strong>to</strong> buy a new house by<br />
help<strong>in</strong>g them with the down payment<br />
before sell<strong>in</strong>g their exist<strong>in</strong>g property.<br />
Triumphant Moments<br />
From w<strong>in</strong>n<strong>in</strong>g awards and accolades<br />
for its wide scale of abilities, <strong>to</strong> firmly<br />
ma<strong>in</strong>ta<strong>in</strong><strong>in</strong>g a bot<strong>to</strong>m l<strong>in</strong>e that speaks<br />
for itself, PCHFL’s performance has<br />
been widely recognised by the<br />
<strong>in</strong>dustry. It has received several<br />
accolades, <strong>in</strong>clud<strong>in</strong>g Asia One: Global<br />
India 2017, Bus<strong>in</strong>ess Leader of the<br />
Year: Global Real Estate Congress<br />
2017, Visionary <strong>in</strong> Real Estate<br />
F<strong>in</strong>anc<strong>in</strong>g: NDTV Property Awards<br />
2017, CXO of the year: Realty Plus<br />
2018 and CEO of the year: 8th EPC<br />
World Awards.<br />
Inspir<strong>in</strong>g Generations <strong>to</strong> Come<br />
<strong>The</strong> Piramal Group values of<br />
Knowledge, Action, Care and Impact<br />
guide PCHFL's culture and are also<br />
personified by its purpose – ‘Do<strong>in</strong>g<br />
Well and Do<strong>in</strong>g Good’. In the same<br />
mould, Khushru would like <strong>to</strong><br />
encourage the youth <strong>to</strong>day <strong>to</strong> take a<br />
very long term view when start<strong>in</strong>g out<br />
<strong>in</strong> their professional lives and careers.<br />
He says, “I have always believed that<br />
the most important advice that can be<br />
given <strong>to</strong> the younger generation is <strong>to</strong><br />
be true <strong>to</strong> themselves; <strong>to</strong> not <strong>to</strong> act <strong>in</strong><br />
haste and take the wrong path, <strong>to</strong> be<br />
ambitious but humble and <strong>to</strong> have the<br />
courage <strong>to</strong> say and do what they truly<br />
believe <strong>in</strong>, even if others try <strong>to</strong><br />
discourage you. Stay true <strong>to</strong> your<br />
values, beliefs and remember the path<br />
is never easy. Believe <strong>in</strong> yourself,<br />
build a long term vision and work<br />
<strong>to</strong>wards it consistently, passionately<br />
and with an overarch<strong>in</strong>g sense of<br />
purpose.”<br />
PCHFL<br />
through<br />
its group<br />
‘’<br />
companies<br />
provides<br />
cus<strong>to</strong>mized<br />
strategies for<br />
<strong>in</strong>stitutional<br />
and retail<br />
<strong>in</strong>ves<strong>to</strong>rs<br />
|August <strong>2019</strong> 39