INDITRADE ENTERS MICRO FINANCE BUSINESS
Monday - April 17, 2017 6:47 pm ,
Category : BHOPAL
Inditrade(erstwhile JRG) (BSE: 532745), a leading player in the agri-commodity financing business and a well-known financial services provider in southern India, today forayed into the Micro Finance business through its wholly-owned subsidiary Inditrade Microfinance Ltd.
The business was launched by Sudip Bandyopadhyay, Group Chairman of Inditrade (JRG) Group of Companies here.
“We strongly believe there are significant opportunities in the semi-urban areas of the industrialised states for a focused microfinance player to provide service in an effective and efficient manner. We have been studying the markets for more than one year and have identified the industrial belts of southern Maharashtra to begin our microfinance activities,” said Bandyopadhyay.
Supporting the vision of the Government of Digital India, the company has also launched a completely digitised process. Elaborating further on this, Bandyopadhyay said, “Easy and quick access are the cornerstones for the success of any microfinance initiative. With the country already moving towards becoming a digitised economy, we plan to leverage technology in fulfilling our aim of reaching our customers and catering to their requirement for finance in the most effective & convenient manner.”
This is the first time in the industry that a completely digitised loan disbursement and collection process will be implemented including client prospecting, eKYC, tracking GPS locations, credit check, decision to disburse loan, money transfer to bank accounts.
Bandyopadhyay further pointed out that the demand for credit in the unorganised sector in the country is higher compared to the supply. “Even after the proliferation of Micro Finance institutions over the last couple of decades, the insatiate demand continues to be significant. We want to address this demand and help in organising and strengthening the market further.”
The company plans to create a loan book of approximately INR 100 crore by the end of the current fiscal.
Inditrade(erstwhile JRG) (BSE: 532745), is a leading player in the agri-commodity financing business well-known financial services provider in southern India. It was incorporated in 1994 and over the years it acquired a name of trust through Equity and Commodity Broking businesses. Inditrade has undergone several transformations - expanding into new geographies, adopting state-of-the-art technology, strengthening credit and risk management systems, creating new products and strengthening client relationships through service focus. Over the years, the company has forayed into lending business (NBFC), commodity trading, insurance broking and micro finance. The company (Inditrade Capital Ltd. and its subsidiaries) is committed to be fully compliant with all regulatory requirements of the Exchanges, SEBI, IRDA and RBI regulations. Inditrade is listed on the Bombay Stock Exchange.
The business was launched by Sudip Bandyopadhyay, Group Chairman of Inditrade (JRG) Group of Companies here.
“We strongly believe there are significant opportunities in the semi-urban areas of the industrialised states for a focused microfinance player to provide service in an effective and efficient manner. We have been studying the markets for more than one year and have identified the industrial belts of southern Maharashtra to begin our microfinance activities,” said Bandyopadhyay.
Supporting the vision of the Government of Digital India, the company has also launched a completely digitised process. Elaborating further on this, Bandyopadhyay said, “Easy and quick access are the cornerstones for the success of any microfinance initiative. With the country already moving towards becoming a digitised economy, we plan to leverage technology in fulfilling our aim of reaching our customers and catering to their requirement for finance in the most effective & convenient manner.”
This is the first time in the industry that a completely digitised loan disbursement and collection process will be implemented including client prospecting, eKYC, tracking GPS locations, credit check, decision to disburse loan, money transfer to bank accounts.
Bandyopadhyay further pointed out that the demand for credit in the unorganised sector in the country is higher compared to the supply. “Even after the proliferation of Micro Finance institutions over the last couple of decades, the insatiate demand continues to be significant. We want to address this demand and help in organising and strengthening the market further.”
The company plans to create a loan book of approximately INR 100 crore by the end of the current fiscal.
Inditrade(erstwhile JRG) (BSE: 532745), is a leading player in the agri-commodity financing business well-known financial services provider in southern India. It was incorporated in 1994 and over the years it acquired a name of trust through Equity and Commodity Broking businesses. Inditrade has undergone several transformations - expanding into new geographies, adopting state-of-the-art technology, strengthening credit and risk management systems, creating new products and strengthening client relationships through service focus. Over the years, the company has forayed into lending business (NBFC), commodity trading, insurance broking and micro finance. The company (Inditrade Capital Ltd. and its subsidiaries) is committed to be fully compliant with all regulatory requirements of the Exchanges, SEBI, IRDA and RBI regulations. Inditrade is listed on the Bombay Stock Exchange.
