Inditrade begins Micro Finance operations in Karnataka


Kemmannu News Network, 07-09-2018 07:03:41


Write Comment     |     E-Mail To a Friend     |     Facebook     |     Twitter     |     Print


Inditrade begins Micro Finance operations in Karnataka
·         First branch opened in Bellary district
·         Expect loan disbursal of appprox INR 80 crore in Karnataka in FY 2019
·         14 more branches to come up before the end of year

Bengaluru, September 06, 2018: Inditrade (erstwhile JRG) (BSE: 532745), a leading player in the agri-commodity financing and micro finance business, today launched its Micro Finance operations in the southern state of Karnataka (through its wholly-owned subsidiary Inditrade Microfinance Ltd.).

The announcement was made by Mr. Sudip Bandyopadhyay, Group Chairman of Inditrade (JRG) Group of Companies.

“We strongly believe that Karnataka has enormous potential for growth of small women entrepreneurs with its focus on industrialization, which requires ancillary and peripheral services. As a focused micro finance player, we are well equipped to provide service in an effective and efficient manner in Karnataka” said Mr. Bandyopadhyay.

Inditrade Microfinance has started operations in Karnataka with                                                                                                       its first branch in Bellary district.  It plans to open another 14 branches by the end of this year in two more districts.

Karnataka tops the list of states disbursing micro finance with INR 7,903 crore in fiscal 2018 as per the Inclusix 2018 by Crisil. Karnataka was also the top state in terms of loan amount disbursed at INR 2,219 crore in Q1 FY 2018-19 as per the MFIN Micrometer.

Supporting the vision of the Government on Digital India, the company has also launched a completely digitized process.  Elaborating further on this, Mr. Bandyopadhyay said, “Easy and quick access are the cornerstones for the success of any micro finance initiative.  With the country already moving towards becoming a digitized 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 digitized 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.

Mr. Bandyopadhyay further pointed out that the demand for credit in the unorganized sector in the country is higher compared to the supply. The company plans to create a loan book of approximately INR 500 crore by the end of the current fiscal with approximately INR 80 crore coming from Karnataka.

Business Highlights as on August 31, 2018

·         INR 164 crore disbursed
·         Over 50,000 registered customers
·          Presence in five states – Maharashtra, Tamil Nadu, Kerala, Karnataka and Odisha

Write your Comments on this Article
Your Name
Native Place / Place of Residence
Your E-mail
Your Comment   You have characters left.
Security Validation
Enter the characters in the image above
    
Disclaimer: Please write your correct name and email address. Kindly do not post any personal, abusive, defamatory, infringing, obscene, indecent, discriminatory or unlawful or similar comments. Kemmannu.com will not be responsible for any defamatory message posted under this article.
Please note that under 66A of the IT Act, sending offensive or menacing messages through electronic communication service and sending false messages to cheat, mislead or deceive people or to cause annoyance to them is punishable. It is obligatory on kemmannu.com to provide the IP address and other details of senders of such comments, to the authority concerned upon request. Hence, sending offensive comments using kemmannu.com will be purely at your own risk, and in no way will Kemmannu.com be held responsible.
Similarly, Kemmannu.com reserves the right to edit / block / delete the messages without notice any content received from readers.




Welcome to Thonse Naturecure Hospital
View More

Rozaricho Gaanch September IssueRozaricho Gaanch September Issue
Veez Konkani # 96Veez Konkani  # 96
Konkani film ’Benddkar’ premiereKonkani film ’Benddkar’ premiere
Veez Konkani Special Issue on Fr. Mahesh D’SouzaVeez Konkani Special Issue on Fr. Mahesh D’Souza
Congratulations to Joyce Dsouza, KemmannuCongratulations to Joyce Dsouza, Kemmannu
Best Wishes To Ellie Fernandes & Mellisa SaldanhaBest Wishes To Ellie Fernandes & Mellisa Saldanha
2 New Independent Houses for sale near Rice Mill Road, Nejar.2 New Independent Houses for sale near Rice Mill Road, Nejar.
Milarchi Laram - Issue Sep 2019Milarchi Laram - Issue Sep 2019
Milagres Milana 2020Milagres Milana 2020
Booking Open: Nayaab Residency, Court Back Road, UdupiBooking Open: Nayaab Residency, Court Back Road, Udupi
Shops and Flats for sale at Hampankatte, Kemmannu.Shops and Flats for sale at Hampankatte, Kemmannu.
Focus Studio, Near Hotel Kidiyoor, UdupiFocus Studio, Near Hotel Kidiyoor, Udupi
Canara Beach Restaurant, Hoode/Bengre, Udupi.Canara Beach Restaurant, Hoode/Bengre, Udupi.
Delite Catering, SanthekatteDelite Catering, Santhekatte
Canara Beach Restaurant Inaugurated at Bengre, Kemmannu.Canara Beach Restaurant Inaugurated at Bengre, Kemmannu.
Udupi: Congratulations to Raising smiles who won the first place in RED DROP AD- shoot competition..Udupi: Congratulations to Raising smiles who won the first place in RED DROP AD- shoot competition..
Maria TravelsMaria Travels
Welcome to Thonse Naturecure HospitalWelcome to Thonse Naturecure Hospital
Read online Uzvaad:<font color=red> Read online Uzvaad</font color=red>:
Read Online RaknnoRead Online Raknno
Kemmannu Platinum Jubilee Souvenir – Amruth KaanikKemmannu Platinum Jubilee Souvenir – Amruth Kaanik
Udupi TodayUdupi Today
St. Alphonsa of India