Enthused
by the Centre's plan to open 7.5 crore bank accounts over the next
few years, MFIs and other such financial institutions that are
working in rural areas have charted out massive expansion plans. The
comprehensive financial inclusion plan was announced by Prime
Minister Narendra Modi in his Independence Day speech. The
Microfinance Institutions Network (MFIN) with 2.5 crore rural
customers in its fold is ready to support the comprehensive financial
inclusion programme. "The microfinance sector is keen to support
the comprehensive financial inclusion programme of the Modi
government," MFIN president Samit Ghosh told PTI on the
sidelines of a financial services summit, organised by newsportal
VCCircle here today. MFIs can help the programme by opening 2.5 crore
bank account for the programme, he added. Capital First, which is
into providing small loans to entrepreneurs, has charted out a
five-year plan as per which it has plans to compound its business by
22-25 per cent per year. "Since ticket size is small, here the
book builds slowly so we should not be in a hurry we can grow by
about 22-25 per cent per year over the next five years. But gradually
even at this pace, the loan book could grow to Rs 25,000 crore,"
said Capital First chairman V Vaidyanathan, who was earlier an
executive director with ICICI Bank. "We want to expand our reach
to micro segment as credit performance is distributed over millions
of customers in the MSME sector. The gross NPA is only 0.5 per cent
and net NPA is under 0.2 per cent in the past four years," he
said in response to a concern that NPA may be high for this segment.
"NPA could level up with rest of the industry over time, but
still we are confident about our cash flow analysis and scoring
methods," Vaidyanathan added. The company provides loans in the
range of Rs 20,000- Rs 1 crore at an interest rate of 13-16 per cent.
Vistaar Financial Services with 100 branches located in six states
has also got ambitious growth plan. "We have plans to increase
the number of branches to 250 from 100 now over the next three-four
years. The idea is to increase the size of our loanbook to Rs 2,500
crore during this period. Moreover, we plan to increase the number of
customers to three lakh from currently existing 40,000 during the
period," Vistaar Financial Services managing director Brahmanand
Hegde said. "To me financial inclusion means access to all kinds
of services a person requires," he added. "As of now, we
have got 80,000 accounts which comprises both credit and deposit
accounts as well. We do see a growth of 40-50 percent in our balance
sheet per year," Satin Creditcare Network chairman HP Singh
said.
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