Bhubaneswar: 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 eastern state of Odisha (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 Odisha 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 Odisha” said Mr. Bandyopadhyay.
Inditrade Microfinance has started operations in Odisha with two branches in Khurda district. It plans to open another 13 branches in two more districts by the end of this financial year. Odisha was ranked second amongst states with maximum loan disbursement of INR 2,138 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, e-KYC, 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 INR60 crore coming from Odisha.
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