North Eastern Development Finance Corporation Ltd (NEDFi) is a Public Limited Company registered under the Companies Act 1956 on 9th August, 1995. It is notified as a Public Financial Institution under Section 4A of the said Act and was registered as an NBFC in 2002 with RBI. NEDFi provides financial assistance to micro, small, medium and large enterprises for setting up industrial, infrastructure and agri-allied projects in the North Eastern Region of India and also Microfinance through MFI/NGOs.
Assam Financial Corporation (AFC) was established as a Joint State Financial Corp-oration under Section 3(A) of the SFC’s Act 1951 way back in 1954 covering the erstwhile-undivided Assam with two union territories of Manipur and Tripura and operating in the North-East Region for more than five decade. As the premier Financial Institution(F.I.) in the North-East Region, it has a wide outreach at the grass root level compared to other Financial Institutions(FIs) and Banks.
Ananya Finance for Inclusive Growth Pvt. Ltd. (Ananya) is an NBFC set up by Friends of Women’s World Banking – India (FWWB) in 2009, with the objective of reaching out to a large section of microfinance institutions (MFIs) and grass root entities. Ananya is among the most responsible NBFCs in India with the urge and commitment to serve socially motivated double bottom-line enterprises.
Ananya was set up in 2009 and started operations by taking over FWWB’s Wholesale Microfinance Institution lending portfolio in April, 2010. The NBFC has come a long way, withstanding the Andhra Pradesh Microfinance crisis of 2010 and has a robust lending portfolio today diversified across Microfinance Wholesale, Microfinance Retail and Agribusiness segments.
Ananya started with wholesale lending to the MFIs, expanding its lending activities to Agriculture sector in January, 2015 and direct lending to individuals through MFIs in October, 2015. In the MFI space, Ananya has catered to all types of MFI clients ranging from large sized players like Bandhan, Janalakshmi, Ujjivan, Suryoday to mid sized players like Sonata, Utkarsh, Satin and to small sized players like Shikhar, Navachetana and MSM Microfinance. In Agri-finance, Ananya has had a repeat customer base of over 50%.
Ananya is among the few wholesale lenders that specializes in combining credit support with technical assistance to Microfinance Institutions. Along with support from its parent FWWB, Ananya provides Capacity Building services to small, but well-managed and growing Microfinance Institutions.
On September 16, 2015, Reserve Bank of India awarded the “In-principle approval” to set up Small Finance Bank (SFB) to 10 Financial Institutions, including RGVN (North East) Micro Finance Limited, the same can be viewed here at https://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=35010.
The only institution from North-Eastern state of India to receive this recognition to establish Small Finance Bank. The main objective behind setting up small finance bank by RBI was to drive the objective of financial inclusion by making provision of savings and to provide credit to small business units, small and marginal farmers, micro and small industries and other unorganized sector entities, through high-end technology, low cost operations.
For meeting the stipulations prescribed under “In Principle Approval” and other prescribed Guidelines issued by RBI under Small Finance Bank, a new entity i.e “North East Small Finance Bank Limited” having CIN- U65100AS2016PLC017505 was incorporated on July 25, 2016 as a subsidiary to its parent Company RGVN (North East) Micro Finance Limited.
Some of the most reputed organizations in India and abroad viz. SIDBI Venture Capital Limited (Samirdhi Fund), M/s RNT Associates Private Limited, M/s PI Venture LLC, Norwegian Micro finance Initiative, M/s Dia Vikas Capital and IDBI Bank have expressed their confidence to our organization and agreed to partnered with RGVN (North East) Microfinance Limited for the transformation into the Banking Business of “Small Finance Bank”.
We have designed various Asset and Liability products to meet the financial needs of our customers who have been deprived from the formal banking and other financial services till now. We also have kept in mind of their saving needs and have customized products that will take care of their Small and Regular savings as well as target based savings that are simple and easy to understand and have the maximum benefit. Further, we shall also provide them with the facility of Doorstep Banking.
The Bank has commenced its Banking Business vide RBI Press release dated October 17, 2017, which is available on RBI website https://rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=42001 for the Reference.