Launched in 8 branches, this product marks inclusion in a triple sense: Financial, gender and different abilities.
Online PR News – 01-September-2014 – September 1 Kolkata West Bengal – Rated by Crisil as one of India’s leading MFIs in July 2014, Kolkata based microfinance institution Arohan launched its successful Bazaar product in Assam. It disbursed its first loan to 29 year old Abdul Karim, a small shop owner afflicted by polio.
In Assam, Arohan has already disbursed INR 14.2 lacs to 96 customers under this newly launched Bazaar product. The CEO of Arohan, Shubhankar Sengupta said, “We are driven by microfinance’s potential to drive inclusion in various ways. We are among the only MFIs in India to have a product that caters to men in an industry that almost entirely caters to women, and we also recognize the need to include people with various abilities.”
Arohan’s mission is to drive financial inclusion in India’s low income states in East, North East and Central India , true to which it operates in Bihar, Jharkhand and West Bengal as well, and plans to grow into Meghalaya, Tripura, Orissa, Madhya Pradesh, Chattisgarh and UP in the next 3-5 years.
Arohan’s State Head for Assam, Uttam Chetia, added, “Assam has a tremendous need for financial services, especially in rural areas, where people have been plagued by Chit funds as well. Arohan understands its customers’ needs and in order to help them improve their livelihood in a sustainable manner offers various financial services (small loans, pension, insurance etc.) to varied customer segments, and this is what differentiates it from other micro finance institutions operating in the state.”
This year, Arohan is planning to disburse ~INR 4 Cr, as part of its Bazaar product, across Assam. Overall, Arohan’s microfinance portfolio is expected to touch 400 cr across states and ~75 Cr in Assam in this financial year.
Charisma.Murari@intellecap.com | 98200-96516 | Head – Marketing Communications
Arohan is one of the most respected microfinance institutions in Eastern India with a customer base of over 100,000 poor and low income households. A Non-Banking Finance Company (NBFC) with headquarters in Kolkata, Arohan operates in Bihar, Assam and West Bengal and employs over 500 people through its 66 branches.
In a move that represented the first significant consolidation in India’s microfinance sector, IntelleCash (a subsidiary of Intellecap) led the acquisition of Arohan with strategic partners Aavishkaar Goodwell-II, Michael & Susan Dell Foundation and India Financial Inclusion Fund, in 2012. This enabled Intellecash to offer a complete suite of financial inclusion products as well as non-financial products.