Suryoday micro on expansion mode

Pune based, Suryoday Micro Finance Private Limited, a new generation non-banking finance company engaged in providing loans to women from economically weaker section is now entering the state of Gujarat and is planning to strengthen its base in Mumbai by opening five branches each in Gujarat and Mumbai.

The announcement was by R. Baskar Babu, CEO, Suryoday Micro Finance Private Limited at Pune while R. Sankaran, chairman of Suryoday and Venky Natarajan, nominee director on the board from the Lok Capital were also present on the occasion.

"Currently we have a network of 31 branches spread across 4 states including Maharashtra, Tamil Nadu, Andhra Pradesh and Orissa with largest network of over 20 branches in the state of Maharashtra itself. We are looking at entering Gujarat and expanding our base in Mumbai in the current financial year", said R Baskar Babu, CEO, Suryoday Micro Finance Private Limited.

"With a modest beginning of loan disbursement of around Rs 1crore with 1000 customers in April 2009 we have made a steady progress to reach the current loan outstanding figure of Rs 50 crores with a customer base of around 95000 customers and are now aiming to double this figure by the end of this financial year," he further added.

Suryoday has launched a special drive under which it facilitates the introduction of micro finance customers to traditional banking after 3-4 cycles of micro finance loan, so that they get primary banking facilities like savings account and bank loan. The first phase of this project has been completed with Suryoday becoming probably the first micro finance company to have their 10000 customers with an operating bank account with nationalised banks. The company is also in the process of reducing the cash disbursement of loans to its micro finance customers.

It is planning to disburse the same by crediting the savings account of its customers from the month of August and is currently working relentlessly to have all its 95000 customers an operating bank account with nationalised banks and wishes to add this unique distinction to its profile of having a bank account for all micro finance customers.