Arohan Financial Services opens over 100 branches in underserved states

Arohan Financial Services Ltd has opened 102 new branches in FY'23 to expand its presence in underserved states of the country, the microfinance company said on Friday.

The Kolkata-based NBFC-MFI lender now has 835 branches across 15 states offering a range of financial products and services to low-income customers.

The new branches were opened in West Bengal, Uttar Pradesh, Uttarakhand, Madhya Pradesh and Rajasthan, with additional operations in Assam, Bihar, Chhattisgarh, Jharkhand, Karnataka, Maharashtra, Meghalaya, Odisha, Telangana and Tripura.

Arohan is investing heavily to expand in semi-urban and rural geographies, providing employment opportunities for rural youth and enhancing access to credit for the financially underserved, the company said in a statement.

Our endeavour is to include every underserved household and small business under financial services. As we commence on our ambitious five-Year Vision plan of rapid expansion path to serve 20 million lives by 2027, we plan to enter Gujarat, Haryana and Maharashtra this year, besides expanding our footprint in Madhya Pradesh and Uttar Pradesh, said MD and CEO Manoj Nambiar.

Arohan has also launched India's first digital lending platform for microfinance customers, Arohan Privilege Digital Lending, the company said.

The NBFC-MFI lender has also introduced working capital loans for micro-enterprises with ticket sizes starting from Rs 1 lakh.