Odisha-based Annapurna Finance applies for universal bank license

Established in 2009, the MFI has been promoted by People's Forum, a society registered in Odisha, which comes under the RBI's NBFC-MFI category

Bhubaneswar-based Annapurna Finance Private Limited (AFPL) has applied to the Reserve Bank of India for a universal bank licence during the quarter ended on December 31, the regulator said in a statement on Wednesday.

Established in 2009, the micro-finance institution has been promoted by People’s Forum (PF), a society registered in Odisha, which comes under the RBI’s NBFC-MFI category.

Gobinda Chandra Pattanaik is the managing director of the micro lending firm. According to rating agency Icra, as on March 31, 2022, AFPL was catering to more than 2.3 million borrowers through a network of 984 branches spread across 347 districts in 20 states while managing a portfolio of Rs. 6,553 crore.

Apart from micro loans, it also offers home and home improvement loans, and consumer durable loans.