City-based microfinance company Village Financial Services Ltd Monday announced expansion of operation in Meghalaya, increasing its footprint to 11 states in the country.
VFS has opened a new branch at Tikrikilla in West Garo Hills district with the aim to drive financial inclusion and livelihood generation by providing micro lending services to poor women in the area, the company said Monday.
VFS now caters to more than 4.71 lakhs women borrowers from 238 branches across West Bengal, Tripura, Assam, Bihar, Jharkhand, Odisha, Sikkim, Madhya Pradesh, Uttarakhand, Chhattisgarh and Meghalaya, it said.
The company has also achieved the milestone of crossing the mark of Rs 1,000 crore of gross loan portfolio backed by the growth in number of borrowers.
"We believe there are tremendous opportunities for the MFI sector and we aim to explore these to reach as many underbanked people as possible by expanding our footprint. We also plan to open more branches in the state," VFS MD & CEO Kuldip Maity said.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.