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BSE: N.A. Sector: N.A.
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan
NSE 05:30 | 01 Jan

. () - Chairman Speech

Company chairman speech

We are an innovation driven MFI leveraging process excellence and enabling technologysolutions to create an inclusive and sustainable ecosystem. Technology makes us resilient.It enables us to improve our delivery capabilities expand our presence and install anefficient delivery channel.

During the year we moved our processes into Presenceless Paperless and Cashless modesetting a new benchmark of customer service at the grassroot level. Acting as trailblazers in India's MFI space we introduced the use of Aadhaar based e-KYC for instantloan approvals and cashless disbursals into customers'bank ver 6 million accounts.By implementing e-KYC we also began the process of presenceless validation of ourcustomers' credentials through Aadhaar to authenticate borrowers' identity with an Aadhaarnumber and a biometric device.

Adopting this new technology into our banking system has dramatically reduced theturnaround time for processing loans to an instant instead of one week (7 days). Thismakes us India's most-efficient MFI offering the quickest and most seamless integrationof the loan approval process. This is also helping us save back-office time improve staffproductivity and increase customer addition.


The e-KYC initiative is aimed to boost our operational efficiencies enhance customersatisfaction and reduce the risk of fake customers. Hence in addition we are becomingmore efficient by eliminating the overall use of cash while also saving time by avoidingthe cash counting process.

Furthermore the move reduces Cash-in-Transit risk significantly and enables branchstaff to spend their time more productively further reducing our operational cost. Thismove will make the job of a Sangam Manager or Loan Officer easier empowering them to saveapproximately one day of work. Customers also save on work hours spent on applying forloans. The initiative is benefiting beneficiaries.


Going cashless was always a part of our strategy. We embarked on the initiative todisburse the loan amount directly to borrowers' bank accounts during the fourth quarter ofFY17. Of the total disbursement of Rs 1645.45 Crore during FY17 26% of the loans werecashless. We have also been working on finding the right process for cashless collectionsand have found NPCI based Aadhaar Enabled Payment Systems (AEPS) suitable. This allows usto enable local Kirana Stores (Small Grocery Stores) as "Rural Distribution &Service Points" to enable access to Banking and bill payment services within 500metres of our clients' residence. A dedicated project team has been working for pilotingthe concept as well as overseeing the smooth full scale rollout. With this we are movingin sync with the Pradhan Mantri MUDRA Yojana's objective to augur an inclusive andsustainable entrepreneurial ecosystem for the economically weaker sections.