Bhubaneswar: Leading player in agri-commodity financing and micro-finance business, Inditrade (erstwhile JRG) on Thursday launched its micro-finance operations in Odisha through its subsidiary, Inditrade Microfinance Limited.
The announcement was made by Group Chairman of Inditrade (JRG) Group of Companies, Sudip Bandyopadhyay.
“We strongly believe that Odisha has enormous potential for growth of small women entrepreneurs with its focus on industrialisation, which requires ancillary and peripheral services. As a focussed micro-finance player, we are well equipped to provide service in an effective and efficient manner in Odisha,” said Bandyopadhyay.
Inditrade Microfinance has started operations in the state with two branches in Khurda district. It plans to open another 13 branches in two more districts by the end of this financial year.
Odisha was ranked second among states with maximum loan disbursement of Rs 2,138 crore in the first quarter of the financial year 2018-19 as per the MFIN micrometer.
Supporting the vision of the Government on Digital India, the company has also launched a completely digitised process. Elaborating further on this, he said, “Easy and quick access are the cornerstones for the success of any micro-finance initiative. With the country already moving towards becoming a digitised economy, we plan to leverage technology in fulfilling our aim of reaching our customers and catering to their requirement for finance in the most effective and convenient manner.”
This is the first time in the industry that a completely digitised loan disbursement and collection process will be implemented including client prospecting, e-KYC, tracking GPS locations, credit check, decision to disburse loan and money transfer to bank accounts.
He further pointed out that the demand for credit in the unorganised sector in the country is higher compared to the supply. The company plans to create a loan book of approximately Rs 500 crore by the end of the current fiscal with approximately Rs 60 crore coming from Odisha.
