This document provides an overview of IIFL Finance, one of India's largest non-banking financial companies. Some key points: - IIFL Finance is a subsidiary of IIFL Holdings and has over 1,900 branches across India. It provides loans for home, property, gold, SMEs, and microfinance. - The company has a loan book of over Rs. 34,904 crores and focuses on retail lending. It has received high credit ratings from rating agencies. - IIFL Finance is a leader in digital finance, with an end-to-end digital loan process and many touchpoints digitally enabled. - In addition to lending, IIFL Finance runs financial literacy programs and

1. August-2019
VOL 8
ISSUE 8
IIFL FINANCEENSURING NO COMPROMISES IN LIFE
www.insightssuccess.in
The 10 Most Trusted Non-Banking Financial Companies to Watch in 2019
Mr. Sumit Bali
CEO
Mr. Nirmal Jain
Founder

4. n an economically developing country like India, NBFCs
Iare rapidly growing their loan books by providing finance
to micro, small and medium-sized enterprises. Non-
Banking Financial companies are playing a vital role in the
na on, providing a fillip to transporta on, employment
genera on, wealth crea on, bank credit in rural segments
andfinanciallyweakersec onsofthesociety.
In the present economic system of India, Non-banking
financial ins tutes can play a vital role in enabling
entrepreneurs to realize their strengths. Access to credit is a
key factor in empowering economically backsword
entrepreneurs. The latent credit demand of an emerging
India will allow Non-baking finance companies to fill the gap,
especially where tradi onal banks have been the way to
serve. Today, the MSME sector is looked upon as the next
driver of the new Indian Success story. Non-banking financial
ins tutes are ac ng as a catalyst in the growth of this sector.
Providing business credit, helping the unbanked and
undocumented strata, disrup ng status quo are some the
way in which NBFCs are serving the entrepreneurs of India.
The Indian MSME sector is growing at an amazing pace and
government ini a ves such as Make in India, Skill India, and
digitalIndiahavehelpedthissectortoreachheights.
Today, NFBCs have punched above their weight and
expanded overall credit market in India. Now, the key
expecta on from the government of India is to create a
stable policy environment which can facilitate the long term
growthoftheNBFCsector.
NBFCs: Fuelling
Growth of Indian
Micro Businesses
From the
Editor
Abhijeet kakade
Abhijeet kakade

5. SME-SMO Executives Manoj, Ketki
Circulation Manager Tanaji
Digital Marketing Manager Prashant Chevale
Technical Specialist Amar, Pratiksha
Co-designer Sapana Shinde
Art & Picture Editor Rahul Kavnekar
Art & Design Head Amol Kamble
Associate Designer Poonam Mahajan
Copyright © 2019 Insights Success Media and Technology Pvt. Ltd., All rights reserved. The content and images used in this magazine should not be reproduced or
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Insights Success Media Tech LLC
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August, 2019
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Cover Price : RS. 150/-
Editor-in-Chief Pooja M. Bansal
Managing Editor Devasish Kanojiya
Executive Editor Abhijeet Kakade
RNI NUMBER: MAHENG/2018/75953
Business Development Executive Asif Patel
Business Development Lead Ashwini Pahurkar

6. IIFL
FINANCEEnsuring No Compromises in Life
Moneycontrol
A Pioneer in Digital Financial Services
16
CoverStory
Security Insights
How Secure are Instant Loan Portals
Interview with
Insights Success
CXO
24
Through the Professional’s Eye
NRIs Seeking Home Loans in India - A Checklist
32
08

7. C O N T E N T S
Adhikar Micronance
Uplifting the life of Underprivileged People
Fusion Micronance
A Decade-Old Voyage in Women Empowerment
Kudos Finance
Funding Ideas, Empowering Ideators
Nightingale
Transforming the Lives of Underprivileged
Piramal Capital & Housing Finance
Financing Your Dreams of Growth
22
28
30
38
36

8. NBFCs Streamlining Finance
for Everyone
on-banking finance companies are playing crucial role in development of Economy. With each passing day,
Nthe nation is realizing the importance of NBFC institutes and what can be a better way than recognizing the
industry leaders who are contributing distinctively in transforming the lives of its beneficiaries?
In this edition, we introduce “The 10 Most Trusted Non Banking Financial Companies To Watch In 2019”, in
order to assist businesses to choose the right companies. Assessing the scenario in versatile perceptions, our
magazine has brought light onto the companies, who are providing excellent products and solutions to its clients.
This list showcases the best Non-banking finance companies that are bench-marking their presence in this sector.
In this issue, we have featured India Infoline Finance Limited as the cover story. It is a subsidiary of IIFL
Holdings Limited, India Infoline Finance Ltd.(IIFL Finance) is one of the leading non-banking finance in the nation.
Adhikar Microfinance is one of the leading Microfinance Institutes in India serving the needs of underprivileged
segment of the society. Fusion Microfinance Pvt. Ltd is India’s one of the leading microfinance company. Kudos
Finance and Investments Pvt. Ltd. is a NBFC formed with a goal to help finance small-scale urban businesses
through the medium of unsecured loans. Nightingale Finvest Private Limited (NFPL) provides micro credit
services to its clients. Piramal Capital & Housing Finance Limited (PCHFL) provides housing finance and
other financing solutions across the entire capital stack.
We also have Moneycontrol as interview with insights success. It is pioneer in a digital finance services.
We have included articles like Entrepreneurship – How Secure are Instant Loan Portals written by Akshay
Mehrotra is the Co-founder and CEO of EarlySalary, India's largest consumer lending application and NRIs
Seeking Home Loans in India Written by Shajai Jacob is CEO of Anarock property consultants.
It's time to flip the pages and get to know about industry movers with a reading pleasure!

11. At IIFL we
love disruptive
innovations
IIFLFINANCE
Ensuring No Compromises in Life

12. Asubsidiary of IIFL Holdings Limited, India
Infoline Finance Ltd. (IIFL Finance) is a
systemically important non-deposit accepting
non-banking finance company. It is one of the largest and
most diversified non-banking finance companies in India.
The IIFL Group was founded over two decades ago. The
NBFC arm was initially incorporated in the year 2004 as
India Infoline Investment Services Private Limited and
converted into a Public Limited Company in the year
2007. Now, it is known as India Infoline Finance or IIFL
Finance.
In terms of share of business and profitability, IIFL
Finance is the largest entity in the IIFL Group. It will be
soon listed as a separate entity on the exchanges as part of
the Scheme of Reorganization of the IIFL Group.
The Absolute IIFL Finance
IIFL Finance is engaged in the business of home loans,
loans against property, gold loans, SME finance, capital
market finance and microfinance loans. It offers small-
ticket loan products to retail borrowers, delivered through
a pan India branch network. IIFL Finance has over 1,900
branches and digital channels. The company had loan
Assets Under Management (AUM) in excess of Rs.
34,904 crores at the end of March 2019. The capital
adequacy ratio near twenty per cent is well above the
minimum requirement. About eighty-five per cent of its
loans are retail in nature and close to fifty per cent is
priority sector lending compliant. IIFL Finance has a
long-term credit rating of AA (Stable) by Crisil, AA
(Stable) by ICRA and AA (Positive) by CARE.
The parent, IIFL Group has a customer base of over four
million across eight countries. The NBFC operation has
branches mostly in smaller towns and rural locations. The
wealth business manages and advises about Rs. 170,000
crores of assets. IIFL Institutional Equities caters to over
400 global funds.
Over the years, IIFL forayed into life insurance & mutual
fund distribution, institutional equities business, consumer
finance business and wealth management businesses. IIFL
also expanded globally and has regulated subsidiaries in
eight major global financial centers.
Leader in digital finance
We are living in an era where digitalization is
revolutionizing finance space in an amazing way.
Digitalization is core to IIFL Finance’s way of working.
The company offers end-to-end customer journey on
digital platform. The loan origination happens through its
in-house app on a tablet followed by underwriting
processes, which also heavily use digital tools, thereby
automating the decision making and reducing human
interaction. Being an innovator and early adopter of
digital transformation, IIFL Finance is able to offer a 22
minute end-to-end loan processing turn-around time for
gold loans. This is one of the fastest and most advanced
loan experiences offered by any NBFC in India.
All of its customer touch points are digitally enabled
bringing huge efficiencies to company’s businesses and
help them provide frictionless services to customers. A
large part of company’s new customer acquisition is
through digital mode. It is also introducing chatbots to
help its customer service team to provide better
experience to customers. Also, IIFL is investing into
robotic process automation to digitize legacy systems and
processes. The company’s digital analytics team uses
machine learning models to design credit policy decisions
accurately. It also helps to reduce risk by providing early
warning on possible delinquencies.
In addition, the company has partnered with some of
India’s most innovative fin-tech companies and leverage
their expertise to provide best-in-class customer
experience and meet expectations of the millennial
customers, who prefer do-it-yourself mode of loan
processing.
About the CEO
Sumit Bali, the CEO and Executive Director of IIFL
Finance, is a seasoned banker carrying vast experience in
the Indian corporate sector. He holds a PGDM from IIM
Ahmedabad and B.A (Hon) from St. Stephen’s College,
New Delhi. Prior to his current role, Sumit has spent over
two decades with the Kotak Group. His last position at
Kotak Mahindra Bank was of Senior Executive Vice
President, overseeing consumer banking retail asset
products including home loans, loan against property,
credit cards, salaried personnel loans, and SME loans.
Previously, he also held the position of CEO of Kotak

13. Mahindra Prime Ltd. (KMPL) and also was a Director on
KMPL’s Board. He began his career with Glaxo India
Limited in the year 1990 and has also worked with Asian
Paints (I) Ltd.
The Legendary Founder
Nirmal Jain is the Founder and Chairman of IIFL
Group. He is a first generation entrepreneur, who is
credited with building one of the largest financial services
groups in India in just about two decades. He is a PGDM
(Post Graduate Diploma in Management) from IIM,
Ahmedabad, a rank holder Chartered Accountant, and a
Cost Accountant.
Nirmal Jain began his career in the year 1989 with
Hindustan Lever Limited (HUL), the Indian arm of
Unilever. After a few years, in the year 1995, he founded
his own equity research company, which is today known
as India Infoline or IIFL Group. The company's
pioneering work in equity research had set new standards.
Further, in the year 1999, he launched the website
www.indiainfoline.com where he made available his
research free on the Internet. Finally, in the year 2000, the
company forayed into the transaction space, with the
launch of the online trading portal. Under his leadership,
the company started diversifying the business model by
adding multiple business streams while remaining focused
on the core domain of financial services.
Under Nirmal Jain’s visionary direction, today IIFL is one
of the largest financial services firms in India backed by
marquee global investors like Fairfax Group, private
equity major General Atlantic, and the UK government’s
private equity fund - CDC Group.
Nirmal Jain has successfully steered IIFL to reach the
epitome of success and stands amongst India's leading
financial services groups.
NBFC is Important!
The profound team at IIFL has shared their views on
NBFC as follows. In FY18, NBFCs accounted for more
than a third of incremental credit. Broadly, PSU banks,
private, banks and NBFCs have an equal share in
incremental credit. More importantly, most NBFCs do not
fund large projects or industrial houses, so their relative
share in consumer and small business finance is even
greater. As per estimates of a rating agency, NBFCs

14. accounted for 44 per cent of the total credit to retail and
small business segments. They have played a very
important role in making credit available to those who do
not have access to formal credit. One can cite examples of
excesses in any sector, but by and large flow of credit is
essential to keep the momentum of growth. Even
consumer credit helps in driving demand and thereby
production and growth. In other words, the flow of credit
to the bottom of the pyramid, millions of people in the
informal sector, helps them produce more and consume
more.
IIFL Finance’s focus on Financial Literacy and
Environmental, Social and Governance (ESG)
programs
IIFL Finance’s major clientele is from smaller locations
and have been underserved in the financial system.
Therefore, IIFL Finance along with IIFL Foundation has
set up financial literacy centres across West Bengal,
Jharkhand, Odisha, Assam, Meghalaya and Karnataka to
impart financial literacy and is expanding to more states.
The financial literacy centres not only educate them, but
also handhold and initiate them into the financial system
like opening a bank account, understanding government
schemes beneficial for them, understanding crucial
financial products like insurance, mutual funds etc and
make financially prudent.
IIFL Finance has so far reached more than 100,000 people
and aims to reach over 200,000 people by end of 2020.
Dr Sarika Kulkarni, CEO, IIFL Foundation said, “Being a
financial services company it is our moral obligation to
create a financial literate community and help them break
the vicious circle of poverty through financial prudence.”
In addition to financial literacy, IIFL Finance runs ‘IIFL
Milan’, one of India’s largest Environmental, Social and
Governance programs by a corporate. This is in line with
IIFL's effort to be a part of the community and ensure that
the community’s well being is taken care of in addition to
business relationships.
Our effort is to provide
nance to the underserved
One of India's
most diversied
NBFCs

15. Under IIFL Milan, 10,109 activities have so far been
conducted, touching 315,000 lives through varied themes.
IIFL Finance has also under taken one of India's largest
girl child education initiatives in Rajasthan, where it aims
to help the every girl child study at least until class 10
within the next ten years. IIFL Foundation has set up
‘Sakhiyon Ki Baadi’, unique community schools across
Rajasthan, which facilitates education in inaccessible
locations as per the time convenience of the students in
dialogue with the local community.
Notable Awards, Achievements, and Recognitions
The Economic Times has listed IIFL among the top five
companies in India, on which investors trust. It has been
ranked as one of the Forbes ‘India’s Super 50
Companies’, a benchmark to identify Indian companies
that exhibit high growth in profitability, sales and
shareholder returns. IIFL is also among the ‘Outlook
Business Outperformers’ - a prestigious list of eight
companies which have beaten the Sensex over a
five-year period. The Mint newspaper has recognized it
among the seven financial conglomerates in India. Also,
IIFL has been recognized as ‘India’s Most Trusted
Financial Service Brand (Non-Bank)’ by the Brand Trust
Report India Study. It has also received ‘India’s Most
Promising Brand' award at WCRC Global India
Excellence Summit in London.
Growing with the Ultimate Strategies
In the last quarter of 2018, the company halved its
commercial paper exposure, down from 24% to 12%. The
funding mix remains well diversified including term
loans, securitization and direct assignments, refinance and
non-convertible debentures. The company recently raised
over Rs. 1100 Cr via NCDs. The company is further in
discussions with other institutions for long-term funding
agreements along with sanctioned undrawn credit lines
from banks. On the asset side, the loan book has a
relatively short maturity pattern, with 25% of loans
having a maturity of less than six months and 39% of
loans having a maturity of less than 12 months. The
company has a positive asset-liability mismatch across all
buckets and continues to maintain a comfortable liquidity
position. IIFL Finance has a long-term credit rating of AA
(Stable) by Crisil, AA (Stable) by ICRA and AA (Positive)
by CARE.
The Future Vision
As India is the world's fastest growing economy, the
NBFC sector has huge scope for its growth. IIFL Finance
has a diversified product portfolio, caters to needs of a
broad spectrum of customers – salaried, self-employed,
informal sector, HNIs, and corporates.
IIFL Finance aiming to address growing financial needs in
under-served markets. About 85% of the book is retail in
nature, therefore, the focus of the company will remain on
retail lending especially in the middle-class borrower
segment. Home loans, Gold loans, SME financing, and
Microfinance will be key areas for growth for IIFL
Finance.

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18. August 2019|16
Gautam Shelar
Business Head

19. MONEYCONTROL
A PIONEER IN DIGITAL FINANCIAL SERVICES
In an exclusive interview with Insights Success, Gautam Shelar, Business Head of
Moneycontrol gave some insightful answers highlighting the influences made by the
company to take the finance industry to the next level.
IS: From setting up a business from scratch to scaling up to large businesses like Times
Group in the past and now as the Business Head for Moneycontrol – looking back, how
do you define this journey?
Gautam: It feels marvelous to have been at the cusp of the digital revolution, the journey has
been transformational and disruptive. I have had the advantage of witnessing and contributing
to India’s growth chart of digitalization. Having spent close to more than a decade in the
media industry has been highly rewarding albeit challenging experience. During my stint with
Times, my main focus was on leading innovations and building a robust team and support
system that propels the growth of the brand in the perennially changing digital environment.
With moneycontrol, my role has expanded and accumulates the gamut of my experience in the
digital media industry. At present, as India is going through a digital renaissance within a
highly competitive market. It becomes imperative to be at the top of the game and constantly
innovate our offerings basis the evolving dynamics of the industry. At the same time ensuring
moneycontrol remains the leader of its segment by formulating strategies that blend creativity
with innovative advancements. We have always strived to lead the game with an experimental
approach, creating multiple touch points for our readers that constantly redefines the formats in
delivering information and news. For instance, moneycontrol is one of the only Indian
financial and business multi-platform publication that extends to creative albeit reader friendly
web-comics, podcasts, and premium applications.
IS: What was your source of motivation? Or, who is your role model or the person that
inspires you? Have your family played a significant role in scripting your success voyage?
Gautam: All we need to do is persistently improve on ourselves by looking around us to find
something that inspires us. I meet a lot of people every day, all from different industries and
backgrounds, each one of them inspiring me in their own way. This whole experience has been
nothing short of heartwarming and has truly brought a host of things into perspective.
Having said that, the biggest inspiration in my life is my mother. All my life, since the
beginning she has being my icon. She is the driver in my life as she herself is an entrepreneur
and I have seen her revel in the good times and not lose heart in the struggles. As they say, if
family is your first school, then mother is your first teacher. She taught me that hard times can
be overcome with sheer determination and will and enable you to emerge as victorious. I know
how strong-minded she is and that has always inspired me to push myself to do more and more
Interview with Insights Success
|August 2019 17

20. things in my life. She has thought me to get out of my
comfort zone and do go for that extra mile.
IS: A decade of experience in digital media, how do you
determine the key areas of a business that needs to be
strategized?
Gautam: Determining the key focus pillars of any
organization is of utmost importance. It is the foundation of
the cores and beliefs on which a brand functions and
operates. Designing a growth strategy involves envisioning
deliberate long-term plans that is beneficial and leverages
all the available resources to its optimum. In my
experience, these are the pillars that have aided me in
developing a robust growth strategy for businesses –
Brand Ethos and Value – Molding an expansive chart of
your brand’s ethos and the values that it will hold is the
foremost thing in the growth chapter of any company. It is
the North Star of any business that directions the rest of the
operations and services of the business
Key Indicators – Identifying key indicators that affect the
growth of the businesses, and constantly are innovating the
services and offerings as per the changing requirements of
the consumer
Talented workforce – A talented and skilled workforce is
the key to lead a business towards growth. They are the
propellers who take forward the brand ethos and values.
IS: Kindly introduce ouTr readers with the exquisite
products and services offered along with talking about
your role as a Business Head at MoneyControl.
Gautam: Internet has become the universal source of
information for millions of people, at home, at school, and
at work. Internet has changed the dissemination and
consumption of information. People have access to
real-time updates just by a click on their palms. Smartphone
penetration aided by Jio’s acceleration in providing cheap
data has revolutionized the bridge between people and
digital. Leveraging the shift and transformation
moneycontrol has constantly extended into multiple
platforms and has further augmented its multimedia
positioning through various innovative and value-added
offerings to advocate financial literacy amongst its
audience.
Ensuring that the consumer, be it a seasoned trader, investor
or a newbie, receives everything at their fingertips, the
moneycontrol website, app and podcast work in tandem
towards the common goal of informing and educating the
audience in matters of all-things-finance. With
moneycontrol’s audience comprising of digital-first and
conscious users, the platform aimed to deliver information
through varied mediums (website, app, podcast) featuring
information in distinct formats. Moneycontrol’s
multi-platform presence serves it to be the one-stop-
destination bringing all business news and trends for
audience that is constantly on-the-move.
With moneycontrol realizing the demand for premium and
personalised services, the platform rolled out Moneycontrol
Pro and the Moneycontrol Podcasts. As the perfect product
for loyal users who heavily consume market-related
information and news, Moneycontrol Pro brings daily
investment recommendations, curated markets data,
exclusive trading recommendations, independent equity
analysis, actionable investment ideas and practical insights
from market gurus. On the other hand, the podcast property
provided a means to an end by engaging with an audience
that had been so far left untapped. The audio podcasts sheds
light on the various aspects pertaining to investments,
personal finance, market trends, etc.
The digital offerings by moneycontrol are the perfect
amalgamation of in-house expertise and capabilities for
breakthrough journalism and storytelling that provide high-
quality content in captivating formats.
Along with this, I am also responsible for introducing new
products and services, In addition to strategizing and
processing plans for moneycontrol, that help generate
advertising revenue. With the race to be the first in the
information age being of paramount importance, the
consumer can be rest assured that via moneycontrol they
receive the latest news and reports that is backed with
research, analysis and industry perspective.
IS: Digital platforms have far more outreach as
compared to traditional business models. How has the
financial sector embraced technology to create multiple
channels to serve their audience better?
Gautam: Since 2014, a slew of policy measures like
Digital India, Skill India, Make in India, Startup India, has
thrust the nation towards an unprecedented digital
August 2019|18

21. revolution. In addition, with Reliance Jio’s enabled
smartphone penetration and affordable data prices have
aided digitization to grow from strength to strength and has
gradually overtaken the traditional outreach of various
business operations. Rapid advancements in technology has
made digital an integral part of our everyday lives. It has
altered the content consumption pattern of the consumers.
The gradual shift from traditional to digital has not been
restricted to one segment but all the industries. The growth
of tech-driven initiatives has enhanced customer
experience, thereby improving efficiency and reduced costs.
Subsequently, the finance sector has undergone meteoric
advancements in the digital domain. People track stocks
and all the latest trends on their screens instantly. Leading
the way, moneycontrol is one of the only finance and
business news destinations that also provide a mutual fund
investment platform – Money Control Transact. It provides
ease in handling end-to-end digital transactions with
personalized recommendations for mutual funds based on
multiple parameters. Extending itself to a multi digital
platform; moneycontrol leverages it to reach out to a wider
audience with readily available and informed knowledge on
any company along with quick and real time access to the
trends of the industry.
IS: Moneycontrol Pro –This exclusive application was
launched on March 2019. Kindly take us through initial
idea or concept that led to the development of this app
along with the distinctive features that makes it your
USP over others.
Gautam: Moneycontrol works towards a vital goal of
providing insights along with informing and educating their
audience with the latest trends in the finance and business
industry. It has brought together the user and the experts all
under one roof to ensure that the consumer, be it a seasoned
trader, investor or a newbie, receives everything at their
fingertips on one destination. By identifying the rising
demand for premium and personalized content, we released
an ad-free moneycontrol Pro app to give our audience more
personalized and customized presentation of the financial
news and allowing them to keep track of the latest events
around the globe. The exclusive content is backed with
credible and authentic insight backed with extensive
research and expert analysis. With content that goes beyond
the mainstream our readers get to make an informed
investment.
Our services allows them to monitor and update their
watchlists and portfolio's related to Stocks, Mutual Funds,
ULIPs, Bullion, commodities, futures and currencies to
monitor. With our readers having a real-time watch over the
price and volume of stocks, the app has also stolen a march
over its competitors by providing an enhanced charting tool
to assist the investor. This strategic idea leads to immense
knowledge sharing in the trading and investing sector,
resulting in the consumer making a much-more informed
investing decision.
IS: How do you depict the growth trajectory of
Moneycontrol for the coming years?
Gautam: The long-term aim for moneycontrol was to build
a platform that caters to all the demands and requirements
of the reader related to the finance and business industry.
The backbone of the growth has been to provide accurate
information and research-based analysis to our audience
and become the go-to platform for all their financial
decisions. For instance, one of our offerings based on
Mutual Funds is the ‘Moneycontrol Transact’ that enables
the users to understand and undertake all the Mutual Fund
activities comprising of making investments, viewing
recommendations and analyzing markets/investments on-
the-go. The app is highly personalized and enjoys a value-
added feature that recommends suitable mutual funds to
users based on the multiple parameters.
The Network18’s association with Reliance Jio lends aid in
thrusting the platform on an incremental and radical
innovation path. The future lies in deeper penetration of
smartphones across the length and breadth of the country.
We have forever striven to innovate and improve, while
staying true to the quality and authenticity of the content.
With a staunch objective of retaining our leadership
position we have kept the consumer at the core and ensure
that they make well informed investing decisions. By
constantly innovating to cater to the evolving needs of the
reader, we aspire to build trust in the minds of our audience.
Moneycontrol, as the leader in the market sector, always
looks out to give the consumer a fresh perspective, format
and platform to access information, and we shall continue
to churn out a host of services in the near future that they
can be proud to use.
|August 2019 19

24. ADHIKAR
MICROFINANCE
Income Generation Loan- Income
Generation Loan is one of the primary
loan products offered to
underprivileged women in rural and
semi-rural areas. Under this product
segment, the company provides loans
to women who are not being able to
access formal financial services to
improve their standard of living. Over
the years Adhikar has touched the lives
of 1.93 lakhs of clients.
Water and Sanitation Loan -As large
numbers of households in Odisha are
exposed to unhygienic living
conditions and water-borne diseases in
the absence of clean drinking water,
Adhikar is envisioned towards this
cause and hence working on ‘creation
of low cost infrastructure for
accessibility of water and toilets’ to
ensure safe drinking water and
hygienic sanitation for the people.
Adhikar provides WATSAN loan
termed as ‘Jeevan Dhara’ and reached
out to 3348 clients.
Energy Loan-The company offers safe,
sustainable solar solution in the lives of
the rural and tribal communities of
Odisha for their social and economic
empowerment. Around 3648 clients are
benefited through this product.
MSME Loan -MSME loan is offered to
small entrepreneurs (small business
owner). MSME loan is one of the
Based out of Odisha, Adhikar
Microfinance Private
Limited is the organization
which is dedicated to uplift life of
underprivileged people. The company
is committed to creating a stable and
inclusive financial system for
betterment of socially and
economically backward people. The
company has touched the lives of
million people through its 84 branches
in five states across the country. It has
a strong presence in some of the most
backward districts of Odisha including
Nabarangpur, Malkangiri, Koraput,
Kalahandi, Bolangir, Nuapada and
Bastar district in Chhattisgarh. Also
some of the backward areas of Assam
and West Bengal.
Over the years, Adhikar has undertaken
various financial inclusion programs
through remittance, credit linkage to
Self Help Groups (SHGs) and credit
for income generation activities,
water and sanitation, house renovation,
and insurance services for its clients.
The company also conducts financial
literacy programs, safety, and hygiene
practices with skill training activities
for its client’s growth. It is associated
with more than 15000 SHGs and has
served more than 2 lakh clients.
Lading Light of Adhikar
Microfinance
With over a decade of experience in
the field of microfinance, Mr. Amin is
the Founder and Managing Director
of the company. In addition he also is a
veteran social development
professional with twenty-six years of
extensive experience in the sector. He
is one of the early votaries of the
microfinance movement in Odisha. He
has a master's degree in Law from the
Utkal University, Bhubaneswar,
Odisha. He completed the certificate
course/diploma in Human Rights from
the Chulalongkorn University,
Bangkok and has a certificate in credit
delivery and recovery mechanism from
the Garmin Bank, Bangladesh and
Harvard Business School, Boston,
USA. In addition he is an Ashoka
Fellow for the innovative approach to
financial and social intermediation
through SHGs. Under his dynamic
leadership and financial acumen,
Adhikar has reached out to extremely
difficult geographical locations
including left wing extremist affected
districts of Odisha and Chhattisgarh.
Exceptional Services Driving
Change
Adhikar Microfinance offers financial
and non-financial products to meet
specific social needs of the
disadvantaged section of the
community. The company offers below
financial services to its clients.
Uplifting the life of Underprivileged People
“Microcredit is all about giving
hope”
- Natalie Portman
August 2019|22

25. basic requirements of the poor and
underprivileged communities for the
expansion of their respective business
and generates more income. The
company provides MSME Loan to
small entrepreneurs or small business
owners for their various financial
needs. Over the year 199 clients are
benefited through this loan.
Low-Cost Housing Loan- Adhikar
addresses the housing finance need of
the poor and underprivileged and offers
low-cost housing loan/house
improvement loan with an easy
repayment provision.
Micro-insurance- Though poor are
vulnerable to workplace injuries, only
a few of them are covered under
formal insurance. The company’s all
of the customer are covered under
credit line insurance with joint life
cover
Making a World a Better place
Adhikar strives for the betterment of
society through its exceptional
non-financial services.
Financial Literacy- Access to formal
credit along with financial education is
the key to financial inclusion of the
poor and unprivileged. Adhikar is
striving towards rendering financial
literacy to educate its customers on
various financial services and risk
management.
Cloth for Work (CFW) -Clothing is one
of the most important aspects of human
life and Adhikar makes it available for
the needy while keeping their dignity
intact.
Skill Training for Entrepreneurship-
Adhikar strongly believes in the idea of
“Entrepreneurship” as the driving force
behind sustainable and large scale
development of the marginalized and
deprived communities. It envisioned to
scale-up the capacity of the youths for
employment and entrepreneurship by
imparting skill.
Prioritizing Client Needs
Adhikar Microfinance is always ready
to walk an extra mile for its customers.
The company is creating best-in-class
income generation activities for low-
income individuals to improve their
quality of living. With better access to
financial services, health, hygiene and
sustainable green energy, the company
is ensuring utmost customer
satisfaction.
With the use of innovative information
communication technology, Adhikar is
serving a large number of customers in
a faster, transparent, secure ways. The
company supports a robust and
resilient service to the beneficiaries.
Moreover, business processes are most
efficient with the use of technology.
Future Roadmap
Adhikar has become the preferred
lender and a partner of the customers
in transforming their social and
economic life. Focus on robust digital
technology to reach out to more
underprivileged customers in remote
locations with digital financial services
and meeting the current needs like
MSME loans, housing loans,
automobile loans etc. The company is
looking forward to spread out to 6
states in India. Adhikar is the only MFI
in Eastern India to reach the most
disadvantaged people in remote
locations. We cherish this idea and
further strengthen it to achieve the
financial inclusion into a reality. It
wants to be the leading MFI in Eastern
India working in most difficult
locations including the conflict zones.
We are
transforming
the lives
of socially and
economically
backward
people
‘’
|August 2019 23

26. How SECURE are
INSTANT LOAN PORTALS
ABOUT THE AUTHOR
Akshay Mehrotra is the Co-founder and CEO of
EarlySalary, India’s largest consumer lending
application. He has over 16 years of experience at
some of the biggest brands in the country. Armed
with a Master’s Degree in Business Administration
from Symbiosis Institute of Management Studies,
Pune, Akshay Mehrotra is now spearheading his
own Start-up venture EarlySalary. Prior to this,
Akshay was associated with brands like Future
Retail Ltd, PolicyBazaar.com, Big Bazaar and Bajaj
Allianz Life Insurance Co. Ltd. His business
acumen and attention to detail led to him being
conferred with the “Most Talented CMO of the
Year” award in 2013 – 2014 in the retail space, by
CMO Asia. In his leisure time, he likes to explore
new places and spend time with his family.
August 2019|24

27. Akshay Mehrotra
Co-founder
|August 2019 25
Security Insights

28. Instant loans are available on various portals online. Their application and approval process is fast and hassle-free, and the
loan is transferred almost immediately to your account. Everything from the application process to document verification
is done online, from the comfort of your home. However, while this is very convenient, you need to be careful while
sharing personal information online, especially when it relates to financial matters. Many websites and loan portals are secure
and you can trust them to keep your information safe, but there are also many websites and apps which may turn out to be
fake and breach your privacy. Instant loan portals are just like all other websites some are secure while others are not. Hence,
to ensure that your personal information is protected and not misused, you need to be careful which portals to trust with your
information. Here are some tips to help you find out if the lender is legit and trustworthy.
Check their physical address and contact information
Every company has a physical office, and online lenders are no exception. Reputable lenders would have their address and
contact number listed on their website. If no address or contact information is listed, it is a major red flag. Without a chance of
contacting your lender, there is no way to hold them accountable for any mistakes. There is also the much greater danger that
the company doesn’t exist at all. Even if contact information is listed, it is always better to call them and speak to the people
in charge to get an idea of the legitimacy of the lender before sharing your financial information with them.
Check if the website is secured and encrypted
This is the easiest and most basic thing to do before deciding whether to trust any website with your information. Hackers and
scammers tend to steal and misuse your information through unprotected websites. If your browser is showing security errors
in the website, you need to be wary of it unless you trust the lender implicitly. All you need to do to verify the encryption on
the website is look at the address bar. A secure website has a “lock” icon and its URL starts with “https” instead of “http”. If
these are present, the portal is more likely to be safe.
Watch out for Scammers
A major indication of scammers is if they ask you to pay a fee upfront while you’re applying for a loan. This is the most
common red flag you’ll come across when it comes to online instant loan portals. No reputable lender would ask you to pay
upfront fees. The fee may be masked as something fancy or benign, like “processing fee”, but you’re not responsible to cover
any initial payment. Such a demand is a clear sign that the website is dishonest, and you should never take loans from such
portals.
Another sign that the lender is a scammer is if they are offering loans to anyone without a credit check. It may seem a good
deal, but reputable lenders don’t take the risk of giving you a loan without ensuring that you can repay them. A loan you get
without credit checks may seem too good to be true because it usually is. Scammers tend to charge ridiculously high penalties
and late fees if you fall behind on your payments, which they count on.
Create a strong password
All online portals, apps and websites are susceptible to hacking and security breaches, no matter how secure they claim to be.
The best way to prevent misuse of your information is to set a strong password. It may seem an insignificant detail, too
tedious to pay much attention to, but its importance cannot be ignored. A strong password may be difficult to remember,
especially if you haven’t used it elsewhere, but the best way to keep your financial information safe is to use a password that
is difficult to crack and also not used in any social media account. Try to use uppercase and lowercase letters as well as
numbers, and even symbols if it is permitted. This will significantly minimize identity threats and help in keeping your
information safe.
Be wary of unprofessional customer service
Unprofessional or unresponsive customer service is always an off-putter, but in case of online loan portals, it is a red flag
which may indicate that the website is not trustworthy. A primitive website which is full of errors is a sign that you may be
dealing with scammers. Another thing to look out for is how their customer service staff speaks to you. While financial
institutions are not known for their warm service, they are usually professional, if not polite. If, on speaking with the staff,
you get the impression that there is something fishy, trust your instincts. After all, it is better to be safe than sorry.
Care must be taken to ensure that your information is safe with the instant loan portal you choose, and many portals provide
security features like encrypted transactions to ensure the security of your financial information. EarlySalary is one such
portal, which is leading in security features and gives immense importance to information protection and privacy.
August 2019|26

30. F USION
MICROFINANCE
experiences, his expertise lies in
building businesses, managing large
teams in a cost-efficient manner,
strategy, key relationship management
and handling all dimensions of the
business. Under his leadership, Fusion
has grown into one of the leading
microfinance institutions and continues
to expand its operations. He was on the
Board of MFIN, a Self-Regulatory
Organization for NBFC-MFIs. MFIN
works closely with regulators and other
key stakeholders. It plays an active part
in the larger financial inclusions
dialogue through the medium of
microfinance. In 2015, he attended and
successfully completed a Strategic
leadership program at Harvard
Business School.
Reaching for the Skies
There are some ethics and principles
that Fusion cares and implements
throughout its organization and
operations which are stated below -
• Integrity: “We adhere to ethical
standards to ensure integrity,
transparency, independence &
accountability in dealing with all
stakeholders,” says Team Fusion.
• Responsibility: “Growing with
responsibility, we are very high on
governance mechanism, strategic
risk management framework and
well-diversified portfolios,” tells
Devesh.
• Passionate People and Working
Rural India along with tier
three, four and five towns
have been considered as
significant contributors to the growth
of Indian economic story over the last
fifteen to twenty years. The goods and
services with respect to the agricultural
activities carried throughout these
areas have consistently enhanced,
ensuring an all-around resurgence in
activities across the economic plain in
the last two decades. NBFC’s have
played a pioneering role in catering to
the credit requirements of millions of
customers in these areas both in the
secured and unsecured lending
landscape. Today, these NBFCs have a
place of pride in having a large pie of
the Indian credit market. It has also
evolved by offering ‘one window’ and
para banking services to customers at
their doorstep, enabling larger parts of
the country to be brought under the
umbrella of financial services and as a
result, the gains have been more
evident. NBFC credit as a percentage
of India’s GDP is approximately 13%.
Various estimates put NBFCs catering
to 30-45% of the total credit in India.
Recently, a special category of NBFCs,
the MFIs(Micro Finance Institutions)
are proving to be a frontrunner in
Inclusive Growth. Along with a
customer base of around 3.8 crores to
an asset book size of approx. Rs.
1,87,000 crores, it is growing at an
impressive rate of more than 35%.
One such company enlisting its growth
in the said MFIs is Fusion
Microfinance Pvt. Ltd. Established in
January 2010, Fusion operates on the
time-tested Joint Liability Group (JLG)
model with 100% women clients from
rural and semi-rural areas.
Headquartered in Delhi, Fusion is
providing financial services through
524 branches that spread across 18
Indian states. It believes in robust
business practices, transparent policies
expressed towards the Customer-
focused Approach with regard to the
clientele. Fusion primarily works in
rural and semi-urban areas providing
financial services to women belonging
to the economically and socially
deprived section of the society. Over
85% of the active loan clients of
Fusion belong to the marginalized
communities such as ST/SC and OBC.
It is providing financial services in 205
backward districts out of 254
operational districts.
Handling The Reigns
Founder and CEO - Devesh Sachdev
is an XLRI post graduate with sixteen
years of experience in the service
industry. He started his career with Citi
group in 1996 prior to Fusion’s origin.
In the past, he has worked in capacity
of a Director in BSA Group of
Companies where he successfully led
the growth of BSA to a pan India
foothold with diversified service
offerings. Across all the diverse
A Decade-Old Voyage in Women Empowerment
August 2019|28

31. • Culture: “Passionate & strong team
and positive workplace culture
fosters an environment where
employees feel connected and
contribute to achieving,” he adds
further.
• Humility: “Fusion leads with
humility. Continuously evolving to
achieve excellence, believes in a
collaborative effort, collectively
takes its employees forward, values
stakeholders, appreciate the success
and accept the challenges,” opines
Devesh.
• Exceptional Client Focus: “Putting
the ‘client first’has been a
quintessential Fusion credo across
years and the focus has always been
to provide seamless services to our
clients across the length and breadth
of the country,” adds Fusion team.
By keeping the above principles in
mind, the Fusion team provides its
clients with optimum services. By
connecting with Fusion, the 1.5 million
women customers across the country,
came under the larger ‘organized
financial umbrella’ and mainstream
credit line. They are assured of a long
term partner in growth and not a fair-
weather friend. Also, they received a
chance to upgrade themselves, be it on
Financial Literacy Level or learning
vocational subjects under the
organization’s well-entrenched CSR
program. The clients are encouraged to
become entrepreneurs in their own
right leading to a better standard of
living for them and the family. This
helps them in providing better
education, health and better stature in
society. Through this process, Fusion is
being able to create more jobs in its
catchment area leading to better overall
development in the rural ecosystem.
Challenge Accepted! Industry
Disrupted...
From all these years, the company has
turned opportunities into achievements.
1.5 million women clients from rural
areas depict the vast customer loyalty
Fusion has. Achieving an exceptional
feat in employee satisfaction, Fusion
has entered the top quadrant among
BFSI organizations with a score of
78% in the Employee Satisfaction
Survey, conducted by Aon Hewitt. “We
successfully launched our mobile app,
mShakti,” states Devesh emphasizing
on the company’s digital journey.
This unique solution has significantly
improved customer on-boarding
process, TAT for the loan processing
has reduced, improved inventory
management of loan documents and
secured data management in terms of
keeping digital copies of all the
documents safe. The company has
taken steps to strengthen a strong risk
management framework which seeks
to proactively identify, address and
mitigate existing and emerging risks.
The firm is supported by diversified
lenders which includes private banks,
mutual funds and other financial
institutions. The future aspirations of
the company includes:
• Effective client life-cycle
engagement. Providing need-based
flexible financial solutions.
• Aspiring to serve 5 million
customers in the next 3 to 4 years
through PAN India coverage.
• Continuous investment in innovative
technologies in order to provide a
seamless experience to the clients.
• Build a ‘Best Place to Work’
platform. The Plan is to recruit 5000
plus members, to make a strong
‘Fusion Team’.
• Scale-up responsibly and explore
new products. Use of data analytics
for insightful business decisions and
risk mitigation while maintaining a
continuous focus on human capital.
We are
motivated
to provide
sustainable
socio-economic
growth to
our clients
‘’
|August 2019 29

32. K UDOS
FINANCE
of the populations are part of the
India story. NBFC’S have broken
the link of large parts of the
population relying on loan sharks to
meet their financial needs, thereby
empowering the nation. Using
technology, NBFCs are enabling
achievement of higher scale and
predictability of service. It has
allowed on-boarding of customers,
evaluation and delivery of the loan
to be changed dramatically.
While they continue to provide
funding for various personal and
business needs, NBFCs themselves
have gone through a stinging funds
crunch in the last 6 months. Since
the IL&FS crisis, the funds from two
main providers - MFs and banks -
have been drying up. While a few of
the NBFCs had the mismatch on
maturity tenors for asset and
liability, but the majority of others
including the short team lenders who
did not have these issues had also to
bear the brunt. There are a lot of
discussions on opening up lines
through public sector banks or RBI
providing a special window with a
line of credit for NBFCs. However,
this needs to be resolved on an
urgent basis so that both the NBFCs
A
n entrepreneur needs a few
basic things to start a
venture – a unique idea, a
target customer, and finance. Of
these, money and idea are perhaps
the most crucial. Many a time, they
have to let go of an idea just because
there wasn’t enough money to back
it. For such ambitious, purpose-
driven, and self-employed people in
the country, the need is – access to
money. While banking institutes and
Venture Capitalists are doing their
part, the role of Non-Banking
Financial Companies has been
gaining attention. Kudos Finance
and Investments is one such
technology led data-driven NBFC
catering to those in need of financial
help to realize their potential. Since
inception, it has disbursed over 130
crores, completed over 1 lac loans
having over 50,000 unique
customers present over eight
hundred cities in the country.
Living the Dreams
It all started when Pavitra
Walvekar, then working in San
Francisco, returned to India and
noticed a massive gap in fulfilling
debt requirements for the under-
served market. It was a challenging
market to serve since its an
unsecured product with most
customers not having Strong
financial paperwork. The foundation
for Kudos was laid and through a
focused data led approach and
perseverance the team proved the
model and kept executing, even
evolving their offering with time.
Pavitra feels, “Our lives are
fulfilling when we have meaning and
purpose. Living a life that benefits
other people’s lives is the best way
possible to live. In a small way, I
have meaning and purpose with
families we support through
employment and the loans we give in
the market.”
He was later joined by Naresh Vigh
as Co-founder a ex-Bajaj and
industry veteran
NBFC – The Evolving Support
NBFC’s are catering to customers
usually overlooked and left out of
the formal system by private and
public sector banks. NBFC’s have
integrated them by being risk takers
and built specific niche
understanding of these markets. The
country can only grow if large parts
Funding Ideas, Empowering Ideators
August 2019|30

33. and the large economic base being
served by them, start galloping
forward fast again.
The Way to Achieve Kudos!
Kudos Finance is a profitable
venture that is backed by multiple
banking institutions. The
understanding of a specific customer
niche allows it to tailor an
experience that is appropriate for the
customer. The company’s
understanding of customer’s
margins, business cycles, experience
allows it to cater to them with speed
and accuracy thereby solving the
problem of going to multiple places
to get a loan and giving a great
customer experience. Believing that
no-one size fits all, it has curated
specific solutions by dividing the
self-employed into 3 categories
MSME- Mom and pop shops all
under 1Cr in turnover eg. retailers,
traders, general stores ticket size 3-5
lacs
Professional Loans- Doctors, CA'S,
Architects ticket size 7-10lacs
Partnerships- Using various
platforms plugging into distribution
networks for a specific niche market
eg. Education fees, Doctor hardware
purchase,Uber drivers etc Ticket size
5k-80k
An in-house tech team has built
capabilities to enable contactless
disbursement, authentication and
collection. Its differentiated
approach uses data mining to
K-STAMP customers, which is a
pre-approved methodology to
acquire customers. Through
K-STAMP strategy Kudos achieves:
• Super experience for the customer
as the loan is disbursed within 48
hours
• Higher conversion for the sales
team
• Avoiding highly leveraged
customers that come through DSA
channels
• Lower processing cost a team is
working only on files with a very
high probability of approval,
leading to higher profitability.
Getting Future Ready
Being a part of customers’ growth
and supporting them through each
life cycle of their business gives
team Kudos immense joy and pride
in positively impacting peoples
lives. Pavitra says, “I envision a
company of scale that caters and
reaches a million lives. The aim is to
execute with speed and accuracy
with operations across India and
creating a 1000cr book company.”
Our country is
growing and
we are
playing a
small part in its
growth by
empowering
peoples lives
‘’
|August 2019 31

34. Shajai Jacob is CEO - GCC (Middle
East) of ANAROCK Property
Consultants, launched by real
estate industry veteran Anuj Puri in
2017. A well-rounded sales &
marketing expert, Mr. Jacob was
previously Executive Director &
Head - Marketing (West Asia) at
one of India's leading international
property consultancies. He is
based out of ANAROCK's Dubai
office, has complete oversight of
the Firm's brokerage operations
across the Middle East & North
A f r i c a n c o u n t r i e s , a n d
spearheads ANAROCK's rapidly
growing Middle Eastern business.
He has 18+ years of rich experience
in building brands and widening
the visibility and scope for leading
b u s i n e s s e s a n d h a s d e e p
expertise across national and
international markets. In the past,
he worked with major firms such
as Hindustan Unilever, YES BANK,
United Spirits, Kingfisher Airlines
and Barista. He holds a Master
degree in Business Administration.
ABOUT THE
AUTHOR
Shajai Jacob
CEO
August 2019|32

35. NRIS SEEKING HOME LOANS IN INDIA -
A CHECKLIST
Just like resident Indians, NRIs can invest in any
number of properties in India and are also eligible
to avail of home loans for as many properties as
they like. Of course, while there is no cap on the number
of properties for which an NRI can take home loans for,
repayment capacity must always be factored in. Over-
leveraging is never a good idea and regardless of what
viewpoint a bank takes, NRIs must do their own
repayment capacity calculations.
In India, most banks and non-banking financial
institutions offer home loans to NRIs. However, the
tenure of the home loan may vary, and the rate of interest
is usually higher for NRIs.
Loan Tenure and Rate of Interest
An NRI usually has to pay a higher rate of interest than
resident Indians. The tenure for a home loan to an NRI
usually ranges between 5 to 20 years - only in select
cases can it go up to 30 years for salaried professionals.
Most banks determine the loan amount eligibility of NRI
borrowers based on their income and credit history.
Apart from fulfilling basics like minimum age,
qualification and years of employment, one must earn a
minimum amount to qualify for a home loan.
The mandatory income limit again varies from bank to
bank and also differs for the country of residence. For
instance, $24,000 a year is considered the minimum
income level for US-based NRIs. The loan amount can
start from a few lakhs and go up to crores, depending on
how much is the bank convinced of one’s eligibility.
Some banks may allowNRIs to club their spouse’s or
sibling’s income with theirs to improve their eligibility,
while other banks will only consider the principal
borrower’s income. Obviously, it is important to have a
good credit history and high credit score, as banks will
invariably check the intending borrower’s credit report -
both in the country of residence and India.
Eligibility Requirements
Any NRI can apply for a home loan in India as long as
he/she is capable of repaying the loan and meets the
eligibility requirements. These can again vary from bank
to bank - however, most banks follow basic guidelines:
Age:The home loan applicant should be minimum 18
years and maximum 60 years of age. This age limit may
differ depending on the bank in question - for instance,
Axis Bank lists 24 years as the minimum age for NRI
applicants.
Job tenure:The applicant should have been employed
abroad for at least two years, or should be serving a valid
job contract abroad for a minimum period of two years.
Type of account:The applicant needs to open an
NRE/NRO (non-resident rupee/non-resident ordinary)
account from which to service the home loan.
Documents Required for Availing Home Loan
• Valid passport and visa documents for the mandatory
know your customer (KYC) exercise.
• Permanent address proof in India.
• Appointment letter, work experience certificate, work
permit and contract of employment from the current
employer in the concerned country.
• Salary pay-slips and supporting statements of Non-
Resident External (NRE) and Non-Resident Ordinary
|August 2019 33
Through the Professional’s Eye

36. (NRO) bank accounts.
• Address proof from the current country of residence,
verified by the current employer (this can be supplied
by mail as well), along with the income tax return
statements from the concerned country.
• A valid qualification certificate to pass eligibility
criteria.
• A General Power of Authority (GPA), duly notarized.
Repayment of Home Loan
An NRI can opt for various routes to make the
repayment of their home loan EMIs, which must
mandatorily be paid in Indian rupees via an NRE or
NRO account:
• Transfer money from an overseas bank account
through regular banking channels.
• Issue post-dated cheques or an Electronic Clearance
Service (ECS) mandate from an NRE, NRO or Foreign
Currency Non-Repatriable (FCNR) bank account.
• Pay from the rental income accrued from the property.
• Issue cheques for the EMI from a local relative’s bank
account.
The designated GPA holder must be present in person at
the time of disbursement of the home loan, as his/her
signature is required by the bank in the absence of the
main applicant.
Importance of Power of Attorney
Most lenders require a Power of Attorney (PoA) while
extending home loans to NRIs. A PoA is a document
stating that the NRI has given someone else the authority
to make certain decisions and act on their behalf.
The logic behind this requirement is since the NRI lives
in a foreign country, the lender needs someone in India
to deal with. The PoA enables the bank to have a point of
contact in India in case of any property or loan-related
issue. Usually, lenders insist that the NRI borrowers
appoint their parents, friends or children as the PoA
holder.
While these are the broad guidelines for NRIs availing
home loans in India, it is also important that NRIs do
their own due diligence and compare the best bank
options available.
Since certain rules vary from bank to bank, NRIs should
check the information available online and also speak to
the concerned representative in each of the banks under
consideration. This not only allows them to identify the
best option suiting their requirements but also opens a
window for possible customizations.
Bank Annual Interest Rate
Annual Rate for Loan
amount up to INR 30
Lakhs
Annual Rate for Loan
amount up to INR 75
Lakhs
Rate for Loan
amount above INR
75 Lakhs
SBI 8.70%onwards 8.65 - 8.75% 8.90 - 9.00% 9.00 - 9.10%
HDFC Bank 8.80% onwards 8.75 - 9.25% 8.95 - 9.45% 9.00 - 9.50%
ICICI Bank 8.95% onwards 8.95% 9.10% 9.15%
Axis Bank 8.80% onwards 8.90% 9.05% 9.10%
Canara Bank 8.85% onwards 8.75% 8.85% 8.90%
Prevailing Rate of Interest for NRIs in leading banks in India
August 2019|34

38. NIGHTINGALE
microfinance institution. We have
taken our strategy to go more and
more unbanked areas to serve the
under preveleiged section of the
society as commited to our
mission.An Ingenious Leader of
Nightingale
Mantu Nath Sarma is the
Managing Director and CEO of
the company. Under his leadership,
the company continues to provide
micro-credit activities to the
underprivileged section of the
society. He is a post graduate in
Commerce possessing over 17 years
of experience in the field of
promotion and financing of
MSMEs, Microfinance, and
Financial Structuring. “Without
upgrading the economic condition
of poor and low-income group of
the society, there will not be any
change of lives and living standard
of poor and low-income group of
the society and also generate
employment to unemployed”, Says
Mantu.
He is instrumental in spreading
the outreach of microcredit wing
of Nightingale Charitable Society
with the consistent growth in
business. To change the economic
conditions of the poor, Mantu has
raised fund from various financial
institutions and banks for
Non-banking financial
companies are an integral
part of the Indian Financial
system. The NBFC sector in India
has undergone significant over the
past few years. This sector plays a
strategic important role in poverty
alleviation. Microfinance institutes
are the robust pillars of progress,
economic growth, and development
of the economy. In developing
countries like India, Women-centric
microfinance institutions are playing
a critical role in empowering
Women. Over the years,
Microfinance institutions have
helped nation to achieve the
objective of financial inclusion.
With a social vision to reach out
an underprivileged segment of
society, especially women between
the age group eighteen to fifty-
five, Nightingale Finvest Private
Limited (NFPL) offers microcredit
services to transform the lives
their lives. The company is
dedicatedly providing its services to
the sixteen districts of the Assam,
Meghalaya, Mizoram, and
Arunachal Pradesh. Nightingale
has 37 branches in 13 districts of
Assam and 1 branch in
Meghalaya, Mizoram, and
Arunachal Pradesh as on date.
Successful Journey over the Years
The journey of the nightingale
started seventeen years back when
Nightingale Charitable Society was
formed on Gandhi Jayanti Day, 2nd
October 1997 at Guwahati. With a
vision to conduct various social
activities in a rural area, Nightingale
is registered under the Societies Act
in the year 1998.To change the
economic conditions of the poor, the
society started its micro-finance
activities by availing fund from
financial institutes and banks to
generate income activities for the
underprivileged. We believe that we
have earned full faith of the poorest
class of the society to whom we
are associating like a catalyst for
their upliftment and for that we
can console ourselves that our
organization has contributed
something to the society which
directly reflects our success. Today,
the Company is working with
experienced and knowledgeable
professionals with vast experience
and complementary skill set in the
financing of MSMEs, and other
similar product since we believe
with the eternal philosophy that the
success of any institution requires
competency standards on the part of
its staff . The history & track
record of management is critical
for the growth and sustainability of
Transforming the Lives of Underprivileged
August 2019|36

39. generating income activities for
low-income households. His
ethics helps him to make a good
relationship with officials of the
banks and financial institutes. This
help in raising fund from numerous
financial institutes and banks. He
has been monitoring the activities
and complied with guidelines of
regulatory authorities.
Making a Mark
On account of his ability and
knowledge, the Managing Director
of the company was nominated by
SIDBI for undergoing training on
Strategic Response to Risk in
Microfinance Markets at Boulder
Institute of Microfinance at
Washington DC . The activities of
Nightingale Charitable Society were
acknowledged by the North Eastern
Development Finance Corporation
Ltd.
The society is awarded with a
certificate of excellence in 2010
excellence in Enterprise creation
and contribution to the growth of
the economy in the N.E Region.
The company has bagged award as
the best microcredit finance
company in Assam. The company
also awarded as Best NBFC in
North Eastern Region by MSME
Banking Excellence Award. In this
connection the Government of
India, Department of Home Affairs
telecasted a documentary in
Doordarshan Titled # Purbottar ke
Sitare # (Star of the Northeast)
for half an hour highlighting all
our activities for the society in the
northeast as a mark of their
recognition.
Making the world a better place
to live-in
Nightingale is also engaged in
Social activities like health
check-up camps, cleanliness
programs, AIDs awareness, benefits
of forestry, etc. The microcredit
activities of the Company have
extended to un-served areas where
other MFIs are not assessed to the
areas. The company is providing
services to areas where banks or
other MFIs are not adequate to
provide financialsupport.
Nightingale is successful in
transforming the lives of many
unprivileged people. The company
is dedicated to raise the income of
poor people and uplift their financial
condition. The company has
inspired many poor people to
become an entrepreneur by
providing financial assistance,
necessary training and continuous
counseling by our dedicated staff
members.
The Road Ahead
Progressing forward with a positive
approach, the company’s aim is to
provide microcredit to 1 million
families by the end of 2025. The
company is also expanding its
activities to entire states of N.E
Region. The company is
implementing the technology of
m-pose company spice money for
cashless transaction. Nightingale
will continue to deliver best in class
microcredit services to
underprivileged in the future since it
is a tool for economic growth and
poverty alleviation.
We are
changing
the lives of
underprivileged
through
microcredit
services
‘’
|August 2019 37

40. PIRAMAL CAPITAL
& HOUSING FINANCE
operational efficiency by eliminating
data duplication, reducing paperwork,
facilitating a seamless data flow for
effective monitoring and control.
A recent scheme relies on a
technology-led solution in both
customer acquisition and stakeholder
(distributors and developer)
management. It has the ability to send
out well-targeted propositions,
provide more personal access to
customers, lower turnaround time and
provide more efficient service. It is
expected to significantly impact the
company's ability to scale the size of
its book, whilst also creating a USP,
through its reliance on technology.
Innovation – The Key to Growth
The Piramal Group has successfully
created industry benchmarks time and
again by launching unique strategies
and relying on both product and
process innovations to gain a
competitive edge.
In order to detect early warning
signals, it created a unique asset
monitoring model across its
investments with the team monitoring
each project on a regular basis. This
includes conducting regular site visits
for real estate projects, maintaining
monthly MIS updates on the progress
of each investment, ensuring
Khushru Jijina is the
Managing Director of
Piramal Capital &
Housing Finance. A Chartered
Accountant with an illustrious career
spanning well over three decades in
the field of real estate, corporate
finance and treasury management, he
has been with the Piramal Group for
around 18 years. His role
encompasses overseeing the entire
spectrum of activities ranging from
origination, investments, asset
management, exits and new
fundraisings.
The Financial Group
Piramal Capital & Housing Finance
Limited (PCHFL) is registered as a
housing finance company with
National Housing Bank (NHB). It is
engaged in various financial services
businesses and provides both
wholesale and retail funding
opportunities across industry sectors.
In real estate, it provides housing
finance and other financing solutions
across the entire capital stack such as
structured debt, construction finance,
flexible lease rental discounting etc.
PCHFL also offers customised
financing solutions to the hospitality
sector.
The wholesale business in the non-real
estate sector includes separate
verticals:
Corporate Finance (CFG) - It
provides customized funding solutions
to companies across sectors such as
infrastructure, renewable energy,
industrials, etc.
Emerging Corporate Lending (ECL)
– It focuses on providing funds to
Small and Medium Enterprises
(SMEs).
Tech-transformation
The country's NBFC sector is
experiencing rapid growth, due to
macroeconomic conditions and high
credit penetration. It is also witnessing
major disruptions through the
adoption of tech-driven innovations.
In its early days, PCHFL focused on
building a standardized set of systems,
business processes and underwriting
standards to achieve scale and
redefining the market with innovative
products. Today it is touted as having
some of the best processes and
governance standards as evidenced
and validated at multiple instances by
the regulators, various external
service providers as well as the rating
agencies themselves.
Leveraging technology, PCHFL
adopted a customized and built to suit
technology platform that spans the
entire wholesale finance business. It
helped the company to enhance its
Financing Your Dreams Of Growth
August 2019|38

41. collection of receivables, conducting
regular project monitoring meetings
with the clients and more.
The fund management business also
brought certain unique and innovative
strategies such as slum redevelopment
(Mumbai Redevelopment Fund) or
bulk buying of apartments (Apartment
Fund). It has also translated this
entrepreneurial mind-set into the
introduction of multiple new products
within its wholesale lending business
over the years – from a ‘Flexi-LRD’ to
the ‘Piramal Preferred Partner’
program. Recently, it set up the
Emerging Corporate Lending team to
target small and medium enterprise
lending in order to access smaller
corporates.
In its retail Housing Finance business,
it introduced a unique business model
– B2B2C – (business to developer to
customer) which is a key
differentiator. In this model, it has
leveraged existing robust relationships
with its developer partners combined
with innovative product offerings such
as:
SUPER Loans – A popular product
that factors the future income potential
after assessing the credit parameters
for the retail loan to enable customers
to purchase their ideal home.
AdvantAGE -- Specially designed for
parent-child wherein both can pay a
higher EMI in the initial years when
their income is higher. In the later
years, when total family income is
reduced, the customer can avail an
option to pay lower EMIs factoring
the revised family income.
Bridge -- It caters to those customers
who aspire to buy a new house by
helping them with the down payment
before selling their existing property.
Triumphant Moments
From winning awards and accolades
for its wide scale of abilities, to firmly
maintaining a bottom line that speaks
for itself, PCHFL’s performance has
been widely recognised by the
industry. It has received several
accolades, including Asia One: Global
India 2017, Business Leader of the
Year: Global Real Estate Congress
2017, Visionary in Real Estate
Financing: NDTV Property Awards
2017, CXO of the year: Realty Plus
2018 and CEO of the year: 8th EPC
World Awards.
Inspiring Generations to Come
The Piramal Group values of
Knowledge, Action, Care and Impact
guide PCHFL's culture and are also
personified by its purpose – ‘Doing
Well and Doing Good’. In the same
mould, Khushru would like to
encourage the youth today to take a
very long term view when starting out
in their professional lives and careers.
He says, “I have always believed that
the most important advice that can be
given to the younger generation is to
be true to themselves; to not to act in
haste and take the wrong path, to be
ambitious but humble and to have the
courage to say and do what they truly
believe in, even if others try to
discourage you. Stay true to your
values, beliefs and remember the path
is never easy. Believe in yourself,
build a long term vision and work
towards it consistently, passionately
and with an overarching sense of
purpose.”
PCHFL
through
its group
companies
provides
customized
strategies for
institutional
and retail
investors
‘’
|August 2019 39