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Village Financial Services Pvt Ltd (VFS), a micro finance institution from West Bengal, has started its operation in Uttrakhand, Tripura, Odisha and Sikkim.
Over the next six months VFS proposed to expand in 20 states by 2020, the company said on Wednesday. VFS expected to end the 206-17 with a loan book of Rs 500 crore. VFS ended 2015-16 with loan-book of Rs 247 crore.
Kuldip Maity, MD & CEO of VFS, said “We are looking at a steady growth with increasing our geographical presence and at the same time strengthening our reach in the regions where we are already present. The demand for micro loans is very large as MFI industry is growing at an aggressive pace”.
“VFS plans to enter four more states by the end FY16-17. It currently operates through 167 branches in eight States with a customer base of more than 2 lakhs. It aims to increase the customer base to close to 3.40 lakhs with the total number of 173 branches by the end of FY 16-17. We are in the process of infusing more funds to support the projected growth,” Maity added.
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