Inditrade, a financial services provider, has forayed into microfinance business through its wholly-owned subsidiary Inditrade Microfinance.
This micro-finance venture kicked off its operations from Solapur in Maharashtra with the inauguration of four branches on Monday to cater to Solapur and nearby areas.
Inditrade Microfinance plans to open branches in Pandharpur, Barshi and Latur over the next three months, after which it will start operations in Tamil Nadu covering areas from Chennai to Coimbatore.
“Inditrade Microfinance will be focussed on urban areas and not on rural as there are enough players doing that.
“The company plans to create a loan book of ₹100 crore by this fiscal end,” Sudip Bandyopadhyay, Group Chairman of Inditrade, told BusinessLine.
He said that Inditrade Microfinance had secured licence from the RBI on March 27 this year.
Bandyopadhyay also said this is the first time in the industry that a completely digitised loan disbursement and collection process will be implemented, including client prospecting, eKYC, tracking GPS locations, credit check, and money transfer to bank accounts.