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Intrepid Finance & Leasing, an RBI registered NBFC-MFI and the lending arm of corporate business correspondent (BC) FINO PayTech, is all set for the big stage in the MFI space. As on March 31, 2015 Intrepid’s assets under management (AUM) crossed Rs 100 crore.
Intrepid was acquired by FINO PayTech in 2010 to add microcredit to its bouquet of banking and financial product offerings that include basic banking, RD, FD, remittance and micro insurance. As an NBFC-MFI, Intrepid provides microfinance loans to rural women based on the Grameen Bank Joint Liability Group (JLG) model, the company said in a statement.
Rajeev Arora, Director, FINO PayTech said, “The lending product gels well with our retail strategy of providing access to a range of customized financial offerings to the rural masses. Along with loans, we also provide recurring deposits to our customers under project Pragati and over 2 lakh customers have benefited from the service since inception. In addition to Intrepid, we also have a significant AUM, around Rs 200 crore, of banks like UBI & IndusInd Bank originated and serviced as a business correspondent under FINO Fintech Foundation. We will continue to pursue lending business by leveraging our expertise in serving the target segment.”
Intrepid provides microfinance to over 1.2 lakh rural women through 60 branches across Maharashtra, MP, UP and Bihar. Process approach and financial discipline among customers ensures a portfolio at risk (PAR) of 0.09%, considered good for MFIs.
Vipr Bhardwaj, Vice President (Lending Division), FINO PayTech said, “We have ensured good asset quality while lending to low income group borrowers courtesy our strong internal audit systems and customer credit rating through High Mark. Since 2012 Intrepid’s portfolio has grown over 5 times and there is a huge potential to tap as we scale up. We plan to increase our microfinance footprint from 160 to 250 branches, expand into Jharkhand and Chattisgarh, potential states for micro finance and double AUM by end of March 2016.”
In addition to offering microfinance, Intrepid also provides access to a range of payment services to rural customers that include banking, international remittance cash out facility, micro insurance, mobile/DTH recharges, utility bill payments facilitated by Bill Desk and assisted ecommerce in partnership with Snapdeal.
Intrepid sources funds from SBI, IDBI, Yes bank, IFMR and Dena Bank for its microfinance business, while the loans are on the books of UBI, IDBI and IndusInd banks for BC lending through FINO Fintech Foundation (FFF, a sec 25 company).
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