The Micro Credit Wing titled “Credit & Saving Programme” [RGVN-CSP] was initiated as a pilot project of RGVN-Society with fund assistance from SIDBI.
For the first time, the programme registered a profit of Rs. 3.35 Lakh through a network of 22 branches and the loan outstanding stood at Rs. 615.21 Lakh.
RGVN (North East) Microfinance Limited [the Company transformed from RGVN-CSP] was established and registered as a Public Limited Company to carry out Microfinance activities in North East India.
RGVN (North East) Microfinance Limited, upon receipt of Registration certificate from RBI, obtained the status of an NBFC and commenced operations as a microfinance provider and expanded its operations to 5 other states of North East India.
With portfolio touching Rs. 102 crore covering 95 branches and serving more than 2 lakh clients, RGVN (NE) MFL upgraded as Systemically Important (SI) NBFC with more than Rs 100 crore portfolio.
Covered five states of NE India catering to around 2.49 lakh clientele with Rs. 117 crore portfolio outstanding and good quality portfolio with PAR>30 days being a negligible 0.52%
Despite fund constraints hampering the expansionary phase, the year 2014 remained eventful with higher profits earned. Portfolio outstanding was at Rs 124 crore and quality of portfolio was maintained at PAR>30days being 0.50%. RBI certified the organization as an NBFC-MFI.
Infusion of fresh equity by NMI Fund III KS, Norway, Oiko Credit Ecumenical Development Co-Operative Society UA, Netherlands, Dia Vikas Capital Pvt. Ltd. and conversion of OCPS into equity by SIDBI had enabled a strong capital base for the Company.
The key highlights during the year include: