Shri Shaji K V, Chairman, NABARD visited NABFINS Ltd., Head Office, Bengaluru on 11 December 2024 and had a detailed review of operations of the Company. Shri S V Ranganath, IAS (Retd) and Ex-Chief Secretary, Govt of Karnataka and Chairman, NABFINS, Shri Prakash C Dash, GM, Karnataka RO, Smt N Neeraja, Managing Director, Shri Mohan Prasad, Chief Operating Officer and the heads of all departments of NABFINS were also present during the review meeting.
Smt. N. Neeraja, MD in her welcome address expressed gratitude to Chairman NABARD for his gracious presence. She also expressed her sincere thanks to the Chairman for the continued support that NABFINS has been receiving from its parent organisation and promoter, NABARD. The Chairman was apprised of the commendable financial performance of the company, with the balance sheet size at an all-time high of ₹3332 Cr (as of November 30, 2024). With its dynamic presence in 18 states and 1 Union Territory, NABFINS serves a client base of 11.23 lakh active borrowers being catered to by 477 branches with a staff strength of 3169. The Chairman was apprised of the initiatives being taken up by NABFINS viz. technological transformation, onboarding Consultant for revamping extant HR systems in the Company at par with the industry etc. The growing concerns in the MFI realm including stress in the sector and regional challenges were apprised to the Chairman.
Shri S V Ranganath, Chairman, NABFINS, acknowledged with gratitude the unwavering support and guidance that NABARD bestows upon its subsidiary, NABFINS enabling the Company to reach the underserved masses who are in the lower strata of the economy.
A detailed presentation on the functioning of NABFINS, the business operations, the challenges and the roadmap of the Company was made. A comprehensive infographic deck detailing the 16-year journey of NABFINS Ltd, the achievements of the Company, the key performance and growth indicators, along with the long-term vision and strategy of the Company was presented before the Chairman.
Ms. Adeeshaya D, Chief Information Officer, NABFINS, presented the Company’s short-term IT strategy which is designed to align with its long-term objective of evolving into a technology-driven organisation. The comprehensive technology roadmap for the Company was detailed, with special emphasis on the utilisation of technology to drive business growth and enhance operational efficiency, at the same time, ensuring compliance with the extant regulatory standards.
The Chairman, in his address, provided invaluable insights and guidance to enable NABFINS in refining its business strategies, and realigning its goals across all dimensions. The Chairman advised the Company to re-align its focus on sustainable and impactful growth, prioritizing the income generating capacity of the borrower over the quantum of the loan. In order to enhance operational efficiency, the Chairman stressed on implementing end-to-end digitization of the entire loan lifecycle right from borrower onboarding to disbursement and recovery processes. He also advised revamping the Human Resource strategy to mitigate attrition. While lauding the Company for its initiatives, the Chairman commended the efforts of NABFINS in technological transformation, emphasising the successful completion and Go-Live of the new Core Microfinance Solution by April 2025. He emphasized on maximizing profits through cost reduction and income augmentation, while prioritizing regulatory compliance and borrower-centric lending. The Chairman expressed his desire to see NABFINS transform into a ₹25,000 crore company in the near future, underscoring the importance of the synergistic collaboration with NABARD during the journey.
The Chairman had a detailed interaction with the Management and functional In-charges of different verticals of the Company and gave detailed insights into the sector’s overall potential.
The event concluded with vote of thanks to the Chairman.
Some of the photographs clicked on the occasion are appended.
MD, NABFINS welcoming honorable Chairman, NABARD
Impromptu interaction with Data Migration team
Chairman, NABARD conducting review meeting with NABFINS officials
