Business Wire India Village Financial Services (VFS) is a leading NBFC-MFI in Eastern India. It is engaged in the business of lending to women borrowers who are in need. The organization has announced its incorporation with Craft Silicon”s BR.NET Micro Lending suite for its digital enhancement.
Mr. Kuldip Maity, MD VFS has said that currently they are supporting more than half million borrowers across 20,000 villages in 13 states and by this cooperation with Craft Silicon’s new platform, they will be able increase not only their market presence, but also their operational efficiency. As part of the new agreement, software has been provided for core loan management, Group loan origination, field operations and Analytics. In addition to that, it will also provide VFS near real-time business visibility to various parameters. The meeting between the two companies was started in early 2020 and in spite of COVID-19 pandemic, it successfully went live in November 2020.
This cooperation is aiming to keep commitment to serve the unbanked people more effectively during the pandemic. Mr. Siva, CEO of Craft Silicon also said that, this collaboration with VFS will help in expanding their reach and presence in Eastern India. Craft Silicon is a leading company in financial technology solution provider and it is recognized as one of the most tech-savvy software groups globally. 300+ financial institutions has been supported by delivering technology value in more than 30 countries. Robust solutions has been provided by Craft Silicon which includes Core Banking, Loan Management, Channel Banking etc. In Asian region they have been handling over $5.6Bn of Loan Portfolio, 57 Million customers and 1 Billion transactions per year.
Village Financial Services (VFS) is a leading Kolkata-based NBFC-MFI in Eastern India. It operates under joint liability group-based lending model. It started as the first RBI registered NBFC-MFI in Eastern India in the year 2006. Since then it was under the leadership of of Mr. Kuldip Maity, MD & CEO. The company has grown steadily and touched the lives of many underprivileged and backward sections of the society and provided them with credit for income-generating activities and helping them to become economically strong and self-sufficient. Over these years, VFS has a great contribution in helping several borrowers to become successful entrepreneurs. More than 5 lakhs women borrowers has been catered through VFS’s 246 branches in 13 states.
