Kisan Rural Finance Limited
Activity: To provide multiple financing options to rural customers
Corporate Office: New Delhi
IFFCO’s Shareholding: 48.43%
Kisan Rural Finance Limited (Kisan Finance) was incorporated as a wholly owned subsidiary of IFFCO Kisan Sanchar Limited (IFFCO Kisan) on December 7, 2017 to provide multiple financing options to rural customers through Non-Banking Financial Company (NBFC). IFFCO has also contributed to the equity of the NBFC during the Financial Year 2018-19 and holds 55.10% shares in the Company, together with IFFCO Kisan.
Kisan Finance obtained Reserve Bank of India’s approval on June 11, 2018 and commenced business soon thereafter. It is currently operational in Rajasthan, Madhya Pradesh and Uttar Pradesh and will gradually extend its operations to other states. The complete process of sourcing of loans, processing of applications, disbursement of amounts sanctioned and collection of installments is paperless, resulting in lower turnaround time thereby delivering significant value to the borrowers. It has funded its first year of operations purely from INR 153 crore equity. During the FY 2018-19, it disbursed 4293 loan files for a value of INR 143 crore. The Company’s robust collection mechanism has ensured timely collections and it has closed the Financial Year 2018-19 with NIL NPAs.
Launch of an IFFCO promoted NBFC is yet another effort by IFFCO to improve the well-being of farmers in rural India by supporting them financially in their endeavour, in the most efficient and ethical manner to usher in progress and prosperity. Kisan Finance is committed to operate with a strong set of values and will strive to work with the highest degree of professionalism and dedication, ensuring that it upholds the high standards IFFCO has maintained while serving rural India all these years.