Tag: Arohan Financial Services

Business

Arohan Financial Services Awarded Top-Notch MFI 1 Grade by CareEdge Advisory

Jun 5, 2024 by Sujata Muguda 0 Comments #A leading NBFC MFI regulated by the RBI, #Aavishkaar Group, #Arohan Financial Services, #Arohan Financial Services Awarded T, #Arohan Financial Services Limited, #CareEdge Advisory, #Kolkata, #Manoj Nambiar, #Mr

Kolkata, 5th June 2024 – Arohan Financial Services Limited, a leading NBFC MFI regulated by the RBI, and part of the Aavishkaar Group, is pleased to announce that it has been awarded the highest rated MFI 1 grade by CARE Edge Analytics & Advisory (CareEdge Advisory). This prestigious rating was based on a comprehensive grading assignment conducted in May 2024.

The MFI 1 grade, the highest rating on an 8-point scale, reflects Arohan’s superior performance and excellence in the microfinance sector. The grading is based on the TOSS framework, which evaluates Transparency, Operational Setup, Scale of Operations, and Sustainability. Arohan Financial Services has achieved the highest scores across all parameters, showcasing its high operational standards and process excellence.

“We are honored to receive the MFI 1 grade from CareEdge Advisory once again,” said Mr, Manoj Nambiar, Managing Director of Arohan Financial Services. “This recognition is a testament to our unwavering commitment to operational excellence, transparency, and sustainable growth. It reflects the hard work and dedication of our entire team and reinforces our mission to drive financial inclusion in India, in a manner sustainable for all stakeholders.”

Arohan Financial Services continues to lead in the microfinance sector by providing innovative and customer-centric financial solutions. With operations in 16 states, catering to over 2.4 mn customers, Arohan is dedicated to empowering underserved communities through a range of financial products and services tailored to their needs.

Business

Arohan Financial Services’ standalone net profit rises 377.15% in Q4 FY 23-24

May 31, 2024 by Sujata Muguda 0 Comments #A leading NBFC MFI, #Arohan Financial Services, #Arohan operates in 16 states, #Award of Merits, #Gross Loan Portfolio, #Kolkata, #NPA Zero status, #Q4 FY 23-24

Kolkata, May 31 , 2024  – Arohan Financial Services, a leading NBFC MFI, reported a 377.15% rise in net profit to Rs. 103.16 crore in the quarter ended March 2024 as against Rs. 21.62 crore during the previous quarter ended March 2023, backed by a steady rise in business and earnings. The Company saw a 33% growth in its Gross Loan Portfolio, surpassing INR 7,112 Cr with a Net NPA Zero status, showcasing its resilience and strategic initiatives in a challenging economic landscape.

Arohan Financial Services recorded a 38.47% increase in sales, reaching Rs 435.56 crore in Q4 FY2024, up from Rs 314.56 crore in the corresponding quarter of the previous fiscal year. For the full year, net profit rose 343.75% to Rs 313.82 crore in the year ended March 2024 as against Rs 70.72 crore during the previous year ended March 2023. Sales rose 48.78% to Rs 1591.17 crore in the year ended March 2024 as against Rs 1069.45 crore during the previous year ended March 2023.

As of March 31, 2024, Arohan operates in 16 states, having expanded into Gujarat, Uttarakhand, and Haryana, and established a Zonal Office in Bengaluru, Karnataka, marking its entry into southern India. With 9,333 employees, the Company served over 2.4 million customers across 975 branches by the end of the fiscal year. Arohan’s remarkable achievements in FY 2024 garnered widespread recognition and acclaim, exemplified by a string of prestigious awards and accolades including an upgrade in credit rating to A (Stable Outlook), 3 prestigious “Award of Merits” at SKOCH 2023; Asset AAA IT/Cash management award; ISO 9001 recertification of our Internal Audit unit; ISO 27001 recertification of the IT Security network; Gold standard CPP certification by MFR, and Mr. Manoj Nambiar, our Managing Director, being back on the MFIN board, our SRO as the Vice Chair amongst many others. Notably, the organization’s attainment of the highest-ever score of 92 in the Great Place to Work® Trust Index© Employee Survey underscores its commitment to fostering a positive and empowering work culture. With this, the Company has achieved its position amongst the Top 25 BFSI, India 2024, amongst Top 50 Best Companies India across sectors, and has bagged the recognition of the coveted Best in the Microfinance Industry.

Business

Arohan Financial Services Attains Gold Standard Certification for Client Protection Principles

Feb 12, 2024 by Sujata Muguda 0 Comments #Arohan Financial Services, #Client Protection Principles, #Gold Standard Certification, #Sharoni Pal

Kolkata, February 12, 2024 – Arohan Financial Services Limited, a prominent NBFC-MFI regulated by RBI and a part of the Aavishkaar Group, has achieved the prestigious GOLD Standard in Client Protection Principle by the MFR Certification Committee. This recognition underscores the company’s commitment to upholding the most rigorous standards outlined in the Cerise+SPTF Methodology and the Universal Standards for Social and Environmental Performance Management.

This remarkable accomplishment highlights the company’s commitment to practices and ensuring the welfare of its customers. Under evaluation by the MFR Certification Committee, Arohan Financial Services Limited not only showcases dedication to upholding client protection principles, but also reinforces its reputation as a trusted industry leader. With a compliance rate of 99.1% across indicators including appropriate product design, transparency, fair and respectful treatment of clients, prevention of over indebtedness, responsible pricing, and privacy of customer data; the company has achieved the highest level of recognition in its first attempt at solidifying its position as a model of integrity within the financial sector.

“We are immensely proud to have attained the Gold Standard certification in Client Protection Principles by MFR. This acknowledgment is a testimony of our commitment to maintaining the highest standards of integrity and transparency while upholding strong governance in all our operations,” said Sharoni Pal, Head of Central Operations, Arohan Financial Services Limited.

With a commitment to customer centricity, Arohan is leading the way toward a better and more responsible future in the field of financial services.