Tag: DVARA KGFS

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Dvara Kgfs Receives The Long-Term Rating Of ‘Acuite A-’ By Acuité Ratings & Research Limited! ~This rating reinforces the strength of Dvara in meeting all

Jun 21, 2021 by Rekha Nair 0 Comments #Chief Executive Officer, #Chief Financial Officer, #DVARA KGFS, #Mr Vijayakumar G, #Mr. Joby C O

Dvara Kgfs Receives The Long-Term Rating Of ‘Acuite A-’ By Acuité Ratings & Research Limited! ~This rating reinforces the strength of Dvara in meeting allMumbai: Acuité Ratings & Research Limited, a SEBI registered and RBI accredited credit rating agency, assigns the long-term rating of ‘ACUITE A-’ (read as ACUITE A minus) on the facilities of Dvara Kshetriya Gramin Financial Services Private Limited (Dvara KGFS) with the outlook on the long-term rating set at stable.

The rating factors in all the continuous support of founder-promoter Dvara Trust (erstwhile IFMR Trust) and also takes into consideration Dvara KGFS’s established presence in its areas of operations and demonstrated growth of its AUM which stood at Rs. 1,107.79 Cr. as on March 31, 2021. The company has maintained a conservative leverage of 3 times as on March 31, 2021.

Commenting on the rating, Mr. Joby C O, Chief Executive Officer, Dvara KGFS, said “‘Acuite A-‘ rating by Acuité Ratings & Research Limited reinforces the trust reposed on Dvara KGFS by various lenders both domestic and foreign. It is truly a proud moment for Dvara KGFS to upgrade the ratings to A- and hopes it help us to broad base our fund raising to more lenders with more competitive rates.“

Highlighting the importance of the upgrade, Mr. Vijayakumar G, Chief Financial Officer, Dvara KGFS, said, “We see Liquidity flow for the NBFC’s should be continuous and this rating upgrade to A- during these difficult times would give the company more access into capital markets resulting in reduction of cost of funds during FY22.”

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DVARA KGFS Raises 8 Million Euros As External Commercial Borrowings

Mar 23, 2021 by Rekha Nair 0 Comments #Agents from Impact (AFI), #CEO, #Chief Executive Officer, #Chief Financial Officer, #Dr. Andrij Fetsun, #DVARA KGFS, #Joby C O, #Mr Vijayakumar G

Hyderabad: Dvara KGFS, a NBFC operating in deep rural pockets of India, announced that they have raised 8 Million Euros from leading European social impact funds, Invest In Visions, Germany (IIV) and Darlehenskasse Muenster, Luxembourg (DKM) as External Commercial Borrowings (ECB).

The company intends to deploy the ECB proceeds for their onward lending program targeted to support their microfinance as well as small business customers in more than 9000 deep rural villages with little or no access to formal means of credit. The company has designed these micro loans to suit the dynamic requirements of their customers and potentially enhance their means of livelihood.

Commenting on the fund raiser, Joby C O, Chief Executive Officer, Dvara KGFS, said, “We are happy that through Agents for Impact (AFI), we have been able to raise 8 Million Euros as ECB from globally renowned impact funds – Invest In Visions (IIV) and their partner fund Darlehenskasse Muenster (DKM. This helps us to diversify our fund raising effort to foreign Institutional investors(FII) and DFIs. The funds will be utilised to fund our microfinance customers and Micro Enterprise customers in the rural parts of India. There are a variety of small business that we fund in rural India which includes retail shops, small dairies, agri entrepreneurs and this would help customers to restart their businesses, post covid. Our wealth management approach helps these customers to enhance their financial well-being through a variety of products.”

Mr Vijayakumar G, Chief Financial Officer, Dvara KGFS further commented saying, “Coming from pioneering social impact investors, the ECB is a testimony of the successful impact of the deep /dense business model employed by Dvara KGFS to bring about financial inclusion in the rural geographies it operates in. The ECB will also provide great fillip to our fund raise plan from overseas lenders in the coming financial year.”

On this transaction, Dr. Andrij Fetsun, CEO, Agents from Impact (AFI) commented, “AFI’s goal is to bring in new investment opportunities from India and around the globe to receive funding from Invest in Visions GmbH and this deal is an evidence to our commitment and determination to achieve such goal. I am excited to see the positive impact and effect that this loan will have on micro enterprises and entrepreneurs in deep rural and remote parts of India, which are rebuilding itself in light of the COVID pandemic.”

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CRISIL Assigns BBB+ Rating To DVARA KGFS

Feb 4, 2021 by Rekha Nair 0 Comments #Chief Executive Officer, #Chief Financial Officer, #DVARA KGFS, #G Vijayakumar, #Joby C O

Mumbai: Credit rating agency CRISIL assigns long-term rating of BBB+/Stable to Dvara KGFS. The rating centrally factors in the highly experienced profile of the company’s board and management and continuous support of the founder-promoter, Dvara Trust (erstwhile IFMR trust); adequate capital position that has been strengthened further by recent equity infusion; and diversified resource profile.

Commenting on the rating upgrade, Joby C O, Chief Executive Officer, Dvara KGFS, said “BBB+ rating assigned by CRISIL is an endorsement of the credibility that Dvara KGFS has earned based on its consistent performance in the past many years. This is a positive reflection on our unique customer centric Wealth Management approach, Deep Rural focus & improved operational processes backed by robust and state of the art digital capabilities”

Highlighting the importance of the rating assigned by CRISIL , G Vijayakumar, Chief Financial Officer, Dvara KGFS, said “This one notch improvement in rating from BBB to BBB+ is a significant achievement considering the severe diruptions caused by covid-19 and is a testimony of the robust business platform that we have created over the years . It will reinforce the trust and confidence our investors and lenders have placed on us. We are hoping that this will boost our fund-raising efforts in the coming quarters.”

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Post budget reaction quote on NBFCs from Mr. Joby. C. O., CEO, Dvara KGFS

Feb 3, 2021 by Neel Achary 0 Comments #CEO, #DVARA KGFS, #Mr. Joby C O

Mr. Joby. C. O., CEO, Dvara KGFS:

“The Union Budget 2021 has acknowledged the NBFC and cooperatives that are operating in the agricultural credit space. The government’s initiative to bring in mechanisms to monitor the health of financial institutions, to set up Asset Reconstruction Company Limited and Asset Management Company and to safeguard the interest of depositors are welcome steps towards a robust banking mechanism. In addition to this, the increase in agriculture credit target, increased allocation towards MSME sector & increased focus on Migrant Workers & Labourers in the Budget is expected to be highly beneficial for NBFCs and MFIs. Better capital access, improved governance and enhanced lending mechanisms are some of the key focus areas in the budget and this will enable financial institutions to bring in transparency and accountability in the sector. Banking reforms will go a long way in addressing bad loans, capital infusion, development of FinTechs and support for NBFCs. Promotion of digital transactions & continued focus on financial inclusion are two key pillars in the Budget that will outline the financial landscape for the underserved sections in the society.”

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Dvara KGFS Wins the “Technology for Financial Inclusion Awards 2020”

Jan 29, 2021 by Neel Achary 0 Comments #a leading NBFC in India, #DVARA KGFS

Mumbai: Dvara KGFS, a leading NBFC in India, was announced as the winner in the award category – Technology for Financial Inclusion at The Inclusive Finance India Awards 2020. The award was presented to Dvara KGFS in recognition for the robust technology offering a suite of financial services & products for the underserved section of the society and for their operational excellence over the last year.

The award was presented by Shri. Anurag Thakur, Honorable Minister of State for Finance and Corporate Affairs, Government of India to Mr. Joby C O, CEO, Dvara KGFS.

Upon receiving the award, Mr. Joby. C. O., CEO, Dvara KGFS said, “We are delighted to receive this award for ‘Fintech for Financial Inclusion’. Dvara KGFS caters to more than a million customers across 6 states and provides comprehensive wealth management services to people living in remote rural areas where they have limited or no access to financial products. We believe that rural households require guidance and support for planning their income and investing in as many financial instruments such as savings, insurance, pension funds & other forms of investments to secure their financial future. This would enable them to achieve financial freedom in the long term with adequate support of short term loans for their immediate requirements. Today, nearly 30,000 of our women customers from different geographies save around INR 500 per month through our innovative ‘Dvara Sampoorna Sampath Plan’ taking care of their savings, insurance & investments needs.”

Dvara KGFS is one of the pioneers in financial inclusion by deploying technology to remote rural population to access financial products, enhance customer experience and strengthen internal digital capabilities. The technology has helped in diversifying the product portfolio through API integrations with Banks & other Financial Service providers. Dvara KGFS has branched into crop loans & insurance products by proving real-time banking services like AePS module, gold loan, savings products.

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DVARA KGFS LAUNCHED E-SIGNATURES FOR ITS CUSTOMERS

Jan 20, 2021 by Rekha Nair 0 Comments #CEO, #Deputy CEO, #DVARA KGFS, #Mr. Joby C O, #Mr. Murty LVLN

Mumbai/Hyderabad: Dvara KGFS, a leading technology backed NBFC in India, with a mission to maximize the financial well-being of every individual and every enterprise in rural India has recently launched a new innovative feature – e-signature which enables hassle free documentation to access loans while ensuring pandemic related safety protocols.

Bringing about a paradigm shift the way customers apply for loans, KGFS Assist (Front end app built by KGFS in-house technology team) has introduced E-signatures enabling complete ease in applying and processing of loans from the convenience of their homes and from their own hand-held device thereby eliminating the cumbersome process of fixing signatures, uploading documents on ERP, etc. which required extensive manual interventions.

 Speaking about JLG and MEL Turn Around Time (TAT), Mr. Murty LVLN, Deputy CEO, Dvara KGFS, “With deep understanding of the market, we have been able to reduce the TAT substantially to 4 days and to 2 days respectively. This has resulted in easing of the loan disbursement and enrollment process and resulting in more people benefitting as well as setting new benchmarks in our internal process.”

KGFS Assist is an internally built customer centric app with huge integration capability with various vendors that supports Dvara KGFS with innovative solutions to ensure the end customers is benefitted in the best possible way.

Speaking on the introduction of the new feature, Mr. Joby C O, CEO, Dvara KGFS said, “We, at Dvara KGFS, have associated with Legality to integrate e-sign feature to KGFS Assist, the in-house enrollment app, to ease the loan approval process. A simple, seamless and time-saving innovative feature – e-signature was introduced recently to ensure continuity of services for our customers through our seamless adoption of technology. This new e-signature feature has helped in maintaining records of all loan documents in soft format, eliminating the need to store the physical documents thereby ensuring safety and security thus delivering superior customer experience.”

Once the loan documents are approved and uploaded, the branch staff approaches the customer for signatures which is done on a mobile phone / tablet after a 2-step authentication – Mobile OTP and Mobile Signatures. The same signatures are then automatically affixed on the document at respective places. The documents now get stored in the ERP system. However, some legal documents require actual signatures.

This innovation of the e-signature feature has helped our customers to access our products without being exposed to the pandemic and has also resulted in significant savings in time taken for operations as the need for downloading, scanning and uploading documents has been erased.

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Dvara KGFS Emerges As The Winner At The 9TH ACEF Asian Leaders Forum And Awards

Nov 6, 2020 by Gouri Achary 0 Comments #ACEF Asian Leaders Forum, #DVARA KGFS, #Dvara Sampoorna Sampath Plan, #Mr. Joby.

Dvara KGFS, a leading NBFC in India, was announced as the winner at the 9th ACEF Asian Leaders Forum and Awards in the category – Excellence in Rural Marketing. The award was presented to Dvara KGFS in recognition of their efforts towards sustainable development in remote rural India by maximising the financial well-being of every individual and enterprise by enabling complete access to financial services. This was done through Dvara Sampoorna Sampath Plan (DSSP) – an innovative savings solution for rural India.

Dvara Sampoorna Sampath Plan (DSSP) provides financial planning while helping to diversify one’s investment. The product has been structured in 4 stages, namely, Plan, Grow, Protect and Diversify to provide support to the financially challenged thereby cultivating a systematic savings habit among the rural household. The product was launched to ensure that the rural poor were offered a comprehensive financial plan that aims at developing a suite of credit, savings, insurance and investment products.

Upon receiving the award, Mr. Joby. C. O. CEO, Dvara KGFS said, “Our mission has always been to reach out to the remote rural through our innovative product offerings. This award is a recognition to our efforts in ensuring financial well-being in the pockets that we operate in. We continue to use technology to facilitate the accessibility of our products for people living in remote rural India. Access to financial products has been a challenge among villages and we have been successfully navigating that terrain.”

Dvara KGFS has reached out to every customer in the deep part of the villages, even during the pandemic, to ensure that every customer has access to funds during the intense lockdown. Door-to-door service by wealth managers from Dvara KGFS has helped to spread extensive awareness and get the villagers acquainted to Dvara Sampoorna Sampath Plan.