Non-banking microfinance institutions have been playing a very important role in the country in the financial inclusion of the weaker sections of the society, women and small enterprises.
The Annapurna Finance Pvt Ltd is a nonbanking financial organisation involved in micro-lending services to individuals, women SHGs, MSMEs and small industries in Odisha and other States. It is the first-registered NBFC-MFI company with the RBI since 2013 from Odisha which has applied for the universal banking licence.
During the last quarter of 2023, the RBI had invited applications for “on tap” licensing of universal bank in the private sector. As the selection criteria for setting up small finance banks and universal banks are very strict, six applications were rejected by the RBI in May 2022. The Annapurna Finance runs various activities and fulfils all the criteria to avail the bank licence from RBI. Once it gets licence, its outreach for financial inclusion of the un-served and under-served stakeholders shall enhance.
