The Business Bytes
TBB BUREAU
BHUBANESWAR, APR 19, 2023
Kolkata-based Arohan Financial Services Limited has opened 102 new branches in FY 2022-23 (FY23) to expand its footprints to the underserved states of the country spanning east, west, central and north-east India. As of March 2023, the lender has 835 branches across 15 states.
The 102 new branches were opened in the states of West Bengal, Uttar Pradesh, Uttarakhand, Madhya Pradesh and Rajasthan with additional operations in the states of Assam, Bihar, Chhattisgarh, Jharkhand, Karnataka, Maharashtra, Meghalaya, Odisha, Telangana and Tripura.
Arohan is investing heavily to penetrate further into semi-urban and rural geographies, creating huge opportunities for employment for the rural youth, as well as enhanced access to credit for the financially under-penetrated segment of the society. Its new business line, ArohanPrivilege Digital Lending is India’s first Digital Lending platform for microfinance customers. Under ArohanPrivilege Digital Lending, customers get benefits like having their loans disbursed within 5-10 minutes of a successful application, safe repayment facilities online, enticing cash-back on timely repayment, etc.
The company has also introduced working capital loans for Micro Enterprises with ticket sizes starting from INR 1 Lakh with a pilot branch in West Bengal covering the regions of Behala, Maheshtala and Jodhpur Park in Kolkata.
“Our endeavour is to include every under-served household and small business under the umbrella of financial services. As we commence on our ambitious 5-Year Vision plan of rapid expansion path to serve 20 million lives by 2027, we plan toenter Gujarat, Haryana and Maharashtra this year, besides expanding our footprint in Madhya Pradesh and Uttar Pradesh,” said Manoj Nambiar, MD & CEO – Arohan Financial Services Limited.
