MICROCAPITAL BRIEF: Indian Microfinance Institution Grameen Financial Services Private Limited Appoints New CEO, Mr Udaya Kumar

Grameen Financial Services Private Limited (GFSPL), a non-banking financial company that offers microfinance products and training services in India, recently appointed Mr Udaya Kumar to serve as its Chief Executive Officer. Mr Kumar has worked in the financial sector for approximately 25 years at international banks Barclays, based in the United Kingdom, and ICICI Bank, which is based in India. Mr Kumar will oversee GFSPL as well as its Grameen Koota and Maarg divisions.

As of year-end 2009, GFSPL reports total assets of USD 68.1 million, a gross loan portfolio of USD 52 million and 352,648 active borrowers.

By Lindsey Shaughnessy, Research Associate

About Grameen Financial Services Private Limited (GFSPL): Grameen Financial Services Private Limited (GSFPL) was founded in India in 1999 as a project under the non-governmental organization the T. Muniswamappa Trust but has since become an independent non-banking financial company (NBFC). GFSPL operates in Maharashtra, Karnataka and Tamil Nadu states, offering skills building and income generation products and services such as housing microfinance, vocational training loans, workshops and education centers. As of year-end 2009, GFSPL reports total assets of USD 68.1 million, a gross loan portfolio of USD 52 million and 352,648 active borrowers.

About Barclays: Barclays is a London-based financial services provider that operates in approximately 50 countries. Barclays offers wealth management, investment banking, personal banking and corporate banking services. As of year-end 2009, Barclays reported total assets of GBP 1.38 trillion (USD 2.1 trillion).

About Grameen Koota: Grameen Koota, founded in 1999 as a division of Grameen Financial Services Private Limited, is a microfinance institution (MFI) based in Bangalore, India. Grameen Koota began with funding from Grameen Trust, an India-based non-governmental organization that supports microfinance globally through funding, training and technical assistance. Grameen Koota provides credit to low-income households through 117 branches in the Indian states of Karnataka and Maharashtra. It is one of the first MFIs to have used Mifos, an open source management information system that aids in the monitoring of borrowers and portfolios. As of March 2010 Grameen Koota reports total assets of USD 68.1 million, a gross loan portfolio of USD 52.1 million, a return on assets of 0.40 percent and a return on equity of and 2.56 percent.

About ICICI Bank: ICICI Bank Limited, a banking and financial services company BASED in India, operates 2,035 branches and 5,518 ATMs in 19 countries in Europe, Asia, the Middle East and North America. ICICI Bank offers personal banking, business and agricultural banking, investment banking, insurance, venture capital and asset management services. As of March 31, 2010, ICICI Bank reports total assets of INR 3.64 trillion (the equivalent of USD 78.6 billion).

Sources and Additional Resources:

[1] International Business Times, “Microfinance outfit GFSPL appoints new CEO”, September 10, 2010. http://www.ibtimes.com/articles/61148/20100910/grameen-financial-services-private-limited-bangalore-micfofinance-nbfc-udaya-kumar-banking.htm

MicroCapital’s Microfinance Universe profile: Grameen Financial Services Private Limited (GFSPL)

MicroCapital’s Microfinance Universe profile: Barclays

MicroCapital’s Microfinance Universe profile: Grameen Koota

MicroCapital’s Microfinance Universe profile: ICICI Bank

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