Fullerton India Credit Company Limited (FICCL), a non-banking finance company (NBFC) in India [1], is adding microfinance services to its repertoire [2]. Its parent company, Angelica Investment Limited, is located in Singapore [2], yet the company chose India as its first market for microfinance because of the country’s large underserved population. According to Ravi Shankar, Executive Vice President of Marketing and Microfinance for FICCL, “We have recently forayed into microfinance with the objective of enhancing financial inclusion in the lower mass market.” The company plans to expand its microfinance business to over 300 locations in India within the next two years [2]. Mr Shankar hopes that in the next two years, FICCL will provide services to approximately one million microfinance customers.
He additionally stated that “a credit bureau to check the credit history of borrowers is on the cards and will soon be in operation” [2]. It is unclear whether Mr Shankar was referring to the credit union being set up by Microfinance Institutions Network (MFIN), which is a trade association of Indian microfinance lenders [3].
Mr Shankar additionally states that the growth of India’s economy is dependent on the growth of the mass market in the country and that including the poor and underserved in the microfinance market will contribute to India’s economic growth [2].
Financial data on the firm are unavailable.
By Julia Korn, Research Associate
About Fullerton India Credit Company Limited (FICCL):
FICCL has approximately 700 branches in India. The company was established in 1994. 99.9 percent of the share capital of FICCL is held by Angelica Investment Limited, Singapore. The company provides loans and financial services to individuals, professionals, partnership firms, sole proprietorships and small and medium-sized enterprises (SMEs). The company has two major divisions: Vyapaar and Parivaar. The Vyapaar division provides loans and advances to shop owners and microentrepreneurs. The Parivaar division provides loans and advances to individuals, such as personal loans, mortgage loans and automobile loans [2]. Financial data on the firm are unavailable.
Sources
[1] Fullerton India Credit Company Limited: http://www.fullertonindia.com/index.php?option=com_content&task=view&id=…
[2] The Economic Times: “‘We hope to have 1 million microfinance clients in 2 yrs’” by Sanjeev Sinha, May 18, 2010: http://economictimes.indiatimes.com/News/News-By-Industry/Banking/Financ…
[3] MicroCapital Universe: “Microfinance Institutions Network (MFIN):” https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Mic…
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/
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