Corporate Identity Number : U74899DL1996PLC081127
Samruddhi is registered with the Reserve Bank of India (RBI) as a Non Banking Finance Company (NBFC) and incorporated as a Company under the Companies Act, 1956, through which credit and technical assistance is delivered. This is the flagship company of the BASIX group.
BASICS Ltd earlier owned nearly 100 percent of Samruddhi with an equity base of Rs 4.5 crore at its birth in the year 1996. Samruddhi expanded its equity base to Rs 20.6 crore in 2001. The additional equity came from the IFC, Washington, Shorebank, Chicago; Hivos- Triodos Fund, Netherlands; the ICICI Bank and HDFC Limited from India. The investment by BASICS Ltd was also enhanced to Rs 9.7 crore, bringing its share of Samruddhi holdings to 49.5 percent.
As on May 31 st, 2014 Samruddhi
- was present in 26,055 villages in 122 districts spread over sixteen States of Andhra Pradesh, Karnataka, Orissa, Maharashtra, Madhya Pradesh, Jharkhand, Rajasthan, Chhattisgarh, Uttarakhand, Uttar Pradesh, West Bengal, Sikkim, Meghalaya, Delhi, Bihar and Tripura;
- cumulatively disbursed over 3,512,480 loans worth Rs.45,009 million;
- outstanding were Rs.6,711 million including assigned loans under management;
- over 821,582 active loans;
In pursuit of BASIX mission, to promote and support large number of sustainable livelihoods, BSFL has adopted the "Livelihood Triad" strategy through which the company also provides Agricultural & Business Development Services to about one third of its customers through Livelihood Service Providers (LSPs) and Institutional Development Services for producers like MACS for cotton producers, dairy cooperatives.
Information Technology and MIS: The transactions of BSFL are fully computerized using state of the art ERP called DELPHIX. BSFL has an effective MIS system to cater to the needs of various levels of operating
Risk Management & Internal Audit: BSFL has a risk management & internal audit team, which monitors the delivery process as well as quality of various services offered. Risk Matrix has been developed in collaboration with Shorecap International, Chicago.
Human Resources: BSFL team comprises of professionals in the fields of Management, Accounting, Agriculture, Social Work, Engineering, Science etc. Total number of staff and livelihood service advisors in the company is over 1,262.
Board of Directors:
- Mr. Vijay Mahajan
Mr. Vijay Mahajan
is the Founder and Chairman of the BASIX Group. Vijay is a distinguished alumnus of both the Indian Institute of Technology, Delhi (1970-75) and the Indian Institute of Management, Ahmedabad (1979-81) and was a mid-career fellow at the Woodrow Wilson School of Public International Affairs, Princeton University, USA. Vijay co-founded Professional Assistance for Development Action (PRADAN) in 1983, Sa-Dhan in 1998, Andhra Pradesh Mahila Abhivrudhi Society (APMAS) in 2000 and Microfinance Institutions Network (MFIN) in 2009. In 1995, Vijay conceptualised BASIX as a “new generation livelihood promotion institution” and it was set up in mid 1996. Vijay served on the Rangarajan Committee on Financial Inclusion and the Raghuram Rajan Committee on Financial Sector Reforms. Vijay co-authored a book “The Forgotten Sector” and has written over 75 articles. Vijay serves on the Boards of major Indian development organisations and has been a member of various committees set up by Government and Regulatory institutions. Vijay is the Chair of the Consultative Group to Assist the Poor (CGAP), a global microfinance forum, comprising nearly 40 bilateral, multilateral and foundations in development. Close
- Mr. Asokkumar Rathnam
Mr Asokkumar Rathnam
is the Chairman and Managing Director of Sarvodaya Nano Finance Limited (SNFL). He is also the Chairman and Managing Director of Sarva Jana Seva Kosh Ltd, an MFI belonging to ASSEFA group. He is a Post Graduate in Economics from Madras University, a Certified Associate of Indian Institute of Bankers, and also a Certified Public Accountant from USA. He has 36 years of experience in banking of which 22 years were in State Bank of India. He retired as the Executive Director of Axis Bank.
- Ms. Mary Agnes Houghton
Ms Mary Agnes Houghton
is the co-founder of ShoreBank, the largest and oldest community development bank. Houghton, along with Milton Davis, James Fletcher, and Ron Grzywinski purchased what was then South Shore Bank to fight redlining in the Chicago neighborhood. She retired as its president in May 2010. Houghton serves as a director of the Calvert Foundation, the Rapid Results Institute, and Women’s World Banking. She is a member of the Ashoka Global Academy for Social Entrepreneurship.
- Mr. Shailendra Mahalwar
Shri Shailendra Mahalwar
is the Nominee Director representing Small Industries Development Bank of India (SIDBI). He has over 33 years of experience in the legal field, both as a legal practitioner and working in the legal department of Bank of Maharashtra and SIDBI. Presently Shri Mahalwar is heading the Legal Department of SIDBI as Chief General Manager and Country Head. He is nominated to various committees, both in-house and outside. Shri Mahalwar has also served on the Board of EDC, MPFC and other assisted companies. Currently, he is on the Board of Maharashtra State Financial Corporation and SIDBI Venture Capital Ltd.
- Mr. James L. Prouty
- Audit Committee
- Human Resources & Development
- Risk Management
- Asset Liability Management
- Share Allotment & Transfer
- Nomination and Remuneration
Current Year's Financials
Previous Year's Financials
Adoption of Fair Practices Code
BSFL is a member of MFIN