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 GU Financial Services Private Limited came into light with an objective to transform the microfinance portfolio of Gram Utthan, an NGO-MFI operating in Orissa since 1990. As a part of the community development and livelihood promotion, Gram-Utthan ventured into Micro Finance program in the year 1996 and due to its effective delivery of credit mechanism, the total disbursement under the microfinance portfolio grew to Rs 148.77 crores by the end of 2008-09 covering 87117 across Seven district of Orissa.
The whole microfinance industry was feeling the pressure of further growth under the NGO form of organization and was in the process of searching for new option to achieve the desired growth. As a measure to face these challenges, an Increasing number of microfinance institutions (MFIs) are seeking non-banking finance company (NBFC) status from RBI to get wide access to funding, including bank finance. Banks were also looking to increase their exposure to microcredit sector through regulated entities only.
Keeping in view the immediate requirement of setting up an NBFC, the promoters went for acquiring an existing NBFC named Visudha Investment Pvt. Ltd registered with RBI Kolkatta. To accommodate the microfinance business, the Objects of the company were amended by inclusion of microfinance and other financial services and changed its objective from an Investment Company to a Finance Company. To establish a correlation of its existence to Gram Utthan, its name was also changed to G U Financial Services Private Limited after obtaining the NOC of the RBI. The fresh Certificate of Incorporation was issued by the ROC, West Bengal on dated 06th January 2010. Consequent to the change of the name, the company has applied for recording the amendment and issue of Certificate of Registration in the new name of the company to the RBI.
Since all the microfinance operation of the company is being carried out within the state of Orissa , for Management convenience, the Corporate Office of the company is established in Bhubaneswar.
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