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welcome to GU finance

G U 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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Operational Area

Our Impact

 
Portfolio Report as on 30th Sept'2017 (In Crs)
State
01
District
07
Villages
3274
SHG Formed
8423
Member
95259
Loan Disb.
180.81
No of Loans
32792
Outstanding
52.12
% of Recovery
99.98 
Staffs
129
Branches
24
BC Portfolio (Yes Bank)
No of Groups
3110
No of Members
  38433
Disb.Amount
76.45 Cr
Loan Recovered
70.52 Cr
Outstanding
 05.87 Cr
ROI
24%
BC Portfolio (AROHAN)
Nos of JLGs
3512
No of Members
16690
Disb. Amount
42.88 Crs.
Loan Recovery
17.27 Crs
Outstanding
25.61 Crs.
ROI
25.96
 
ROI

24%,26%, 25.96% Reducing

LPF
1%
Insurance per Rs.1000
Rs.4

Success Stories

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Sasmita (19)

19 YEARS SELF – EMPLOYED

An unmarried girl named Sasmita (19) resides in the village Bajarpur of Rajkanika block of Kendrapada district. The story of Sasmita Nayak is about her struggle to become an expert on the field Agarbati making. To meet the financial needs of her family she got herself enrolled in the training provided by KPC on agarbati making in her village. After the training program KPC assured to provide raw materials and marketing as well at their doorstep .After getting the assurance she started working on agarbati making and earning Rs35/- to Rs40/- per day. She works hard and adopts the trade as her livelihood to improve the economic condition of her family.

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Suchitra Dash
Suchitra Dash with her newly connected water tank
Suchitra Dash, wife of Ashok Dash living her family at Sindol village in Tihidi Block of Bhadrak district .Her husband is driver blessed with one child .However, she applied to GU for water connection on 13th of October 2014 and received loan support Rs 10,000/-.The required technical support was too provided by GU . No she is no more going to distance place to fetch water. I am extremely happy to save my time and energy, says Suchitra.



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Afrose Bibi  (58)


OLD  IN   AGE  BUT  YOUNG  IN  SPIRIT

Afrose Bibi  (58) in Rajkanika block of Kendrapada district  has been working in carpet weaving centre ,she has 5 children .Her husband is wage labourer . Afroze Bibi was joined in carpet training centre on 24.10.2007. She was serious learner on weaving just like a student. She may be old in age but young in spirit. Even now she is very much ambitious to learn and earn. That’s why after three months of her training, she proved herself as a master trainer.

During her three months training period she was privileged to earn Rs 2381.43 in terms her daily cost (per day RS 79.38) Even now she is involved in carpet weaving and earning Rs.100/- per day without going anywhere.

Moreover, almost 7 women members were trained for the first three months. Now they have become self –reliant .In course of interaction the women members said “if we need  a few thousand rupees  today , it is possible for us to burrow it. But there was time when our women had not ever seen a five hundred rupee note “.Now they are engaged in weaving activities and earn some money and add it to their family income. They have claimed that their family is now to some extent financially sound.

However, Afrose Bibi has become a model in her village .She also inspires the women of the village to take up different economic activity and get involved in SHG movement earnestly.

 

Financial Services

 
We provide Microfinance services: We have more than 2 decades of experience in providing microfinance facilities to the rural populace. Our strength lies in understanding the functioning of the rural fi nancial market, which enables us to connect better with the clients. We are associated with the clients by providing various credit plus activities which help them to lead a better quality life.

Our focus is to alleviate poverty: We provide collateral free loans to the rural women through the SHG model. Our interest rates are as per the industry given standards. Our primary aim is to financially educate the rural population and provide development finance and eradicate poverty.

We have a definite geographical area of operations: Our activities are concentrated in the State of Odisha. Our definitive geographical coverage gives us a firm control over the given area. However, in due course of time with more flow of funds we have planned to venture into other states to mitigate the concentration risk.

We are an NBFC: We are an NBFC carrying out MFI activities since 2008 and being eligible to be converted into NBFC-MFI status, we have applied to RBI, Bhubaneswar for reclassification as NBFC-MFI.

 

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