Village Financial Services accelerates growth with expansion
Over the next six months VFS plans to further expand its reach into other states in central, north and western regions of the country. The proposed expansion plan is the part of the Company’s mission to reach 20 states by 2020.
VFS hopes to end the FY16-17 with a loan book of Rs. 500 crore. VFS ended last fiscal with loan-book of Rs. 247 crore.
Commenting on the development, Kuldip Maity, MD & CEO, Village Financial Services Pvt. Ltd. said “We are delighted to enhance our presence in other parts of the country with the commencement of our operations in Uttrakhand, Sikkim, Odisha and Tripura. Expanding our network is imperative to achieve the objective to reach 20 states by 2020. We are looking at a steady growth with increasing our geographical presence and at the same time strengthening our reach in the regions where we are already present. The demand for micro loans is very large as MFI industry is growing at an aggressive pace. We are confident that our growing network will accommodate the increasing demand of borrowers”.
“VFS plans to enter 4 more states by the end FY16-17. It currently operates through 167 branches in 8 States with a customer base of more than 2 lakhs. It aims to increase the customer base to close to 3.40 lakhs with the total number of 173 branches by the end of FY 16-17. We are in the process of infusing more funds to support the projected growth,” Maity further added.
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