MFI Report

Sri G. Dasaratha Reddy is a post Graduate in Economics and he has worked for 27 years in NGO field. He has started an organization called “Action for Community Service Society” (ACTS) at V.Kota, Chittoor District in 1985 and has worked relentlessly for the upliftment of the rural poor by undertaking various welfare programmes and water shed management schemes. He has undertaken several Government programs and implemented them through his NGO “ACTS“. As ACTS cannot undertake Micro Finance with a profit motive, Mr.Dasaratha Reddy has promoted a Mutually Aided Cooperative Society by name “Acts Mahila Mutually Aided Co-operative Thrift Society Limited” (AMMACTS) in the year 1998 and got it registered under APMACS Act 1995, Andhra Pradesh to undertake Micro Finance for the rural poor women. AMMACTS has started its operations in V.Kota area and has expanded its business to many other towns in Chittoor District by the year 2003. As Chief Executive Officer of AMMACTS, he played a vital role for the development of this organization to the present size. In terms of the provisions of the ACTS, AMMACTS cannot expand its operations beyond the district in which it is registered i.e. Chittoor. The Promoter has therefore taken over an existing Non Banking Financial Company having RBI license to carry on the business of micro finance in the month of March 2007. Sri G.Dasaratha Reddy was appointed as Managing Director of this company and the company “FUTURE FINANCIAL SERVICESS LIMITED” (FFSL) started its operations from 1/4/2007.The Company found it convenient to monitor the micro finance activities from Chittoor which has better proximity to T N and Karnataka. Accordingly the Registered Office is shifted from Hyderabad to Chittoor. 1985 under Action for Community Service Society(ACTS). The operations were transferred to Acts Mahila Mutually Aided Co-operative Thrift Society (AMMACTS) in 1998. FFSL took over the microfinance operations of ACTS and AMMACTS since April,2007. The Entity FFSL was existent before Ammacts was taken over and before it started MF activities. Sri G.Dasaratha Reddy has vast experience in Micro Finance field. He has attended various training programmes conducted by various organizations throughout the World. Cacher