MFI Report

Sahara Uttarayan, a Society registered under the West Bengal Societies Registration Act was founded by Mr. Prakash Banerjee and Mr. Kartick Biswas in October 2001. The purpose of formation was to provide microfinance (small ticket loans) to poor borrowers via group guarantee mechanism (JLGs). Uttrayan Financial Services Private Limited (UFSPL) is a non-deposit taking NBFC. The portfolio within Sahara Uttarayan will slowly be taken over by UFSPL over time. Currently, UFSPL will commence the process of raising equity of Rs. 15 crore from external investors by the second half of the current financial year Sahara Uttarayan is a registered Society – what started off as a small initiative to further development by financing poor women has now grown into an enormous program. To infuse external equity in order to fuel further growth and in order to migrate the program to a more professional regulated framework, the promoters of Sahara Uttarayan have decided to transfer the entire operations of Sahara Uttarayan to Uttrayan Financial Services Private Limited (UFSPL), an NBFC which had Rs. 6.2 crore of loan portfolio out of the entire portfolio of Rs. 35.4 crore, as on 31 March 2010. Our main challanges is allevation of proverty. Hide