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Dvara KGFS (formerly known as IFMR Rural Channels & Services), a leading uniquely propositioned NBFC, has increased its presence in India with the opening of 10 branches in Mysuru.
Having served around 900,000 customers in remote areas across the three states of Tamil Nadu, Orissa and Uttarakhand, Dvara KGFS has added Karnataka to its map of operations to meet the growing demand for financial services in this region.
Speaking on the occasion, Samir Shah, Executive Vice Chair & Group President of Dvara Trust, said, “We at the Dvara Group are happy to have expanded our presence to Karnataka due to the high market potential that the region offers. With our well-grounded research and understanding of the financial landscape especially amongst the low income and financially vulnerable group, we are well equipped to take up the task of enabling financial independence in these new locations as well. We are today at the cusp of further expansion across India and this marks a new beginning in our 10-year-old story.”
Building on its well-established reputation for the last 10 years, Dvara KGFS will also look to expand to newer markets across India. In the next 4 – 5 years, the organization is planning to open at least another 100 branches across Karnataka.
Each Dvara KGFS branch will cater to people living in and around 15 kms of radius and will include about 100 villages. The branches will provide employment opportunities to those from the surrounding villages and will create a dynamic shift in the socio-economic landscape of the rural communities.
In Mysuru, Dvara KGFS will initially provide varied services and products like Joint Liability Group Loans, Micro Enterprise Loans, Jewel Loan, Consumer Durable Loan, Personal Accident Insurance, India First Simple Benefit Plan, and Portfolio Insurance.
Targeting remote rural areas of Bannuru, Saligrama, Yelwala, Hullahalli, Jayapura, and more, Dvara KGFS will operate through a customer-centric technology-enabled model, whereby household information like assets, liabilities, income, expenses, households’ financial goals are considered to arrive at the best possible solution to every household.