The word “Jagaran” has been derived from Sanskrit and it means “a state of wakefulness”. Jagaran intends to awaken the economically challenged sections of the society, help them to get rid of despair and assist them in building a better life.
Jagaran Microfin Private Limited is a subsidiary of GTFS Multi Services Limited and was established with the distinct aim of providing a wide range of financial services, especially in the backward and rural areas. The management conceived the idea of commencing a microfinance business by acquiring M/s SBT Consultants Private Limited, incorporated on 12th January, 1993, a Category B Non-banking Finance Company (converted as NBFC on 18.03.1998) registered under RBI to promote microfinance business. Subsequently, the name was changed to “JagaranMicrofin Private Limited”. Jagaran commenced its microfinance operations on December, 2010.
Key Highlights :
i) A professionally managed Microfinance institution which achieves a healthy amalgamation of social and financial sustainability through economic empowerment as well as employment generation.
ii) A strong foundation to promote entrepreneurial skills among the economically backward sections of the population and make them self-reliant.
In the last seven years, Jagaran has built 108 Branches and is currently operating in the states of West Bengal, Bihar, Odisha, Assam and Jharkhand. The company has been in profit every year since inception and is now poised to take the next bigger leap.
Jagaran follows the “Joint Liability Group (JLG) Model” known as “Grameen Model” for lending of micro credit to bottom of pyramid (BoP) people.
The company operated with 40 branches in 2012 which then augmented to 70 branches in March 2016 across 4 states i.e., West Bengal, Bihar, Jharkhand and Orissa. As on 31st March 2018 Jagaran offers its services through a network of 108 branches spread across 29 districts in five States.
The Loan portfolio has grown from Rs.6.41Crores in FY2010-11 to Rs.232.52 Crores in FY2017-2018. The Average loan size is Rs.18,944/-. Jagaran also acts as a Business Correspondent (BC) to IDBI Bank and manages total Loan Outstanding of Rs.27.97 Crores as on 31st March 2018.
Jagaran has been serving more than 2,32,140 active members as on 31st March, 2018. Jagaran has been awarded Grade S3 (Good) as Social Rating by M2I (a renowned Social Rating agency). It has received Grading “AA” in Code of Conduct Assessment (COCA) conducted by ACCESS-ASSIST. CARE Ratings assigned a grading ‘MFI 2’ and Bank Loan rating “BBB-“ (Triple B Minus) to Jagaran. Further it also received Capacity Building Support of Rs.40lakhs as a grant from SIDBI. Recently, Jagaran was awarded SKOCH ORDER-OF-MERIT award for qualifying among top 100 projects in India for Customer Servicing.
Jagaran has been playing an important role in empowering women to achieve their own identity and enhancing their daily livelihood. This new phenomenon has also given economic power in the hands of women for which they were earlier totally dependent on males. Economically independent women feel more confident about their personal lives. Microfinance has been considered an important development policy that aims to reduce poverty, vulnerability and inequality. Organizations explicitly perceive microfinance as a tool to fight for women’s rights and independence. Coming up with the objective of financial viability, the organization has brought a positive impact in their lives.
Current Out Reach
|Key Operational Statistics as on 30th Nov 2018.|
|Gross Loan Portfolio (Rs. Cr.)||318.06|
|BC Portfolio (From IDBI Bank)(Rs.Cr.)||16.29|
|No. of States||5|
|No. of districts||27|
|No. of Branches||108|
|No. of Active members||2,78,358|
|Loan Amount Disbursed during this period of 2018-19||351.07|
|Average O/S Loan (INR)||16,013|
|Regular Repayment Rate||99.69%|
|Number of Employees||645+|
Rating & Grading
• Jagaran has been assigned Grade M2 (second from top) in August 2018 by SMERA (a renowned agency).
• It has received Grading “C2” for Code of Conduct Assessment in August 2018 conducted by SMERA.
• CARE Ratings and ICRA have assigned a Rating ‘BBB-/Stable’ to Jagaran in May 2018.
• Jagaran received Skoch Order-of-Merit award in September 2016.
Service Excellence: Provide unfailing service at the right place and at the right time.
Product Offering: Listen to the market and offer practical solutions.
Support and Guidance: Understand problems and assist members whenever required.