Bihar’s first RBI registered micro financing company opens in Patna

Jitendra K Shrivastava

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Tribune News Service

Patna, June 11

Adi Chitragupta Finance Limited (ACFL), Bihar’s first micro finance company registered with the RBI, opened on Sunday with its headquarters in Patna.

It will facilitate micro financing services to urban and rural poor for setting up a small business.

The ACFL is set to serve the poor and finance them without any guarantee.

For lending they need only Aadhar Card and the company will disburse the money within a week to them.

In next six month it would expand its business and open 12 more branches in Patna and disburse loan to at least 2,000 customers.

Chief managing director R K Sinha said: “As per the decision of board of directors, we prefer women and disburse loan to 90 per cent women customers. In next five years we will expand, first in places where bank remains aloof before making its reach to all over India”.

“The poor fruits, vegetable, fast food sellers pay at least 10 per cent a day to their lender, while we would provide loan at the rate of 10-12 per cent per annum fixed by RBI and disburse hassle free loan within a week to the customer”, said Sinha.