Arohan Financial Services opens over 100 branches in FY23

Arohan Financial Services Ltd opened 102 new branches in FY23 to increase its presence in underserved states of the nation, the microfinance firm mentioned on Friday. The Kolkata-based NBFC-MFI lender now has 835 branches throughout 15 states providing a spread of monetary services and products to low-income clients.

The new branches had been opened in West Bengal, Uttar Pradesh, Uttarakhand, Madhya Pradesh and Rajasthan, with extra operations in Assam, Bihar, Chhattisgarh, Jharkhand, Karnataka, Maharashtra, Meghalaya, Odisha, Telangana and Tripura.

Arohan is investing closely to increase in semi-urban and rural geographies, offering employment alternatives for rural youth and enhancing entry to credit score for the financially underserved, the corporate mentioned in an announcement.

“Our endeavour is to include every underserved household and small business under financial services. As we commence on our ambitious five-Year Vision plan of rapid expansion path to serve 20 million lives by 2027, we plan to enter Gujarat, Haryana and Maharashtra this year, besides expanding our footprint in Madhya Pradesh and Uttar Pradesh,” mentioned MD and CEO Manoj Nambiar .

Arohan has additionally launched “India’s first digital lending platform for microfinance customers, Arohan Privilege Digital Lending”, the corporate mentioned.

The NBFC-MFI lender has additionally launched working capital loans for micro-enterprises with ticket sizes ranging from Rs 1 lakh.

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