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Business News » India News

Ratan Tata, Nandan Nilekani & Vijay Kelkar to start microfinance entity Avanti Finance

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Ratan Tata, Nandan Nilekani & Vijay Kelkar to start microfinance entity Avanti Finance
Ratan Tata, chairman Emeritus, Tata Sons during launch of the Mumbai Dialogue: Towards a TB Free India organised by The International Union Against Tuberculosis and Lung Diseases (The Union) in Mumbai, on Sep 10, 2015. Image Source: IANS

Ratan Tata, Nandan Nilekani and Vijay Kelkar have come together to set up a technology-enabled microfinance entity, Avanti Finance, which will focus on delivering affordable and timely credit to underserved and unserved segments in India.

Tata and Nilekani are bringing in their investments from their respective philanthropic capital, and any gains will be reinvested in philanthropic causes, Tata Trusts said in a statement.

Avanti Finance will apply for registration to the Reserve Bank of India (RBI) in the coming days and will establish operations before the end of the financial year, it added.

"Avanti will be a platform to impact the poor through credit at individual and community levels to create a lasting improvement in their livelihoods and standard of living, ushering prosperity," Tata Trusts Chairman Ratan Tata said.

The initiative aims to leverage on the social sector presence of Tata Trusts and other like-minded partners and the rapidly evolving India Stack (Jan Dhan Aadhaar Mobile), UPI and payments bank ecosystem.

Avanti would use this ecosystem and will innovate on product design in consonance with the indigenous needs, to deliver seamlessly for the end consumer.

"Access to credit at an affordable cost is still a challenge. I am honoured to be part of Ratan's initiative that leverages on the Tata Trusts' rich legacy and aims to make a significant shift in achieving financial inclusion to the common man," noted economist Kelkar said.

Infosys co-founder Nandan Nilekani said his participation in Avanti is more driven by social motivation rather than anything else with a view to serve the underserved and unserved and make the Tata Trusts and other like-minded partners philanthropy more effective.

 

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TAGS:
Ratan TataEconomyNandan NilekaniAvanti FinanceVijay KelkarTata TrustsJan Dhan Aadhaar Mobileunified payment interface (UPI)Reserve Bank of India (RBI)microfinance entity
Written By: PTI
Updated: Mon, Aug 29, 2016
09:10 pm
New Delhi , PTI
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