"Micro credit is not charity. This is business: business with a social objective, which is to help people get out of poverty." Muhammad Yunus - Founder of Grameen Bank and Nobel Peace Prize recipient. The Grameen bank model and its subsequent success gave a fillip to micro credit at global level.
Microfinance in India has transformed through different phases. In its earliest form, the loans were backed by Pigmy deposits collections-pioneered by Syndicate Bank.. Later, it had new mask, in the form of government sponsored directed lending programs IRDP, 20 point program. The success was very limited and sparse.
The next in line of defence to micro credit came from by NBFCs and NGOs. The Business Correspondent model gave fresh blood to the under nourished rural credit. Here again the high rates of interest and muscle flexing tactics for recovery made the model unpopular. After the Andhra Pradesh crisis, the government of India chose to issue certain regulatory controls. The industry recovered from the problems and the portfolio as of March 31 2016 reached 53,332 crores.
Currently the industry is on the cusp of explosive growth and needs a relook at their business process mechanism. The automation and mechanisation deployed needs to be analysed and changes need to be introduced that will enable performing tasks more efficiently and effectively. The industry may choose to drive on the electronic and network highway, that is being laid across the country. There has been a lot of churning in the ecosystem required for microfinance. Here are a few highlights:
Most of the nagging problems of Microfinance industry can be addressed using the technology infrastructure that is being woven. The time is ripe to go digital in full force, to not only sustain the industry but also to thrive. Still millions are not in a position to get the required credit.
A disease can be treated with a vaccine or antibiotics. Credit constraints in India are not at an epidemic level to administer a blanket vaccine to all, like in some of the underdeveloped countries where an entire section is deprived of credit and growth. Indian rural diaspora requires dosages of microcredit on need to do basis. The fabric of the problem could be different for different locations.
Major financial inclusion drive, network revolution, telecom service, mobile banking and e-wallets bode well for the future of the Microfinance industry.
The story of Microfinance in India is neither finished nor free from challenges and uncertainties going forward. The long awaited political and regulatory backing has handed the sector a high-quality pen to write the next chapter with.
The Meticulousness of efforts to ensure customer delight by each of the team member during the course of the project is appreciable. - Data Archival Project
Overall we are happy with the services provided by Nelito. The implementation team is sensitive to our support requirements and does a good job.
We are extremely thankful to the whole team who have devotedly committed and created this excellent database. Much of our time was wasted in data retrieval from i link where we were facing lots of issues.
You have given us an awesome product which is superior to our Finacle itself in its display capabilities. The great idea of taking pdf/word/excel option is simply superb. Merging the party code and Finacle CIF and account numbers are another feather in the cap.
We have successfully made Nelito's Fincraft Software for NBFC live in early March for LOS,LMS and Sanjiv Khalkho, Arijit Chakraborty with his team have been very instrumental in making this software live . I would like to appreciate on the turnaround time during the go live phase of the team in getting some of our key requirements done and helping our users to use the software for recording and disbursing all the sales from the software.
In technology side I would like to praise Pramod Navale and Ganesh Khetmalis for in depth knowledge of the product and their technical skills is outstanding. Looking forward for the continued relationship for our next release and whole of 2018.
"We are extremely pleased with the kind of support extended by you and your team for our year end work. Although whole bunch of people worked for making the support seamless from your end, my special thanks to following resources. Anurag, Arpit, Arvind, Pranit, Suraj, Udgran, Nilesh, Leena and Udgrand. Also, thanks to all others who have supported us directly or indirectly at your end."
"For a Bank of our size, this system suffices and is very cost effective. Almost all of the bank’s activities run on the one system. Nelito constitutes a partner more than a supplier and the relationship includes provision of the bank’s underlying technology as well as its Fincraft range of applications."
"The best mix of functionality and technological support and our vision of “Cash Less and Paper Less” work environment for Sonata has come true with our technological partner Nelito. I highly recommend FinCraft Core Microfinance platform and especially integrations with a number of third party services."
"We are happy to use FinCraft Data Archival & Retrieval solution from Nelito Systems; it has given huge ROI in terms of saving revenue by retiring legacy applications. We get all desired reports in a timely manner from the solution."
"Proactive & professionally supportive, technically skilled team."
"My bank is working with Nelito from the last about 9 Years and the services provided by the company may prolong our association."
"Knowledge and service provided to the bank is beyond expectation. And we would definitely engage and recommend solution to others."
"As Vendor strict adherence to process & procedures. Risk Mitigates in Place. Flexible to customer requirements."
"Everything was successfully implemented and tested. The implementation was professionally done in a very efficient and cooperative manner. Migration was very smooth."
Support services provided for Swift is really up to the mark and meets all clients requirement. Kindly keep this ongoing.