Ratan Tata, Nandan Nilekani and Vijay Kelkar have launched Avanti Finance, a startup focused on financial inclusion and delivering affordable and timely credit to under served population.
Aim of Project
The project will revolve around delivering affordable and timely credit to under-served and un-served segments in India, says an ET report.
Avanti Finance has been started with the aim of leveraging social sector presence of Tata Trusts and other like minded partners and the rapidly evolving India Stack (Jan Dhan - Aadhar - Mobile), UPI and payments bank ecosystem.
Paint Point at Ground Level
The target customer is not able to access affordable credit since the latter is being impeded by institutional inequalities and information asymmetries. Avanti is mainly aimed at making a difference in this sphere thereby making room for prosperity to increase, the report said.
Know About the Founder of Avanti Finances
Both Ratan Tata and Nandan Nilekani would bring in investments from their respective philanthropic capital, and any gains will be reinvested in philanthropic causes. Avanti Finance will apply for registration to the RBI.
Vijay Kelkar is the Chairman of the National Institute of Public Finance and Policy (NIPFP), and India Development Foundation, New Delhi.
Reality Check - Our Verdict
We hope to See drastic change with Avanti Group in the Mircofinance Sector, Indian farmers or let say landless farmers in the villages , women really need small amount of money to start the small business. Usually milk business, sewing works are where money from microfinances are utilized by the people who take loan from micro-finances.Source# ET
