The SFB license will allow RGVN’s new SFB, named North East Small Finance Bank, to provide deposit-taking services to its current clients and future customers. The mission of the new bank is to be the “Preferred banker for all financial needs by providing suitable products and services at the doorstep of customers in a timely, convenient, and responsible manner, through use of technology, thereby leading to sustainable growth of the community at large”; and a vision “To be the most trusted and accessible financial services institution for the North East India, promoting financial inclusion and creating value for all its stakeholders”.
Njord Andrewes, Investment Director at Nordic Microfinance Initiative and an RGVN Board member stated “This final license is a significant achievement and great news for the northeast region of India as the company will allow lower-income clients in the region access to broad financial services. The new aptly named bank demonstrates the dedication of the company to serve the region. Congratulations to the entire staff and partners for making this possible”.
NMI has invested roughly 4 million dollars in RGVN since 2014, and has further committed to invest an additional USD 1 million. Client outreach has grown by roughly 185 000, with a gross loan portfolio increase of 350% since NMI’s initial investment.
RGVN is a Non-Banking Financial Institution - MFI focusing exclusively on Northeast India. The Company was set up in 2010 but has its roots as the Credit & Savings Program of the RGVN Society, which was founded as an NGO in 1990. The Mission of RGVN is to “provide financial and other support services to the underprivileged households in the Northeast to improve their quality of life.” In October 2015, RGVN received one (of ten) preliminary SFB licenses.
See video about RGVN