Micro-finance firm VFS applies for banking license

Kolkata, Feb 2
Kolkata-based micro finance company Village Financial Services Monday said it has applied to the Indian apex bank for a small finance banking license to extend its operations and portfolio.

"Microfinance is a crucial driving force in the process of total financial inclusion where people do not have the banking facility. Around 800 gram panchayets are still unbanked in West Bengal," said company's CEO Kuldip Maity.

The microfinance company is registered as an NBFC and provides credit for income generating activities to the rural masses as well as sensitizes rural women about empowerment issues

"We are mostly active in the district and rural areas of eastern India. 92 percent of our operational area is (in) unbanked (territory)," said Maity.