Rgvn North East Microfinance

RGVN (North East) Microfinance Ltd.a Public Limited Company, is a registered Non-Banking Finance Company (NBFC) with a clear vision to serve the entire North Eastern region impacting 5 lakh clients by the year 2017 and facilitate better access to health, education and livelihood opportunities.Headquartered in Guwahati, RGVN(NE)MFL as on 30.09.2017 has a network of 141 branches in 7 Northeastern States viz. Assam, Arunachal Pradesh, Meghalaya, Nagaland,Tripura,West Bengal and Sikkim covering around 4.49 lakh borrowers with loan outstanding of Rs.693.31 crore and onetime repayment of 97.86%. Microfinance is recognized as a tool to alleviate poverty and RGVN(NE)MFL's efforts to convert this into a possibility in the Northeastern region has been achieved through hand-holding of investors both Indian and overseas viz. Small Industries Development Bank of India [SIDBI], North Eastern Development Finance Corporation Ltd (NEDFi), Dia Vikas Capital, Nordic Microfinance Initiative-Norway [NMI], OikoCredit-Netherlands and Brahmaputra Community Development Trust. Apart from this, we have partnered with leading banks and financial institutions for availing debt funds and onlending to our clients across our branch network. On March 31, 2017, RGVN (NE) MFL, received an in-principle approval from the RBI to set up a Small Finance Bank and floated its wholly owned subsidiary ‘North East Small Finance Bank Limited’. The Company transferred its entire Micro Finance business to North East Small Finance Bank Limitedthrough Business Transfer Agreement, dated 16.10.2017, which subsequent to the RBI license commenced its banking operations from October 17, 2017. After transfer of Micro Finance business, and as per RBI Licensing Conditions RGVN(NE) MFL applied to RBI, Guwahati to register itself as a Core Investment Company (NBFC-NDSI-CIC) with an object to carry on the business of making investments in group company(ies) in the form of securities and providing guarantees etc. and to carry on financial activities, whether in India or outside, in the nature of investment in bank deposits, money market instruments (including money market mutual funds and liquid mutual funds), government securities, granting loans to group companies and issuing of guarantees on behalf of group Companies and to carry on such other activities as may be permitted and prescribed by the relevant statutory authorities for core investment companies from time to time. However, RBI has granted the CIC