New Shores on the horizon!
As continued efforts to diversify our product line, this march sees the launch of a the Secured Small Business Loan as a pilot program in two branches Gulbarga region. With a rising number of private sector banks beginning their operations in the rural areas Chaitanya faces stiff competition. Nevertheless with an estimated 45Lakh crore of demand in MSME loans, Chaitanya has chosen to pilot its Secured SBL in two branches to tap this unmet demand. We hope that this will add to our efforts to be a leading Multi-Product Multi-Region Financial Institution.
Following the pilot project on College Fees Financing Product carried out in Bangalore last year, we are rolling out the product in Hubli-Dharwad area of Karnataka. The product is designed to support families in financing their children’s graduate and under-graduate education. With a Fin-Tech partner involved, we plan to digitize the process of student enrollment, loan application and loan tracking. An API integration into our Finflux platform would ease the data handling and processing. With a maximum loan amount of 1 lakh rupees, and the borrowers being the parent/guardian of the student, rigorous screening and checks have been put in place to arrive at the loan eligibility. Currently a web-app is functioning on the website to help the students apply for the loan.
One idea is all it takes!
One idea, a strong work ethic and good monetary discipline are three key factors that can change anyone’s living conditions. Kamla Devi, is a resident of the village Ujiyar Bahera in the state of Bihar. She is a housewife to an agriculturist and a mother to two sons. The family lived on month to month expenses with little to no savings, and an aversion to thoughts about the sons’ future or education. As member of Chaitanya since 2017, she began a mobile currency and internet shop in the village market area. With a starting loan of 20,000/- in her first cycle with Chaitanya she set up the shop, with her son managing the front desk. Following the success, she further expanded the shop to include copier machines and computer systems with a second cycle loan of 50,000/- and engaged her second son too in the shop. Now confident in her business abilities she looks to expand to different areas and open a chain of such shops and provide employment opportunities to others in her village and nearby areas. Chaitanya is proud to have stood behind a strong force like Kamla Devi who went from living meal-to-meal to thinking of expanding her own business in just two cycles of credit.
Fast Paced Work for Fast Paced Tech
Technology plays a major role in the current socio-economic environment. With the proliferation of the internet in most of the rural areas, it can act a tool for quick implementation of new methods, reduce errors and streamline the current processes. In an attempt to encourage the quick implementation of new technologies, a decision was taken to reward the branches that perform the best in this arena. Andur Branch of Sholapur Division, Indi Branch of Gulbarga Division, Kittur Branch of Dharwad Division, Kanakagiri Branch of Hospet Division, Sasvehalli Branch of Shivamogga Division were selected as the top five. As a reward for their proactive approach, the employees of these branches, inlcuding CRE, ABMs and BMs were given Amazon Gift vouchers.
Hospet makes it personal
With a majority of the workforce being young and energetic, Hospet Division looked for a more personal approach in showing their appreciation for the best performing CREs. During the annual meet of 2018, though the best performers were announced, there lay one more surprise for them. The awards were to be presented by their own parents on the grand stage. The parents, hailing mainly from the rural areas, were proud of their sons being part of Chaitanya and achieving top performers there, while the CREs themselves were overcome with emotion on receiving the awards from their dear ones on such a stage. Great care was taken to ensure the surprise was genuine for the CREs and that it would be revealed only on the stage at the time of presenting the award. The best performers were selected based on their monthly performance, adherence to company policies, behaviour, discipline and their rapport with the customers. While Suresh K(C1082) won the best CRE for the JLG product in Hospet Division, Gurgappa Kajji (C2436) and Jambanna(C2992) won the best CRE awards for the IMHL and Two wheeler products.