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Dvara Kshetriya Gramin Financial Services Pvt Ltd (Dvara KGFS), a leading NBFC operating in the remote rural parts of India, on Wednesday announced the appointment of LVLN Murty as the CEO, effective September 1, 2021.
He will take over from CO Joby.
Murthy joined Dvara KGFS as Chief Business Officer in 2016 and got promoted as Deputy CEO in the year 2019, says a press release.
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Dvara KGFS, a non-deposit taking NBFC, announced that it has acquired ‘TransactNow’, a digital platform from early phase tech start-up Transact Nexus Tech Private Limited, for an undisclosed sum.
TransactNow offers digital financial services to the unbanked and underserved population. The current transaction will help the rural-focussed Dvara KGFS to strengthen its digital platform and take its financial services offerings closer to the rural customers.
“With this, Dvara KGFS is starting a new Channel – KGFS Digital — which will foray into the agent driven business model providing an array of financial services to rural customers through Agent Touch Points located in close proximity to the villages in line with the Omni-Channel Strategy envisaged by Dvara KGFS,” the company said in a press release.
“We are excited about the acquisition of TransactNow. The team and technology will help us to scale up our Digital channel – a network of agents offering all our products with a great amount of transaction convenience to customers in the close proximity of their village. We are hoping that this initiative would help customers avoid travel during the pandemic and avail all financial services in their village,” Joby CO, CEO, Dvara KGFS said in the release.
According to the company website, TransactNow empowers retailers and Farmers Producers Organisations (FPOs) with CRM-based – Super point-of-sale (POS) that works on cloud computing to carry out the banking digital services and commerce. Its service offerings also include domestic money transfer, Aadhar Banking, mobile recharge services, micro-ATMs among others.
“There is a huge potential for financial services in rural India which remains untapped. We decided to help Dvara KGFS to tap that by developing a software which will help the rural population carry out all their financial transactions on digital mode through the agent network,” Sathiskumar, CEO of Transact Nexus Tech Pvt Ltd was quoted in the release.
Sathiskumar will lead the KGFS Digital channel and will foresee the scaling up of the agency network.
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Dvara KGFS, a Chennai-based non-banking finance company, on Monday announced that it had raised €8 Million from leading European social impact funds, Invest In Visions, Germany (IIV) and Darlehenskasse Muenster, Luxembourg (DKM) in the form of external commercial borrowings (ECBs).
The company intends to deploy the ECB proceeds for their onward lending program targeted to support their microfinance and small business customers in more than 9,000 deep rural villages with little or no access to formal means of credit.
“This helps us to diversify our fundraising effort to Foreign Institutional investors (FII) and DFIs. There are a variety of small businesses that we fund in rural India which include retail shops, small dairies, agri entrepreneurs and this would help customers to restart their businesses, post covid,” Joby C O, Chief Executive Officer, Dvara KGFS said in a statement.
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Dvara KGFS announced that it has won ‘Technology for Financial Inclusion’ award at the Inclusive Finance India Awards 2020.
In a press release, the Chennai-based NBFC said the award was presented to it in recognition for the robust technology offering a suite of financial services and products for the underserved section of the society and their operational excellence over the last year.
The award was presented by Anurag Thakur, Minister of State for Finance and Corporate Affairs to Joby C O, CEO of Dvara KGFS.
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