VFS Capital is one of the oldest and most reputable microfinance institutions in eastern India, having begun this work in 1996-97 and taken formal shape in 2006 as Village Financial Services. The first MFI in the east to have become an NBFC, it has nearly half a million borrowers across over 20,000 villages in 13 states.
Formation of Village Welfare Society
Beginning of microfinance operations
VFS is formed under Section 25 of the Companies Act
Acquisition of NBFC
Reclassification by RBI as NBFC-MFI
Drafting of Vision 20-20
VFS turns into a limited company; gets Private Equity funding
VFS sees its Assets Under Management cross
Rs 1,000 crore.
Village Financial Services is renamed VFS Capital.
We are committed to delivering value to all our stakeholders and hold ourselves accountable for our actions and those of our team and associates. This commitment is the thread that runs through our work across functional groups, hierarchies and geographies and help us leverage diverse competencies and perspectives.
Integrity is at the core of our actions and decisions so that our leadership and management are known for being fair and honest. We uphold high standards of professionalism. Integrity for us means not only financial and intellectual integrity, but also sincerity and other forms of integrity as are generally understood.
As an MFI, social responsibility has to be the keystone of our arching success. Our mandate is to help the poor rural and urban women, raise their standard of living by spotting their entrepreneurial spirit and organizing them into groups that ensure responsible borrowing and spending by their members. Empathy goes a long way in achieving this.
Thinking and working together across functional groups, hierarchies, businesses and geographies can succeed only with a high degree of transparency. No amount of leveraging diverse competencies to promote organizational unity and a vibrant culture can succeed unless our actions and finances are transparent.
VFS won the ‘Customer Service Excellence Award,” presented by ABP News.
VFS won the Best financial inclusion initiative of the year – by NBFC award in the ETBFSI Excellence Awards 2019.
Kuldip Maity, Managing Director and CEO of VFS, was judged as the Champion of Change by former Chief Justice of India, K G Balakrishnan Committee for his exemplary work in aspirational districts of India. The honor was bestowed upon him by honorable Vice President of India, M. Venkaiah Naidu.
Kuldip Maity, MD & CEO, was adjudged as the “CEO of the Year” by ABP News Banking Financial Services and Insurance (BFSI) Awards held on 28th November 2018.
VFS was awarded for being the “Most admired service provider in the financial service sector ” by ABP News Banking Financial Services and Insurance (BFSI) Awards,2018.
VFS Capital Ltd., formerly Village Financial Services Ltd, is committed to reach out to every Indian from marginalised and poverty-stricken areas of the country. Thus, the company has taken a concerted effort to grow organically. By strategically spreading its business across 240 branches in the states of Assam, Bihar, Chhattisgarh, Jharkhand, Madhya Pradesh, Meghalaya, Odisha, Sikkim, Tripura, Uttarakhand and West Bengal, the company aims to reach out to a maximum number of aspirational districts, where some of the poorest Indians live. It is discernible from the scale of operations of the company, that quality counts for a lot more than just quantity. Thus, the outreach strategy used by VFS Capital is that of continuous improvement of their borrowers. This is reflected in the way that the company expands its branch network, as effective research is done to ensure that those areas are found where the poorest and neediest borrowers can be found.
Thus, effectively the company has ensured the most amount of organic growth in a way that will reach out to the greatest number of Indians.
Rate of Interest
Rs 10,000 – 30,000
Joint Liability Group
Rate of Interest
Rs 31,000 – 60,000
Joint Liability Group
Rate of Interest
Rs 61,000 – 2,00,000
Anamika Panda and her family had been living in extreme poverty, with income from only three goats, when she took her first loan from VFS Capital to increase the herd. Their fortunes looked up. Today, with the income from 39 goats and 2 cows, she can dream of giving her children a decent life and proper schooling.
I have been working in VFS Capital since June 2020. It is a pleasure to work in VFS Capital as I get immense exposure to the industry. The top management team is highly experienced and skilled and gives us the leeway to work independently. One thing which I have learnt is that most of the operations are done in rural pockets so a “human touch” is essential to understand the mindset and situation of the borrowers.
My story with VFS Capital is all about learning, achievements, and growth. I joined this pioneer of the MFI sector in 2019 as an Executive (Risk & Internal Audit). The management of the company recognized my hard work and dedication by offering me the opportunity to lead a team of audit executives as a Zonal Auditor in 2020, managing the risk and audit compliance of branches. I am really honoured to be a part of the VFS Capital family.
I have been working at VFS Capital since May 2019. This organization is like a family and has taught me a lot about how to work together and help others do their work. I like the atmosphere of helpfulness and cooperation in the office and am very happy working at VFS Capital. The vision of the organization is to help the weaker sections of society prosper and become financially stable. We give loans to women who want to set up and run a business. I work in the loan sanction department, checking applications and clearing them. VFS Capital is my dream organization.
I work in VFS Capital as an Area Development Manager. In my life, VFS Capital holds the same importance as my family. Very recently, as an appreciation of my hard work and perseverance, I got promoted to the post of Deputy Chief Regional Manager. Working in VFS Capital gives me immense satisfaction and a sense of fulfilment.
I have been working as an Operation Executive in the Jangipara branch of VFS Capital in West Bengal’s Hooghly district. I have been associated with VFS Capital since 2009. Here I get the opportunity to work collectively with my colleagues and my work is enjoyable. It is an amazing feeling to be a part of VFS Capital.
I began my career with VFS Capital in May 2009 as a Senior Executive for Internal Audit. VFS Capital recognizes and rewards talented employees by creating career advancement routes within the organization. So I feel thankful to VFS Capital for giving me this opportunity to learn every day. I am really happy to be a part of the VFS Capital family.
I have been working as the Branch Manager of the Ariadaha branch in North 24 Parganas district of West Bengal since 2015. VFS Capital has helped me to prosper in life and has instilled a sense of self-belief in me. I have learned a lot in VFS Capital. I believe there is no end to learning and gaining knowledge. I wish to learn more while working for VFS Capital.
I have been associated with VFS Capital for since May 2017, working as an executive in the Finance department. VFS Capital is committed to developing sustainable financial growth for economically backward people and women empowerment. This organization encourages innovative thinking and gives us many opportunities to excel. To me, it is like a family with a vibrant “ideapreneurial” atmosphere where we celebrate, learn and grow together.
I am working as a CSR in the Bankra branch in West Bengal’s Howrah district. I have been associated with VFS Capital since 2000 and I have learned a lot. It has been an enriching experience, and there has been an improvement in my personal life too. I feel immensely happy when I see the happy faces of my family members and all this has been possible because of my association with VFS Capital.
Since my joining VFS Capital in May 2018, I have learned a lot. I joined as a trainer but subsequently moved to the HR department. Not only have I grown as a professional but also as an individual. I consider myself fortunate to be working with an MD who is a talented, inspiring and enthusiastic leader committed to excellence. The vision and mission of our organization are the biggest sources of motivation for me. Looking forward to continuing many more years in VFS Capital with many more challenging roles.