Spandana Sphoorty Financial Ltd

Summary

Spandana Sphoorty Financial Limited was incorporated as a public limited company with the name Spandana Sphoorty Innovative Financial Services Limited (SSIFSL) on March 10, 2003 at Hyderabad, Andhra Pradesh, India. A certificate of commencement of business was issued to SSIFSL on November 11, 2003 by the Registrar of Companies, Andhra Pradesh and Telangana at Hyderabad . On October 16, 2004, the Reserve Bank of India (RBI) granted a certificate of registration to the Company as a non-deposit accepting nonbanking financial company (NBFC). Subsequently, pursuant to a special resolution dated November 26, 2007 passed by the Shareholders, the name of the Company was changed to Spandana Sphoorty Financial Limited. Pursuant to a letter dated December 26, 2007, the RBI granted its no objection to the change of name of the Company to Spandana Sphoorty on January 3, 2008. The Company was granted NBFC - Microfinance Institution (NBFC-MFI) status by the RBI with effect from April 13, 2015 The Company is a leading, rural focused NBFC-MFI with a geographically diversified presence in India. It offers income generation loans under the joint liability group model, predominantly to women from low-income households in Rural Areas. As of March 31, 2019, the company is the fourth largest NBFC-MFI and the sixth largest amongst NBFC-MFIs and SFBs in India, in terms of AUM update.The Company has developed an in-depth understanding of the borrowing requirements of the low-income client segment.... Read More