L&T Finance Holdings (LTFH), through its subsidiary L&T Finance (LTF), announced the opening of its 1000th meeting center in Kolkata, West Bengal, for its micro-loans business. LTF has opened 14 new meeting centers in West Bengal in the last two months, taking the number to 126 in the state.
Furthermore, the company has launched an app which will enable seamless customer on-boarding by providing instant loan sanctioning. The micro-loans business has an end-to-end digital platform, embedded with a range of services such as loan sanctioning, group formation, e-signing, receipting, risk audits etc.
As on March 31, 2018, the micro-loans book of LTF stood at Rs. 7,549 crores, with a customer base of about 38.2 lakh women across 57,500 villages. LTF has been rapidly expanding its micro-loans network in new geographies, launching operations in 3 states in FY18. More than 30% of the total disbursements of Rs 7214 crore in FY18, was added by the new meeting centers launched during that period. The company has empowered women, entrepreneurs, to build income generating assets, and has been extending such opportunities to approximately 3 lakh customers every month.
LTF has meeting centers across 14 states – Tamil Nadu, West Bengal, Orissa, Maharashtra, Karnataka, Kerala, Madhya Pradesh, Uttar Pradesh, Gujarat, Assam, Bihar, Chattisgarh, Tripura, and Jharkhand. With the technology-enabled platform, analytics led business generation and a strong risk governance framework, the company is amongst the leading micro-loans providers in India.