Directors Message
May 2021 marked the inception of Sankul Capital Service, and today, as we complete two years of our incredible journey, we stand proud of the transformative impact we have made in the region. The road wasn’t easy; we were challenged by questions such as why another Fintech Company in a crowded financial landscape with banks expanding their microfinance footprint. The warnings about the highly competitive and regulated nature of the sector were not unheard, but we knew that when the right idea finds its time, nothing can hold it back.
Our first leap forward came when we found a partner who shared the same passion and vision to serve the underprivileged. Our heartfelt gratitude goes to the visionary Dr. Veerendra Heggade, President of Shree Kshetra Dharmasthala Rural Development Project BC Trust, who not only became our angel investor but also provided us with valuable technological support. The guidance and wisdom of Dr. L H Manjunath, Executive Director of SKDRDP and the chief architect of the Dharmasthala model, who joined our Board, were instrumental in shaping our path.
Taking inspiration from Dharmasthala’s successful financial inclusion model, we ventured into the Mewat region for our pilot. This endeavor presented its unique set of challenges, reminding us of Dr. Heggade’s wise words: “Take the cloth, but cut and stitch it to your requirements.” Indeed, we tailored the Dharmasthala model to suit our local conditions, forging our own path while staying true to the core principles.
Our determination to achieve financial inclusion for the poorest of the poor from the remotest villages drove us forward. We confronted physical, mental, and technical barriers that had long excluded the underprivileged from the financial ecosystem. Our belief in the untapped potential of the poor, coupled with their unwavering commitment to uplift their next generations from poverty, created a powerful synergy. Together, we worked tirelessly to create an enabling environment, placing women at the center of all our initiatives.
We are thrilled to have broken the misconception that Self Help Group models are only effective in South India. Our successful pilot in the Mewat region silenced any initial doubts, and we are now confident in our ability to adapt the Dharmasthala model to flourish in any region, within or beyond our borders.
Thanks to the unwavering support of SKDRDP and Bank of Baroda, we have achieved outstanding results. Over the past year and a half, we have built a remarkable portfolio of over Rs. 13.42 crores, and our commitment to responsible lending has earned us the distinction of zero overdue and nil NPA during the financial year 2023. Our current loan outstanding stands at Rs. 8.49 crore, and we remain steadfast in maintaining our NPA-free record.
As we stand at the cusp of the future, our sights are set on expanding our portfolio to approximately Rs. 36 crore by the end of the financial year 2023-24, reaching out to over 20,000 women. Our ambition is to transform into an NBFC(MFI) to broaden our funding avenues for the benefit of our groups. What once may have seemed like a pipedream is now well within reach. In fact, my personal aspiration is to establish an exclusive Small Finance Bank for the empowerment of underprivileged women by the end of this decade.
Here’s to a promising future, filled with even greater successes, growth, and positive impact!