VFS expands operation in Meghalaya, plans to open more branches

City-based microfinance company Village Financial Services Ltd Monday announced expansion of operation in Meghalaya, increasing its footprint to 11 states in the country. VFS has opened a new branch at Tikrikilla in West Garo Hills district with the aim to drive financial inclusion and livelihood generation by providing micro lending services to poor women in the area, the company said Monday.

VFS now caters to more than 4.71 lakhs women borrowers from 238 branches across West Bengal, Tripura, Assam, Bihar, Jharkhand, Odisha, Sikkim, Madhya Pradesh, Uttarakhand, Chhattisgarh and Meghalaya, it said. The company has also achieved the milestone of crossing the mark of Rs 1,000 crore of gross loan portfolio backed by the growth in number of borrowers. "We believe there are tremendous opportunities for the MFI sector and we aim to explore these to reach as many underbanked people as possible by expanding our footprint. We also plan to open more branches in the state," VFS MD & CEO Kuldip Maity said.

(With inputs from agencies.)