Bharat Financial Inclusion Limited (BFIL)
100% subsidiary of Induslnd Bank Limited

Bharat Financial Inclusion Limited (BFIL) is a leading player in the financial services industry offering asset and liability product solutions from IndusInd Bank. We were incorporated in 1998 to offer microfinance loans to customers. Following our merger with IndusInd Bank in July 2019, we are now a 100% wholly owned subsidiary of the Bank. We continue to enjoy market dominance in the microfinance space, while continuing to expand by offering other banking products to our customers.

About our business

As a Business Correspondent of IBL, we offer financial solutions to our customers ranging from loans for businesses to savings solutions like Recurring Deposits and Fixed Deposits. Delivered at the customer’s doorstep, these products and services ensure that their livelihood opportunities are enhanced and they have access to products required for their financial growth. These products help them build financial discipline and inculcate the habit of savings, thus helping them manage their finances better.

With over 8 million customers in 1.33 lakh villages across 23 Indian States and 2150+ branch offices, we are the largest diversified company with presence and deep reach across geographies in India. We have always been at the forefront of digitisation, product innovation and providing convenient 'user-friendly' services to our customers. Our process and digitisation initiatives have enabled us to move towards paperless transactions, thus enhancing customer convenience and customer satisfaction while delivering operational efficiencies.

New business initiatives

While retaining market leadership position in the microfinance space, we have diversified into new business lines offering financial solutions to various categories of customers.

Bharat Money Store, a banking and transaction platform for Kirana Merchants, provides banking & financial services to all citizens especially in rural and remote areas. It offers fully digital and paperless transactions like cash withdrawals, deposits, money transfer, bill pay etc. Apart from this, it offers loans to customers as well, thus extending our mission of providing access of financial products to the wider population of the country.

Bharat Super Shop, extends loans services to small retailers and business outlets across smaller towns, Tier II and Tier III cities. Facilities of current account, recurring deposit and loans are offered at the doorstep of retailers along with the convenience of mobile and WhatsApp banking facility.

LEADERSHIP TEAM

Shalabh Saxena

Managing Director & Chief Executive Officer

Shalabh has a strong retail financial experience of 26+ years in Consumer Banking and Life Insurance industry. Throughout his career, he has run large profit centres and SBUs across various business

Ashish Damani

Executive Director & Chief Financial Officer

Ashish has over 22 years of corporate experience and has been associated with BFIL for the past 19 years. His expertise lies in Business Planning, Strategy, Structured Finance & Equity, Process, Risk Management,

BUSINESS HEADS

ASHISH PIPALIYA

Chief Business Officer

Ashish Pipaliya has over 17 years of corporate experience and has been associated with BFIL for the past 11 years. He started MSME business...

RITESH CHATTERJEE

Chief Distribution Officer & Head of Bharat Money Stores

Ritesh has over 25 years of experience and is associated with BFIL for the past eight years. His expertise lies in Rural Microfinance...

VISHAL SHARMA

Chief Operating Officer – Member Services

Vishal has over 25 years of experience at building, managing and leading sales and operations teams across Financial Services, Marketing and....

HEAD OF DEPARTMENTS

KANCHAN PANDHRE

Chief – Internal Audit

Kanchan has over 20 years of experience and is associated with BFIL for the past 14 years. Her expertise lies in Audit, Assurance, Finance &...

SESHAGIRI PINGALI

Deputy Chief Risk Officer

Seshagiri has 20 years of corporate and professional experience. His expertise lies in the areas of Risk Based Internal Audits, Enterprise Risk...

Srinivas Reddy Vudumula

Chief People Officer

Srini has over 26 years of corporate experience and has been associated with BFIL for the past 6 years. He is responsible for Human...

Vivek Attavar

Chief Information Officer

Vivek has around 25 years of corporate experience. Before joining BFIL he worked with large BFSI players like HDFC Bank, Aditya Birla Sunlife...

FIELD DISTRIBUTION

Ajay Ganotra

Chief Operating Officer – Central

Ajay has over 23 years of experience covering Retail & Commercial Banking, Finance, Distribution & Risk Management. He has strong business acumen...

Deepak Varma

Chief Operating Officer – West

Deepak has an experience of over 20 years, spanning Banking, NBFC and FMCG industries. His experience spans sales, marketing and product development...

Manoj Dwivedi

Chief Operating Officer – North

Manoj has 18 years of experience in Banking, Micro-banking and Microfinance. He has strong business acumen and expertise in business development...

Manoj Pasangha

Chief Operating Officer – South

Manoj has over 27 years of corporate experience in leading rural market centric initiatives, communications and hospitality businesses...

Shriraj Vedsen

Chief Operating Officer – East 1

Shriraj has over 25 years of corporate experience, having held leadership positions in the Insurance and NBFC sector. He has worked across various ...

Sushanta Tripathy

Chief Operating Officer - East 2

Sushanta has over 15 years professional experience in the field of Financial Inclusion, Micro & Rural Finance in a variety of roles viz. Product....

AWARDS

Awards & Recognition

2020

India’s 100 Best Companies to Work for 2020 by Great Place to Work Institute. Rank#31

India’s 100 Best Companies to Work for 2020 by Great Place to Work Institute. Rank#31

2019

‘Corporate CSR Award for CSR in Challenging Circumstances (East) 2019’ by Ministry of Corporate Affairs (Govt. of India) for CSR initiative ‘Sanjeevani’.

‘Corporate CSR Award for CSR in Challenging Circumstances (East) 2019’ by Ministry of Corporate Affairs (Govt. of India) for CSR initiative ‘Sanjeevani’.

Best Large Workplaces in Asia 2019. Rank#20

Best Large Workplaces in Asia 2019. Rank#20

India’s Best Companies to Work for by Great Place to Work Institute. Rank#27

India’s Best Companies to Work for by Great Place to Work Institute. Rank#27

2018

India’s Best Companies to Work for by Great Place to Work Institute. Rank#26

India’s Best Companies to Work for by Great Place to Work Institute. Rank#26

2017

India’s Best Companies to Work for by Great Place to Work Institute. Rank#39

India’s Best Companies to Work for by Great Place to Work Institute. Rank#39

SKOCH award for Digitizing Rural Financial Services.

SKOCH award for Digitizing Rural Financial Services.

2016

India’s Best Companies to Work for by Great Place to Work Institute. Rank#50

India’s Best Companies to Work for by Great Place to Work Institute. Rank#50

Top 25 best employers to work for - India by Aon Hewitt.

Top 25 best employers to work for - India by Aon Hewitt.

2015

India’s top 100 Best Companies to Work for by Great Place to Work Institute. Rank#56

India’s top 100 Best Companies to Work for by Great Place to Work Institute. Rank#56

2009

Silver Certificate by CGAP with Michael & Susan Dell Foundation, the Ford Foundation, and the Social Performance Task Force (SPTF), powered by Microfinance Information Exchange (MIX) for implementing standards in microfinance operations providing services to the poor.

Silver Certificate by CGAP with Michael & Susan Dell Foundation, the Ford Foundation, and the Social Performance Task Force (SPTF), powered by Microfinance Information Exchange (MIX) for implementing standards in microfinance operations providing services to the poor.

Ranked Number 1 MFI in the country and Number 2 in the world by MIX market 2009.

Ranked Number 1 MFI in the country and Number 2 in the world by MIX market 2009.

2008

World’s most Influential Emerging Companies by Business Week 2008.

World’s most Influential Emerging Companies by Business Week 2008.

2007

Social and Corporate Governance Award by BSE and NASSCOM Foundation for Best Corporate Social Responsibility Practice in December 2007.

Social and Corporate Governance Award by BSE and NASSCOM Foundation for Best Corporate Social Responsibility Practice in December 2007.

Citi Bank Information Integrity Award 2007.

Citi Bank Information Integrity Award 2007.

2006

The Schwab Foundation - 2006 India Social Entrepreneur of the Year Award.

The Schwab Foundation - 2006 India Social Entrepreneur of the Year Award.

Ernst & Young Social Entrepreneur of the year- Start up, India 2006.

Ernst & Young Social Entrepreneur of the year- Start up, India 2006.

Merit Award for Financial Transparency in February 2005 and January 2006 from The Consultative Group to Assist the Poor, a division of the World Bank.

Merit Award for Financial Transparency in February 2005 and January 2006 from The Consultative Group to Assist the Poor, a division of the World Bank.

CGAP Financial Transparency Award 2004, 2005 & 2006.

CGAP Financial Transparency Award 2004, 2005 & 2006.

2005

Unitus Accelerator Award 2005.

Unitus Accelerator Award 2005.

Grameen Foundation USA Excellence Award 2005.

 

Grameen Foundation USA Excellence Award 2005.