RORS FINANCE PRIVATE LIMITED (RFPL) is a NBFC-MFI based in Srinivasapur taluk of Kolar district, Karnataka, South India. It is a company incorporated under Indian Companies Act of 1956 and has registration with Reserve Bank of India as Non-Depository Non-Banking Financial Company-Microfinance Institution.
Considering regulatory preferences and to opportunities to scale up in urban & semi-urban areas, Mr. P. Sathyanarayana Reddy preferred NBFC format and thus RORS Finance Private Limited company has been established. The promoters’ team acquired a Bangalore-based NBFC called PACE Finance Private Limited during 2007. The Company was shifted to Srinivasapur and name was changed subsequently as RORS Finance Private Limited. The NBFC was categorized as NBFC-Microfinance Institution by Reserve Bank of India during October 2013. The Company was founded by Mr. P. Sathyanarayana Reddy who also promoted RORES MED TRUST (RMEDT) which is engaged in micro-finance business since 2005 to 2010.
In order to undertake microfinance on appropriate business lines, during 1st April 2010 the business of RMEDT is being transferred to RFPL
RFPL’s focus is on urban and semi-urban poor and the target customers include economically active women involved in trading, production, petty business, skill and semi-skill activities, services and agri-allied livelihoods. As on 31st March 2015, RFPL had paid capital of INR 466 lakhs and authorized share capital of INR 850 lakhs. RFPL has 10 branches in 7 districts of Karnataka and Tamil Nadu. The company’s plan is to reach one million low-income customers by 2020 with portfolio of INR 100 crores. RFPL provides a range of financial products and services to cover customers’ needs. Company combines the hybrid model of JLG & individuals. The quantum of loans ranges from Rs 15,000 to Rs 100,000 with interest rate of 26% on a reducing balance basis and all other aspects as per the RBI new guidelines.
Board of Directors
RFPL has a board with diverse experience in banking, rural development & microfinance. The board meets once in a quarter to discuss progress, plan and take key decisions. Senior Management comes with long experience in microfinance and not-profit organizations.
Key Management Personnel
Mr. V. Srinivasulu
Mr. V. Srinivasulu has over 10 years of experience in rural development & natural resource management. Prior to joining RFPL, he worked with GRAMA SEVA SEMITHI & watershed development & World Bank assisted programme. Since 2005, he is heading the operations of microfinance and he is working to the institution since inception.
Mr. Shabbir Ali.A
Mr. Shabbir Ali has experience of two decades in managing accounts, fund management, audit administration and compliance; he is heading internal auditing of RFPL since 3 years and working to the institution since inception.
Mrs. Usha Rani
She is heading finance department since inception and she is looking after accounts supervision and compliances to different banks and audit needs.
Mr. Bhardwaj S. Reddy
Mr. Bhardwaj is a graduate in business management. He is having 5 years of microfinance experience with RFPL and he is in charge of accounting software and he also assisting the branches in day-today transactions and he is the son of the Managing Director.
Partnerships and Affiliations
Banking and Financial Institutions
- Canara Bank
- Union Bank Of India
- State Bank Of India
- Reliance Capital Limited
- Reliance Commercial Finance
- Karnataka State Financial Corporation
- Small Industries Development Bank Of India
- Axis Bank
- Electronica Finance Limited
- UCO BANK
- Habitat Micro Build India
- Life Insurance Corporation Of India
- Kotak Life Insurance
- Craft Silicon
- RIKO Technologies
- Bharat Sanchar Nigam Limited
- Bharti Airtel
- Equifax Credit Information Services Private Limited
- CRIF High Mark Credit Information Services
- Credit Information Bureau (India) Limited
- Experian Information Solutions
- V. Nagarajan & Co.
- A. John Moris & Co.
- Kuppa & Associate
- Legal Monk Private Limited
- Association of Karnataka Microfinance Institutions