Starting up, more often than not, has been a way for people passionate about ideas to break away from the mundane system that restricts them. But while that’s the common story, there are few who break away from the system, start up and make a comeback, only to disrupt the routine structure of what previously held them back. And Govind Singh, MD and CEO, Utkarsh Small Finance Bank did exactly that.
DIVERSIFICATION IS THE ONLY CONSTANT
With a background of banking, Singh decided to start a venture of his own, which led to the formation of the Utkarsh Micro Finance Institution. Thanks to his knowledge of the industry, it wasn’t too long before he met with success. With a customer base of 1.2 million and from lending to SMEs, MSMEs and start-ups, it was time for them to grow again.
“When you are into financial services, you need to diversify. A mono product would bring in all sorts of challenges. After six years of successful business, we also needed to change the course. As RBI came up with the guidelines for small finance banks, it fit our thought process completely. With the focus on MSMEs, agriculture and start-ups - basically lower ticket size loans, we started Utkarsh Small Finance Bank,” said Singh. The bank officially started functioning from January, 2017.
FOCUS ON START-UPS AND SMEs
Denne historien er fra July 2017-utgaven av Entrepreneur magazine.
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Denne historien er fra July 2017-utgaven av Entrepreneur magazine.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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