We were the second largest microfinance institution in terms of GLP(1) as on Sep 30, 2017 (Source: MFIN, Micrometer Issue 23) with a strong presence in north India. We started our operations in 1990 as a provider of individual and small business loan and savings services to urban shopkeepers. We registered as an NBFC with the RBI in 1998 and converted into an NBFC-MFI in Nov, 2013.
Our business is primarily based on the JLG(2) Model for providing collateral free, microcredit facilities to economically active women in both rural and semi-urban areas, who otherwise have limited access to mainstream financial service providers. We also offer loans to individual businesses, loans to MSMEs(3), product loans for financing purchase of solar lamps and loans for development of water connection and sanitation facilities. Recently, in 2017, we have incorporated a wholly owned housing finance subsidiary with a view to providing financing in the affordable housing segment and leveraging our rural outreach. Entry into the MSME and Housing Finance segments is in-line with our strategy of product diversification as well as diversification from un-secured into secured lending.
Our operations are spread across 18 states and union territories in India including Uttar Pradesh, Bihar, Madhya Pradesh, Punjab, Haryana, Rajasthan, Uttarakhand, Maharashtra, West Bengal, Gujarat, Jharkhand, Delhi & NCR, Chhatisgarh, Assam, Orissa, Himachal Pradesh, Jammu & Kashmir, Chandigarh, with a focus on rural and semi-urban areas. A number of the regions in which we operate have moderate or low rates of penetration by micro finance institutions.
We completed our IPO in fiscal 1997 and were listed on the DSE(-4), LSE(5) and JSE(6). Post the de-recognition of the DSE, LSE and JSE by SEBI, pursuant to the guidelines in respect of exit option to regional stock exchanges dated December 29, 2008 read with the exit policy for de-recognised/non-operational stock exchanges dated May 30, 2012 issued by SEBI, we listed our Equity Shares on the CSE(7), NSE and BSE on May 19, 2015, Aug 26, 2015 and Oct 20, 2015, respectively.