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Saija Finance Celebrates 10 Years of Serving Rural Women in India

twitter-logo PTI        Last Updated: March 12, 2019  | 12:02 IST

(Eds: Disclaimer: The following press release comes to you under an arrangement with Business Wire India. PTI takes no editorial responsibility for the same.) Patna, Bihar, India – Business Wire India Saija Finance, a non-banking finance company (NBFC) commemorates its 10th year of improving lives of rural women in India at an event called GARIMA. The company initiated operations in 2008 at Patna. Bihar remains one of the poorest states in India and is home to over 120 million people. Over 60 % of the population falls in the underserved category. Bihar also did not have a successful Bank / NBFC since the formation of the state a hundred years ago. Hence both the need and the challenge to set up a successful bank in the state of Bihar. It is in this backdrop, that Mr. S R Sinha and Mrs. Rashmi Sinha launched the Microfinance initiative in Bihar in 2008. On this special occasion, Mr. Sinha, CMD, Saija Finance says, "As Saija completes 10 successful years of business operations, we are well poised to become a scheduled commercial bank with a strong base in the state of Bihar. We take this opportunity to extend my sincere gratitude to over six lacs of our women clients whose creditworthiness and disciplined conduct has been the key to the success of Saija. We also sincerely thank my dedicated workforce, many of whom successfully completing 10 years at Saija. We would like to thank Accion, a global nonprofit dedicated to creating a financially inclusive world and our partner for the last ten years. Thanks to Saija’s eminent and illustrious Board members, whose monitoring and guidance have helped us create a thriving organization. We have also received strong support by way of equity, loans and grants from Commonwealth Development Corporation (CDC), Small Industries Development Bank of India (SIDBI) and capital First (now IDFC First Bank) during this journey." Congratulating Saija on this very occasion, Mr. Michael Schlein, CEO at Accion expresses, "Promoting financial inclusion in rural India is critical, and leaders like Saija, who are operating in areas of Bihar, Jharkhand, are demonstrating innovative ways to challenge geography to build a financially inclusive platform that offers services to the most vulnerable and economically active section of society," said Michael Schlein, President and CEO of Accion. "Accion has partnered with Saija since its seed stage, and Saija’s growth, success, and focus on delivering inclusive financial services to underserved clients has made them a great Accion partner over the last decade. Congratulations to Saija on this important milestone." "Over the last 4 years, Saija and Greenlight Planet have been instrumental in delivering clean energy access to more than 6 lakh individuals in India. From the time we began our partnership with them, we were assured that it would be a long-lasting relationship. We congratulate them on completing 10 years of operations in India and wish them all the luck for a successful future," says Mr. Sahil Khanna, Partnerships Business Leader, Asia at Greenlight Planet, a leading solar home energy company that helps Saija works towards energy inclusion for rural India. About Saija Finance Private Limited SAIJA Finance Private Limited is a Non-Banking Finance Company (NBFC) formed in 2007 with a focus on providing microfinance services to the urban and rural poor, as well as micro and small businessmen in the underserved geographies of Northern & Eastern India, starting with Bihar. The geographic regions served by SAIJA are amongst the poorest in India and also are grossly underserved by formal financial institutions. SAIJA has membership of more than 6 lacs clients, spread across 63 districts of Bihar, Jharkhand, Uttar Pradesh, Punjab and Haryana operating with 101 branches. SAIJA was conceptualized and founded by Mr. Shashi Ranjan Sinha and Ms. Rashmi Sinha in April 2007. As Saija enters its 11th year of operations with a record breaking performance in all spheres of its business parameters. PWR PWR

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