Anson Fincorp to enter Nidhi business

KOCHI: The Kerala-based financial services company Anson Fincorp Pvt. Ltd. is foraying into Nidhi business with the bigger aim of entering conventional banking business later.

Anson Fincorp Nidhi Ltd has plans to open 15 branches across Kerala by 2017 and plans to lend Rs 10 crore in the first year of operation, managing director Regi Jacob said. Over the next five years, it plans to increase its turnover to Rs 650 crore from the present Rs 150 crore.

Jacob said nidhi companies which operate under the supervision of RBI can accept deposits and disburse secured loans and have been created to cultivate the habit of thrift and savings among the people. Sinces rules allow nidhi companies to operate out of a single branch in the first year, it plans to function from Kochi.

Anson is targeting middle class customers particularly in remote areas who have no access to easy credit leveraging on its gold loan business. Jacob said Anson Fincorp started over a decade ago in Idukki has come a long way and now enjoys the patronage of 50,000 customers across Kerala and Tamil Nadu.