The foundation of Micro Finance Industry was laid by Nobel Laureate Mohammad Yunus in the year 1976. With the passing of each decade, this segment has gathered momentum and has been a major boon for the rural inhabitants of the country in achieving financial independence.
“It’s always darkest before the dawn” – Thomas Fuller, English theologian, and historian.
Due to the recent turn of events in the Indian financial sector, the microfinance universe is witnessing a transitional wave. Sailing through these rough waters demands a leader who is persistent and carries the acumen to answer every change of events.
A Soulful Visionary
One such aspiring entrepreneur who carries a vision to empower the disadvantaged urban and rural population of India is creating a renaissance in the MFI is Satyavir Chakrapani. Spending his childhood in the rural segments, Satyavir had a very modest upbringing. His parents didn’t allow their socio-economic status and education to be a hindrance in working with the rural communities and that motivated Satyavir to stay attached with the rural grassroots. The rural culture has always inspired him to think beyond his strength and perceived ability. The takeaways and the learning’s from his childhood days had a huge impact on his life that later crafted the roadmap of his professional career. He candidly accepts that meeting his childhood village friends at regular intervals keeps him humble and grounded. The company of his friends redirected him to analyze the outcomes of the various development programmes from the customer’s point of view. It has also assisted in shaping his spirituality, which is the foundation of his thought process!
The Inception Saga
Education played a pivotal role in cementing his perception towards the rural base and the financial complexities prevalent in the country. As a management graduate from EDII, he is also a law graduate along with having a Master’s degree in History. His professional career spans over two decades wherein Satyavir has acquiredrich and diversified expertise in areas such as Community Based Organisations (CBOs), Panchayati Raj Institutions (PRIs), e-governance, ICT, and microfinance.
2005 was a memorable year for Satyavir, going back he recalls, “I was invited by the founder of Delhi House Society (a Society that runs various programs for destitute and disadvantaged communities in Delhi), to initially help and then to subsequently take it over, since it was on the verge of closing down owing to various challenges and posed a threat to its existence. It is there where I saw the realities of the streets from a whole new perspective and inspired me to continue to multiple jobs; one to earn and other to serve and give. Leading Sewa Ashram led me to target the inter-generational poverty where families could start their own entrepreneurial ventures – something that is preventive than curative”.
Eventually, this experience was the platform based on which Shikhar came into existence with a motive to enhance access to finance and entrepreneurial opportunities. The tagline – “Shikhar to Shikhar” is an attempt to connect with the masses and expresses the partnership of theorganization. Over the years, Shikhar has been focusing on building relationships with clients and design products that would address the life cycle needs. Although it hasn’t grown to the proportion of the industry but it has focused on the client with its principles and continues to march on its path of growth. Right from the first day, Shikhar has enabled thousands of families to come out of the clutches of poverty.
The Company – Business & Geography
As the CEO and Managing Director of Shikhar Microfinance Pvt. Ltd. (SMPL), Satyavir founded Shikhar in 2007 with an aim to provide access to finance and entrepreneurial opportunities.Headquartered in New Delhi, it is engaged in micro financing lending activities, providing financial services to poor women in India who are organized as Joint Liability Groups. Today it has a dominant prominence in the Northern and Central India in states like Delhi NCR, Haryana, Uttarakhand, Western Uttar Pradesh, Rajasthan, Bihar and Odisha through 28 branches.
It also hasBC partnership with renowned entities like MAS Financial Services, Suryoday SFB, and Belstar Investment & Finance Pvt. Ltd that helps them to reach out to a larger consumer base.The company offers small value collateral free loans ranging from 15,000 to 50,000 INR and individual loans upto 5,00,000 INR. All financial transactions are conducted in the group meetings organized near the habitats of the borrowers.
The Rightful Intent
Underlining poverty and depravity as the roadblocks for development, Satyavir strongly feels that these issues need multilevel engagement and multi-level stakeholder partnerships.Over the last decade, he is working with regulators in order to create an enabling environment and a common platform thereby bringing the poor at the center stage of any function. He asserts that “I have been doing this by being an industry member on a quasi-regulatory body to enforce self-regulation.”
Putting forth his thoughts, Satyavir thinks that in a developing country like India, one needs to think creatively, holistically and develop projects and ideas that will create more harmony. However, there should be equilibrium among the different sections of the society who recognize and honor each other’s existence to live a life of fullness.
On the parting note, he acknowledges that life has taught him a lot and he wishes to build a value-based, God-fearing society that offers equal opportunities and minimizes uneven control of resources. In this pursuit, many Shikhar’s will be birthed to partners with the less advantaged to offer them opportunities and shore them to their heights.
“I wish investors in Microfinance sector take a long term outlook for exit that will pave the way for lower cost of credit to customers and that the Regulator will ensure a level playing field for all kinds of entities, who serve this segment of the society,” concludes Satyavir.
Source :-The 10 Most Creative CEOs to Watch in 2019
Satyavir Chakrapani – Transforming the Dreams of Urban and Rural India
