Some Board members of Society for Model Gram Bikash Kendra (SMGBK) and a few individuals acquired Srija Chemo Pvt. Ltd.(SCPL) on March 22, 2016 solely for carrying on microfinance activities and having a well-devised plan to gradually separate them from SMGBK as per advice of various banks, including RBI and funding agencies. After achieving the qualified assets, the company has applied for reclassification as NBFC-MFI to the RBI and RBI gave its final approval on September 12, 2017 reclassifying SRIJA CHEMO PVT. LTD. as NBFC-MFI. On April 25, 2018 the Company rechristened as "GRAMEEN SHAKTI MICROFINANCE SERVICES PVT. LTD."(GSMS)
GSMS, at present, is engaged in on-lending activities for providing financial services to the poor women in the rural and semi-urban areas of two districts of West Bengal and one district of Bihar as per guidelines of RBI. The company provides small value, collateral free, loans for income generating activities to poor and underprivileged women. The company started working in the underserved & underprivileged areas. At present, GSMS is engaged in on-lending financial activities in 20 Branches among its 21,055 Clients, spreading over 2435 centers in 12 Districts, 3 States and has achieved a sizeable portfolio of Rs 57.35 Cr. as on 31st March, 2022.