Evolution of Srija Chemo Private Limited (SCPL) owes its origin to the Society for Model Gram Bikash Kendra (SMGBK) which started its journey with a meager own capital of Rs.74,000 as NGO-MFI under the affiliation of a research organization called “Centre for Research in Indo-Bangladesh Relations (CRIBR)”. Society for Model Gram Bikash Kendra got registered with West Bengal Societies Registration Act XXVI, 1961 with registration no. S/IL/28849 of 2005-2006 dated 21/04/2005. Its first Branch was opened at Purnanagar, Ranaghat. SMGBK had obtained exemption under Section XIIAA and 80G of Income Tax Act, 1961. SMGBK also got registered under FCRA at Ministry of Home Affairs, New Delhi. FCRA registration no. is 147120862
SMGBK continued its good work by utilizing its own fund till 2006. Then ANANYA FINANCE FOR INCLUSIVE GROWTH extended financial support in 2006. Thereafter in 2007-08, SBI extended its hand followed by FWWB (Friends of Women’s World Banking). Financial assistance from SIDBI came in 2009, from BANGIYA GRAMEEN VIKASH BANK in 2011, from INDIAN GRAMEEN SERVICE in 2012, from MILAAP in 2016, from BANDHAN BANK & MUDRA in 2017. Today (in the FY 2016-17), SMGBK has 14 Branches covering 352 villages with Rs.12.32 Crore Loan Portfolio.
ACQUISITION OF SCPL
Considering the present guideline of Reserve Bank of India and as per the stipulation of Government of India that microfinance should only be allowed to operate in NBFC – MFI, the board members of SMGBK realised the need of the industry to acquire a NBFC. Subsequently in 22nd March 2016, SCPL was acquired by some individual promoters of Society for Model Gram Bikash Kendra (SMGBK), various society members and three private limited companies. Before the acquisition, Srija Chemo Private Limited (SCPL), a registered Non-Banking Financial Company (NBFC) registered with Reserve Bank of India (RBI), was engaged in the business of investment in stocks & other NBFC activities.
Since March 2016, SCPL is engaged in the on-lending activities for providing financial services to the underprivileged women in the rural and semi-urban areas in India on the basis of JLG (Joint Liability Group) Model. The company provides small value, collateral free, loans up to Rs 30,000/- as on date for income generating activities to poor and underprivileged women. The company started working in the underserved & underprivileged areas. SCPL being a part of the socio cultural dynamic society, initiated a program to provide loans for alternative energy (i.e. – Solar Energy products) to rural areas, so that the poor can have the power of their own.
SCPL – RECLASSIFICATION AS NBFC-MFI
In November 2016, after achieving NOF of Rs.5,18,02,179/-, SCPL applied for reclassification as NBFC-MFI to RBI for it’s necessary conversion to NBFC–MFI, after complying with all the parameters of the said application. Srija Chemo Pvt Limited (SCPL) received the conversion certificate from NBFC – ND to NBFC – MFI from RBI on September 12, 2017 vide RBI letter No.DNBS.RO.Kol. No.1620/99.06.003/CI / CAL08372/2017-18 dated September 18, 2017.
On April 25, 2018 the Company rechristened as "GRAMEEN SHAKTI MICROFINANCE SERVICES PVT. LTD."(GSMS)
Vision of "GRAMEEN SHAKTI MICROFINANCE SERVICES PVT. LTD."(GSMS) : isto be among top 50 NBFC – MFIs serving around 100,000 clients by 2025. The company aims to provide a wide range of customised financial products as per the need of its valued clients and aspires to achieve a target of having a loan portfolio of around Rs 120 cr by 2025 with a branch network of 60 in five states.