ABOUT BFIL - 100% subsidiary of Induslnd Bank Limited

Bharat Financial Inclusion Limited (BFIL) is a leading player in the financial services industry offering asset and liability product solutions from IndusInd Bank. We were incorporated in 1998 to offer microfinance loans to customers. Following our merger with IndusInd Bank in July 2019, we are now a 100% wholly owned subsidiary of the Bank. We continue to enjoy market dominance in the microfinance space, while continuing to expand by offering other banking products to our customers.

About our business

As a Business Correspondent of IBL, we offer financial solutions to our customers ranging from loans for businesses to savings solutions like Recurring Deposits and Fixed Deposits. Delivered at the customer’s doorstep, these products and services ensure that their livelihood opportunities are enhanced and they have access to products required for their financial growth. These products help them build financial discipline and inculcate the habit of savings, thus helping them manage their finances better.

With over 10+ million customers in 1.34+ lakh villages across 23 Indian States and 3178+ branch offices, we are the largest diversified company with presence and deep reach across geographies in India. We have always been at the forefront of digitisation, product innovation and providing convenient 'user-friendly' services to our customers. Our process and digitisation initiatives have enabled us to move towards paperless transactions, thus enhancing customer convenience and customer satisfaction while delivering operational efficiencies.

New business initiatives

While retaining market leadership position in the microfinance space, we have diversified into new business lines offering financial solutions to various categories of customers.

Bharat Money Store, a banking and transaction platform for Kirana Merchants, provides banking & financial services to all citizens especially in rural and remote areas. It offers fully digital and paperless transactions like cash withdrawals, deposits, money transfer, bill pay etc. Apart from this, it offers loans to customers as well, thus extending our mission of providing access of financial products to the wider population of the country.

Bharat Super Shop, extends loans services to small retailers and business outlets across smaller towns, Tier II and Tier III cities. Facilities of current account, recurring deposit and loans are offered at the doorstep of retailers along with the convenience of mobile and WhatsApp banking facility.

LEADERSHIP TEAM

J Sridharan

Executive Vice Chairman

A Finance expert, J Sridharan has over three decades of experience in credit, consolidation, commercial banking, business planning and strategy. Since 2008, he has led IndusInd Bank's Finance department ...

BUSINESS HEADS

VIKAS UPENDRA MUTTOO

Chief Operating Officer (COO) and Head Member Services

Mr. Vikas Muttoo leads the Member Services function for Bharat Financial Inclusion Ltd., which is the Core Business for the ...

ASHISH PIPALIYA

Chief Business Officer

Ashish is the Chief Business Officer at Bharat Financial Inclusion Ltd. (BFIL), a 100% subsidiary of IndusInd Bank. With over 15 ...

C RAMESH BABU

Chief Business Officer – Secured Loans

Ramesh has 28 years of experience in managing sales, distribution, recoveries, and profit centres forsmall ticket retail loans ...

Sridhar Sunkara

Head Branch Banking

Sridhar Sunkara leads the Branch Banking Strategy and manages the Bharat Money Store, the sub-BC network. With extensive...

HEAD OF DEPARTMENTS

Kishore Sambasivam

Chief People Officer

Kishore leads the people practices across Talent Acquisition, Rewards, Talent, Performance Management, and Learning...

Vijay Dube

Chief Financial Officer

Vijay is seasoned finance professional with over 17 years of experience across BFSI sector. Worked in start-up growth phases of leading Indian ...

FIELD DISTRIBUTION

Suryakant Mohanty

Chief Operating Officer - East Zone 2

Suryakant has over 21 years of experience in Business Development and has been working in the domain of Rural Banking, Retail Branch Banking....

ANUP JOSHI

Chief Operating Officer - West Zone

Anup has over 18+ years of experience in BFSI domain. He is instrumental in driving Asset Sales and has worked in various domains like Mortgage, Business....

HASAN SADAT

Chief Operating Officer – Central Zone 1

Hasan is a result-oriented seasoned professional with more than 16 years of rich cross functional experience in sales and financial...

PANKAJ KUMAR

Chief Operating Officer – Central Zone 2

Pankaj Kumar, with more than one and half decades of experience particularly in NBFC-MFI domain, is responsible for overall business...

AWARDS

Awards & Recognition

2024

Recognised as a Great Place To Work for the 10th Consecutive Year in India.

Recognised as a Great Place To Work for the 10th Consecutive Year in India.

Recognised amongst the Top 25 India's Best Workplaces in BFSI.

Recognised amongst the Top 25 India's Best Workplaces in BFSI.

2023

Recognised as a Great Place To Work for the 9th Consecutive Year and ranked #69 Best Companies to Work For in 2023 by GPTW India.

Recognised as a Great Place To Work for the 9th Consecutive Year and ranked #69 Best Companies to Work For in 2023 by GPTW India.

Winner of ASSOCHAM Award for a CSR initiative PRAGAT Watershed, for Excellence in Water Conservation in the state of Karnataka in Gulbarga district by ASSOCHAM Southern Region.

Winner of ASSOCHAM Award for a CSR initiative PRAGAT Watershed, for Excellence in Water Conservation in the state of Karnataka in Gulbarga district by ASSOCHAM Southern Region.

BFIL is re-certified as being compliant with ISO 9001:2015 norms for its Audit Processes. The certification is valid for a period of 3 year and is ISO certified for the 13th Consecutive year.

BFIL is re-certified as being compliant with ISO 9001:2015 norms for its Audit Processes. The certification is valid for a period of 3 year and is ISO certified for the 13th Consecutive year.

2022

Recognised as a Great Place To Work for the 8th Consecutive Year and amongst the Top 100 companies in India

Recognised as a Great Place To Work for the 8th Consecutive Year and amongst the Top 100 companies in India

2021

India’s Best Companies to Work for 2021 by Great Place to Work Institute. Rank#30

India’s Best Companies to Work for 2021 by Great Place to Work Institute. Rank#30

National Award for Excellence in Water Management 2021 by Confederation of Indian Industry (CII) for CSR project PRAGAT

National Award for Excellence in Water Management 2021 by Confederation of Indian Industry (CII) for CSR project PRAGAT

CSR project SANJEEVANI featured in Govt of India’s Digital Transformation Resource Book in 2021

CSR project SANJEEVANI featured in Govt of India’s Digital Transformation Resource Book in 2021

2020

India’s 100 Best Companies to Work for 2020 by Great Place to Work Institute. Rank#31

India’s 100 Best Companies to Work for 2020 by Great Place to Work Institute. Rank#31

2019

‘Corporate CSR Award for CSR in Challenging Circumstances (East) 2019’ by Ministry of Corporate Affairs (Govt. of India) for CSR initiative ‘Sanjeevani’.

‘Corporate CSR Award for CSR in Challenging Circumstances (East) 2019’ by Ministry of Corporate Affairs (Govt. of India) for CSR initiative ‘Sanjeevani’.

Best Large Workplaces in Asia 2019. Rank#20

Best Large Workplaces in Asia 2019. Rank#20

India’s Best Companies to Work for by Great Place to Work Institute. Rank#27

India’s Best Companies to Work for by Great Place to Work Institute. Rank#27

2018

India’s Best Companies to Work for by Great Place to Work Institute. Rank#26

India’s Best Companies to Work for by Great Place to Work Institute. Rank#26

2017

India’s Best Companies to Work for by Great Place to Work Institute. Rank#39

India’s Best Companies to Work for by Great Place to Work Institute. Rank#39

SKOCH award for Digitizing Rural Financial Services.

SKOCH award for Digitizing Rural Financial Services.

2016

India’s Best Companies to Work for by Great Place to Work Institute. Rank#50

India’s Best Companies to Work for by Great Place to Work Institute. Rank#50

Top 25 best employers to work for - India by Aon Hewitt.

Top 25 best employers to work for - India by Aon Hewitt.

2015

India’s top 100 Best Companies to Work for by Great Place to Work Institute. Rank#56

India’s top 100 Best Companies to Work for by Great Place to Work Institute. Rank#56

2009

Silver Certificate by CGAP with Michael & Susan Dell Foundation, the Ford Foundation, and the Social Performance Task Force (SPTF), powered by Microfinance Information Exchange (MIX) for implementing standards in microfinance operations providing services to the poor.

Silver Certificate by CGAP with Michael & Susan Dell Foundation, the Ford Foundation, and the Social Performance Task Force (SPTF), powered by Microfinance Information Exchange (MIX) for implementing standards in microfinance operations providing services to the poor.

Ranked Number 1 MFI in the country and Number 2 in the world by MIX market 2009.

Ranked Number 1 MFI in the country and Number 2 in the world by MIX market 2009.

2008

World’s most Influential Emerging Companies by Business Week 2008.

World’s most Influential Emerging Companies by Business Week 2008.

2007

Social and Corporate Governance Award by BSE and NASSCOM Foundation for Best Corporate Social Responsibility Practice in December 2007.

Social and Corporate Governance Award by BSE and NASSCOM Foundation for Best Corporate Social Responsibility Practice in December 2007.

Citi Bank Information Integrity Award 2007.

Citi Bank Information Integrity Award 2007.

2006

The Schwab Foundation - 2006 India Social Entrepreneur of the Year Award.

The Schwab Foundation - 2006 India Social Entrepreneur of the Year Award.

Ernst & Young Social Entrepreneur of the year- Start up, India 2006.

Ernst & Young Social Entrepreneur of the year- Start up, India 2006.

Merit Award for Financial Transparency in February 2005 and January 2006 from The Consultative Group to Assist the Poor, a division of the World Bank.

Merit Award for Financial Transparency in February 2005 and January 2006 from The Consultative Group to Assist the Poor, a division of the World Bank.

CGAP Financial Transparency Award 2004, 2005 & 2006.

CGAP Financial Transparency Award 2004, 2005 & 2006.

2005

Unitus Accelerator Award 2005.

Unitus Accelerator Award 2005.

Grameen Foundation USA Excellence Award 2005.

 

Grameen Foundation USA Excellence Award 2005.

 

CUSTOMER AWARENESS PROGRAM

As a customer centric organization, the financial well-being of our customers has always been paramount. Our endeavour is to understand the pain points of our customers and provide adequate solutions that can lead to having well-informed, and empowered customers. Globally, for sustained inclusive and sustainable economic growth, it has become pertinent now more than ever to create self-employment opportunities and access to financial services. The Customer Awareness Program for Financial Literacy and Fraud Prevention aims to bridge this gap and bring our women customers one step closer to making better financial decisions towards savings and better investments. Our customers with financial independence and the right knowledge can make a difference for their family's financial stability and better prospects in the future.

To provide customers with the “right information” and explain the concept of “doing things the right way”, we worked on a campaign for the MFI and Liabilities businesses by means of Brand storytelling. We created a series of stories very close to the customer’s formative experiences and introduced a female protagonist “Bharati Didi” to explain certain critical processes and information that the audiences could benefit from. The protagonist helped create a narrative to propel the message of financial literacy and fraud prevention with real life incidents. These stories were meant to educate and empower the marginalised and underserved woman of Bharat to make informed financial decisions. These relatable bite-sized animated videos launched on Feb 22, 2023, followed by a 5-part film series launched on May 2, 2023, with real life professional actors portraying the roles of Bharati Didi and a common wise man. Both characters portray a friendly neighbour persona, who impart their knowledge towards preventive and progressive financial literacy. The videos were launched on YouTube which have garnered over 1 million views.

Animation video series

Video film series

Launch of Customer Awareness Program in Odisha

Odisha witnessed the launch of our Customer Awareness Program; a first-of-its-kind initiative in the industry, for Financial Literacy & Fraud Prevention. Post the mega launch event in May Bhubaneswar, we reached out to the grassroot level to educate our microfinance customers about financial skills and concepts by showing them these bite sized video messages in the vernacular language Odiya.

Our on-ground activations included showcasing these videos via rural outreach events in 20 branch locations with 2500 members and a life size BFIL branded LED video van which started from Bhubaneshwar covering 4,945 kms across Odisha. The program covered 20 Branch locations in Odisha, to create awareness around financial frauds, safety, products, and overall financial well-being. Mobile Van audio video to communicate the, across different parts of the state. We have managed to touch 1,25,000 (approx.) lives in this rural connect program across Odisha creating visibility and brand recognition. Many positive and emotional success stories were captured during these events creating long lasting customer relationships. This effort was the first of its kind which created buzz amongst potential future customers.

Customer Awareness Program Gallery