Samparna Business Correspondence Pvt. Ltd., private limited company being promoted by Mahashakti Foundation which have more than 15 years experience in rural development and facilitating livelihood financing. It is a Company regulated by Ministry of Corporate Affairs (MCA) .
Recently the Board members of Mahashakti Foundation decided to segregate its Business Correspondence activity and development activities. In view of this a company was acquired to pursue the BC activities with greater focus on microfinance in business mode. Mahashakti Foundation promotes self-help groups (SHGs) and Joint Liability Group (JLG) consisting of women members and operating in rural and urban areas. On the strategic front, they have realized that with the growing demand for microfinance activities, they would face lots of limitation with the current legal form. Hence Samparna Business Correspondence Pvt. Ltd. will do exclusively microfinance activities under BC mode with the support of existing BC partners of Mahashakti Foundation i.e. Yes Bank Ltd., Reliance Money and IDBI Bank. Hence each BC partner ask for FLDG to advance loan to women SHGs/JLGs, it will be easier for Samparna Business Correspondence Pvt. Ltd. to mobilize capital in comparison to Mahashakti Foundation which has been registered under Trust Act.
Samparna Business Correspondence Pvt. Ltd. is created for the purpose of growth of the micro finance operation in the areas which are still away from the touch of the formal financial system of the economy and provide livelihood support to the poor households by providing financial and technical support to strengthen entrepreneurial skill for effective and efficient undertaking of business activities. Samparna will design its system procedures so that it will be compatible with BC partners products and services. Samparana will be working as intermediary between Bank, Financial Institutions and poor households in rural , semi urban and urban area.
Mahashakti Foundation will continue the BC activities for repayment of loans which have already been advanced to the JLGs in 12 Districts. From now onwards with the suggestions of BC partner, it will not do any new business. However, it will strive to do the new business through Samparana. The Microfinance staff members of Mahashakti will transfer in phase to Samparna. Samparna will have improved MIS and Financial Accounting software to take care its own day to day business. From time to time the staff members will be oriented on the vision, mission, objectives and strategies adopted by Samparna to provide better services to women members with the support of BC partners. Samparna will institutionalize women empowerment and financial literacy to enable the women clients to take informed decisions with respect to financial services and its features.
