Taraashna Financial Services Limited (“TFSL”) (Erstwhile Taraashna Financial Services Private Limited), was incorporated on May 22, 2012 under the Companies Act, 1956 with the Registrar of Companies, National Capital Territory of Delhi and Haryana. TFSL is enabled under its objects to carry on the business of, among other things, the promotion and nurturing of SHG, JLG and MSME and linking them to banks and other financial institutions for availing different financial services and to provide capacity-building support. TFSL has also commenced providing business correspondence services for secured loans to small businesses, through its Principal Partners.
SCNL has acquired TFSL as its subsidiary, pursuant to a special resolution passed by its shareholders on July 30, 2016. TFSL acts as a business correspondent for banks & NBFCs and provides similar services to other financial institutions in rural and semi-urban areas. TFSL has collaborated with seven Principal Partners, including five Scheduled Commercial Banks (Yes Bank, DCB Bank, RBL Bank, IndusInd Bank and State Bank of India) and two NBFCs (Reliance Commercial Finance and Northern Arc Capital (erstwhile IFMR Capital)) to provide such services and seeks to expand its association with other banks and financial institutions. TFSL assesses the credit requirement of the members of the groups and evaluates their credit history, their historical and current cash flow and the sustainability of their ongoing economic activities.
As on March 31, 2019, TFSL had 180 branches across Madhya Pradesh, Gujarat, Bihar, Rajasthan, Chhattisgarh, Maharashtra, Punjab and Uttar Pradesh and had provided services in respect of gross loans aggregating to ₹6042.10 million. The total income of TFSL for fiscal 2016, 2017, 2018 and 2019 was ₹322.65 million, ₹404.83 million, ₹538.58 million and ₹682.84 million respectively.