Vikram Akula, founder and former Chairperson of SKS Microfinance, will pick up 26 per cent stake in Vaya Finserv Private Ltd., a financial inclusion start-up.
The start-up company has also appointed Mr. Akula as Chairman of the start-up company, Vaya said in a release.
Vaya is a business correspondent that facilitates savings and loans for self-help groups of women on behalf of banks.
ADVERTISEMENT
The company was founded by former SKS Microfinance executives, and opened its first branch in July. It has now 23 branches with 183 employees across six districts of eastern Maharashtra and northern Karnataka.
“Now that my three-year non-compete period is over, I was looking to get back to financial inclusion,” said Mr. Akula, adding, “I chose to join Vaya because it is focused on under-banked districts, it has a great team, and it uses a next-generation technology platform that will become the future of financial inclusion.”
“We are working with our advisors on preparing a small bank licence application,” said Mr. Akula.
ADVERTISEMENT
“Vaya is the first business correspondent to use tablet banking in the field. The field officers’ tablets connect to a centralised online system that has the ability to interface seamlessly with core banking systems to ensure daily cash settlement with partner banks,” it added.
The Reserve Bank of India had released final guidelines for small banks and payment banks on November 27 and sought applications by January 16 from those interested in applying for a small bank licence.
Mr. Akula said Vaya was also having an option to apply for payments bank licence.
In terms of strategy, Vaya is focused on under-banked areas. Other than Mr. Akula, investors in Vaya include individual high networth investors, SKS Trusts and Vaya employees.