Micro Financing Institutions (MFI are registered as Societies as per Societies Registration Act 1860 or state legislation and as Trusts as per Public Trust Act 1920 or Indian Trust Act 1882.Section 25 companies are registered as per the Companies Act (1956) with permission from central Government.)
NBFC (Other legal forms including NBFCs registered as Section 25 companies, for profit NBFCs, Cooperative Banks and Local Area Banks are regulated by the Reserve Bank of India (RBI). Cooperatives are registered as per the State, National and MACS Acts and governed by the State Registrar of Cooperatives.)
PANCHYAJANYA is a microfinance Institute that currently acts as a ‘Business Correspondent’ of ICICI Bank & YES Bank but initially was carrying out operations as a Society which was set up in 2004 ( Under West Bengal Society Registration Act 1961 ). In April 2009, the company took over the microfinance activities and since then it has been extending microloans to the members from the economically challenged sections of the society. These loans will aid poor members in carrying out income generating activities resulting in the improvement of their social conditions. At present, PANCHYAJANYA is operational in four states, namely, West Bengal, Assam, Bihar, and Jharkhand.
PANCHYAJANYA has a mission of alleviating poverty by offering micro-finance services to women, which consequently will be passed on to their families. The organization also aims to facilitate improved earnings, enhanced quality of life, and better management of finances.
Member Eligibility Criteria for Availing Micro-Loans from PANCHYAJANYA
Currently, PANCHYAJANYA lends only to its members through Individual and Group Lending Program. Under this, member with the below-given characteristics are eligible to avail the microloans:
Must be aged between 18 years and 53 years
Should have the ability to work
Must be married and the husband or guardian should agree to let her join the program
Should be able to produce at least two Know Your Customer (KYC) documents
Must be a permanent resident of that area/village
Should be poor
Must not be a defaulter of any organisation
Must have at least 10 transactions in his or her ICICI (I-Sure Pay) account for the last 30 Days.
Has to be compliant with the eligibility criteria prescribed by the Reserve Bank of India (RBI) and Microfinance Institutions Network (MFIN) such as total indebtedness, household annual income, etc.
Please note that only one member of the family can avail the microloans from PANCHYAJANYA. and CSP & His Family members are not eligible for microloans.