MFI/SFB Partners

Dia Vikas embodies a model of social investment that is unique in the microfinance sector. Prior to our establishment, only very large MFI/SFB partners were able to mobilise long-term equity funding. The majority of this was sourced from commercial private equity institutions.

Small and medium MFI/SFB partners, particularly those operating in risky or underserved areas, struggled to attract long-term equity investment. This situation exacerbated the divide between the southern states and urban areas, where MFI/SFB partners attracted funding, and the underserved north, central and northeast states and rural areas, where intervention is very much needed.

Dia Vikas supports MFI/SFB partners that display a local affinity and operate in underserved regions. We provide these partners with long-term capital and do not exit unless the MFI/SFB partners drifts from its social mission or does not adhere to governance standards. Partners are encouraged to invest surplus funds to reduce interest rates and expand services to more communities, rather than provide a capital return for equity investors.

Alongside our funding, we help our partners leverage loans from banks and other social capital providers. This helps to magnify their client outreach and social impact.

Partnership process

To ensure that Dia Vikas achieves its mission effectively and efficiently, we seek out local partners that are offering effective, innovative and visionary programs to people living in poverty – often in areas where no other, or very few other, organisations are working. When choosing partners, Dia Vikas considers mission alignment alongside governance, management and performance.

These are the partners we work with.


Adhikar Microfinance is an Odisha-based NBFC-MFI operating in four states through 73 branches. It is currently working in the states of Orissa, Gujarat, Chhattisgarh and Assam. Inspired by the global success of microfinance, Adhikar Microfinance, as a society, commenced its financial inclusion operation in 2004. In 2008, Adhikar Microfinance was registered with the Reserve Bank of India. In the year 2012, the organization graduated to the status of NBFC-MFI.

Adhikar is led by Managing Director Mohammad N Amin, who is a lawyer by training and has over 20 years of development experience including 15 years managing Adhikar’s microfinance programme.

Over the years, it has evangelized several financial inclusion programs through remittance, credit linkage to self-help groups (SHGs) and credit for income-generation activities, water and sanitation, housing improvement and insurance to customers.

As at March 31, 2019 it was serving 148,155 clients with a portfolio outstanding of ₹ 2243 million.

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Annapurna Mahila Co-operative Credit Society


Annapurna was registered under Multi State credit Co-operative Societies Act in 1997. It is primarily working in the cities of Mumbai and Pune in Maharashtra.

The uniqueness of Annapurna’s work lies in its holistic approach to development. Annapurna not only provides credit and savings products to its clients but also provides life, health and asset insurance to its clients in the slums of Mumbai and Pune. This is different from the present insurance schemes offered by insurance companies, since it is run on the Mutual Insurance model. The products are based on the concept of community based mutual risk sharing.

Annapurna is led by Mrs. Medha Purao Samant who is an ex- banker and has more than 25 years of experience in the development sector.

As at March 31, 2019 it was serving 62,717 clients with a portfolio outstanding of ₹ 1577 million.

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Cashpor Micro FInance


Cashpor has been operating since 1997, and is one of the largest microfinance institutions in India. known for serving the poorest of the poor, Cashpor is operating in rural Uttar Pradesh, Bihar, Chhattisgarh, Jharkhand and Madhya Pradesh where some of the poorest people in India live. It has developed the widely used Cashpor Housing Index as a means of identifying poor people so that they can be targeted and provided financial services. Other than housing index, it also uses Poverty Probability Index (PPI) for client targeting

Cashpor, since the beginning has realised that illiteracy, illness and accessibility to financial services are major impediments in breaking the intergenerational cycle of poverty. Therefore, Cashpor has adopted a holistic approach to achieve its mission and vision by providing both financial and non-financial services. It provides educational services to the children of clients and also provides health education services to the clients through community health facilitators.

Cashpor is led by Mr. Mukul Jaiswal, who has over 17 years of experience in the field of microfinance. Mr Jaiswal has a long association with Cashpor group of companies – earlier in his capacity as a statutory auditor and thereafter in the capacity of Managing Director.

As at March 31, 2019 it was serving 858,363 clients with portfolio outstanding of Rs. 21,941 million.

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Centre for Development orientation and Training (C-DOT), is a Social-financial and livelihood development organization with a mission to uplift economic status of the poor in Bihar. It was formed in the year 2000 by a group of like-minded professionals having experience in the fields of rural development, academics, finance and developmental works.

C-DOT provides savings services through tie up with commercial banks. It operates as banking correspondent of many commercial banks. It has already facilitated opening of more than 4.9 million savings accounts as at 31 March 2019.

CDOT is led by Mr. R. R. Kalyan who has more than 15 years of experience in the development sector

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ESAF Small Finance Bank

ESAF Bank Logo _ JPEG Hi ResAs an MFI, ESAF was unique in many ways. Community ownership, higher proportion of female field staff, integrated approach etc. were some of the features, which distinguished the organization as a socially focused entity. The business model of the organization combined the unique methodology of selecting and servicing customers at the front end with technology, processes & disciplines of modern retail banking at the back end. They have had an excellent growth and consolidation phase in the past few years.

In 2015, the Reserve Bank of India, the financial regulator in the country has granted in-principle license to ESAF to launch a Small Finance bank. ESAF Small Finance Bank was one amongst the ten NBFCs to receive an ‘in principle’ approval from the Reserve Bank of India (RBI) to set up a Small Finance Bank in the private sector. In November 2016, the final license was issued by the RBI. ESAF Small Finance Bank was incorporated on May 05, 2016, with its registered office in Thrissur.

Triple bottom line approach is the underlying theme around which the larger vision of ESAF revolves. They believe in the depth and the breadth of development and this approach proves to be the right catalyst for the holistic change that they aspire. On par with the financial bottom line, they give emphasis to social and environmental bottom lines. This assertive approach was well intact in all stages of its transformation – from the society to an NBFC-MFI and from an MFI to a Small Finance Bank.

As at March 31, 2019 it was serving 2.1 million clients with portfolio outstanding of ₹ 50,636 million.

Click for more information on ESAF SFB :

Growing Opportunity Finance Pvt. Ltd.

Growing Opportunity Finance Pvt. Ltd (GO Finance) was established in 2006 as an NBFC, in Chennai. Its mission is to alleviate poverty through motivation, training, counselling and microfinance, thereby enabling the poor to become self-reliant, attains dignity, holistic transformation and become citizens of excellence.

As at October 31, 2015 it was serving 88,311 clients with outstanding of ₹ 2,052 million.

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Margdarshak Financial Services Pvt. Ltd.

Margdarshak is based in Lucknow, Uttar Pradesh and was established in 2004 as a technical service provider to the development sector, Margdarshak commenced microfinance operations in July 2007. It is led by Rahul Mittra who has over 15 years of experience in development sector including extensive experience in micro finance and micro enterprise development.

A significant proportion of its clients produce internationally acclaimed crafts, including embroidery and leather goods. It is working in the states of Uttar Pradesh, Bihar, Haryana, Punjab and Himachal Pradesh.

As at March 31, 2019 it was serving 196,408 clients with portfolio outstanding of ₹ 3001 million.

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Pahal Financial Services Pvt. Ltd.

Pahal Financial Services Private Limited is an Ahmedabad-based NBFC-MFI registered with Reserve Bank of India. The company started its operations in March 2011. The Promoters of Pahal , Mr. Kartik Mehta and Ms. Purvi Bhavsar have experience of almost two decades in banking and finance. The company started its operations in March 2011 by acquiring the existing operations of Lok Vikas Nidhi, a trust operational in Gujarat for over 25 years. The current promoters of Pahal acquired the portfolio of Rs. 2.6 crore spread over 15 branches, along with the field staff of Lok Vikas and subsequently transferred the acquired portfolio to an NBFC, along with an equity contribution of Rs. 2 crore. The NBFC was renamed as Pahal Financial Services Pvt. Ltd.

As at March 31, 2019 it was serving 214,583 clients with portfolio outstanding of ₹ 4,907 million.

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North East Small Finance Bank

imagenortheastNESFB commenced operations on 17th October, 2017, as the first Small Finance Bank of North East India, after its conversion from RGVN (North East) Microfinance Limited, which had operated as a microfinance institution in the north eastern region of India for 20 years. As a bank, it is providing diversified loan and savings product to the clients. It is focusing on providing financial services to the people in the seven north eastern states of India which were historically underserved and underdeveloped in respect of financial services.

NESFB is led by Ms. Rupali Kalita who is instrumental in scaling up the microfinance programme of RGV(NE) and has more than 30 years of experience in banking sector.

As at March 31, 2019 it was serving 588,300 clients with portfolio outstanding of ₹ 13,836 million.

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Sambandh Financial Services Pvt. Ltd.

Sambandh Finance Services Pvt. Ltd. (Sambandh) is the microfinance initiative of Regional Rural Development Centre (RRDC), launched in 2006. Sambandh primarily operates in the underserved State of Orissa, where 33% of the population lives below the poverty line. It has also expanded its operations in Jharkhand and Chhattisgarh recently. It is led by Mr. Deepak Kindo, who has extensive experience in the micro finance sector.

Committed to improving the quality of life for the poor entrepreneurs and their families, the programme also provides life insurance to all borrowers.

As at March 31, 2019 it was serving 177,275 clients with portfolio outstanding of ₹ 3221 million.

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Samhita Community Development Services

Samhita is operating in Madhya Pradesh (MP), Uttar Pradesh and Chhattisgarh. It is led by Praseeda Kunam, who has more than 15 years of experience in microfinance sector. Samhita is delivering a range of microfinance and credit plus services to the disadvantaged communities. Samhita’s Micro Finance Operations are managed under the Section 25 Company viz., Samhita Community Development Services. Samhita also initiated health awareness, legal rights awareness and financial literacy programmes for the benefit of communities in its areas of operations.

As at March 31, 2019 it was serving 102,651 clients with portfolio outstanding of ₹ 1808 million.

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Satya MicroCapital Limited


Satya started its microfinance operations in 2016 by adopting the “Joint Liability Group (JLG) Model” with adequate use of technology and new adaptations. Satya believes in the philosophy of high touch and high technology for providing services to the clients. It is one of the fastest growing MFI in India and has already reached more than 250,000 clients .

Satya provides prompt, convenient and affordable collateral-free credit to people at the bottom of the pyramid through a strong credit assessment and centralized approval. Satya is using digital technology in a big way to bring efficiency in the operations. Satya disburse all loans electronically and 1/3rd of repayment is also collected through digital means, by using Aadhar enabled payment services.
Satya is led by Mr. Vivek Tewari, who has over 20 years in the microfinance sector.

As at March 31, 2019 it was serving 262,691 clients with portfolio outstanding of ₹ 6,217 million.

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MicroSave, leading microfinance consultants, supports the development of portfolio through capacity building (training and on-site technical assistance) to nurture the growth of our MFI partners. These capacity building efforts are augmented by specific diagnostic tools for assessing product, process or portfolio qualities and on the basis of these assessments, putting in place remedial action.

According to its Program Director, Graham Wright: “The [Dia Vikas Capital/MicroSave] partnership has allowed the team not just
to build a balanced and appropriate portfolio comprising start-ups through to leading MFIs in India, but also to shape some of the microfinance industry norms in India.”

Click for more information on MicroSave  :

EDA Rural Systems

EDA Logo

EDA Rural Systems (EDA) is an established development consulting firm, promoted in 1983 by Frances Sinha and Sanjay Sinha. Over the past 25 years, EDA has built up a credible global reputation in the area of economic and development research. EDA is based at Gurgaon, in the National Capital Region of India. EDA specializes in research and capacity building support to microfinance and microenterprise initiatives in India and other countries of South and South East Asia.

EDA is a member of the Imp-Act consortium, aiming to build MFI Capacity for Social Performance Management, including Action Research to document best practices and cost-effectiveness. EDA has worked with Mark Schreiner in developing the Progress Out of Poverty Index (PPI) or Poverty Score Card as a poverty assessment and targeting tool for MFIs in India.

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Responsible Finance Forum


Responsible Finance Forum (RFF) is an independent voluntary body for institutionalizing the adoption and adherence of responsible finance principles in the Indian financial inclusion sector. RFF enhances coordination and exchange of information among the key stakeholders and devises concerted efforts to put focus on the needs of the end-clients, irrespective of the financial inclusion model. Dia Vikas is also a founding member along with World Bank, International Finance Corporation (IFC) , Small Industries Development Bank of India (SIDBI) and Department for International Development (DFID) and a few others organizations. Responsible Finance Forum facilitates adoption, adherence and strengthening of responsible finance.

Access Assist

Access Logo

Access Assist (Access) is a not-for-profit supporting the organized growth of the microfinance sector in India. Access engages at all levels of the financial value chain to catalyze greater flow of financial services to the poor and develops and devises composite livelihoods promotion strategies and programmes.