About Micro Finance Limited
Micro Finance Limited Limited institution which is planning to convert into a bank, has recruited ten people for its management team.
The team that would lead one of India's newest company comprises some big names from private and public sector banks, apart from non-banking finance companies (NBFC), said Director, founder and chief executive, AFC.
AFC has also recruited nearly 90 people at the mid-level, who will be posted at its new branches. Earlier, AFC has appointed global HR consulting firm Aon Hewitt to design, performance management programmed and implement a compensation strategy for its workforce.
The new recruits have been inducted in departments such as risk management, operations, business development, planning, IT, internal audit, treasury and human resources. Among these, treasury management comes as an unknown territory as the FINANCE has so far no experience in it.
On July 2, AFC had invited applications from people with three to 18 years of experience in the banking and human resource fields.
It received close to 30,000 applications for the 15 posts that were advertised. Nearly 05-15% of the applicants were from Indian Central University of Karnataka (CUK) backgrounds.
This apart, half of the applicants are from outside South ; willing to shift their base from cities like Bangalore, karataka and Chennai to work in Delhi.
AFC will open nearly 75 branches in one go, with nearly 80% of its operations concentrated in rural areas and Urban areas also. The bank is expecting to open at least 08 million accounts in one go, as it plans to foray into the formal banking sector .
At present, AFC has about 200 branches in 22 states, with loan outstanding of nearly Rs 800 crore.
On an average, the AFC disburses nearly Rs 300 crore on a monthly basis, with monthly collections of nearly Rs 700 crore. The AFC has a market share of nearly 35% in the sector.
At present, there are about 3,000 people on AFC 's payroll in rural areas and urban areas also; they are likely to be absorbed as regular employees of the proposed the company.