Starting up, more often than not, has been a way for people passionate about ideas to break away from the mundane system that restricts them. But while that’s the common story, there are few who break away from the system, start up and make a comeback, only to disrupt the routine structure of what previously held them back. And Govind Singh, MD and CEO, Utkarsh Small Finance Bank did exactly that.
DIVERSIFICATION IS THE ONLY CONSTANT
With a background of banking, Singh decided to start a venture of his own, which led to the formation of the Utkarsh Micro Finance Institution. Thanks to his knowledge of the industry, it wasn’t too long before he met with success. With a customer base of 1.2 million and from lending to SMEs, MSMEs and start-ups, it was time for them to grow again.
“When you are into financial services, you need to diversify. A mono product would bring in all sorts of challenges. After six years of successful business, we also needed to change the course. As RBI came up with the guidelines for small finance banks, it fit our thought process completely. With the focus on MSMEs, agriculture and start-ups - basically lower ticket size loans, we started Utkarsh Small Finance Bank,” said Singh. The bank officially started functioning from January, 2017.
FOCUS ON START-UPS AND SMEs
This story is from the July 2017 edition of Entrepreneur magazine.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the July 2017 edition of Entrepreneur magazine.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
How To Succeed With Gen Z Workers
People often say that younger employees are different. But are they? We asked six business leaders what they've learned, and how their teams thrive.
How To Ask Family For Money
Your friends-and-family fundraising round doesn't have to be scary and awkward. Here's advice from one of the world's leading investors.
Data Breach Drama: When Trust Turns Costly In A Digital Age
Amid data breaches surges, Indian businesses are prone to financial and reputational fallout. Can cyber insurance emerge as a safeguard?
THE TERRAIN TAMER
Spearheading a California-based, Series D SaaS company is no easy feat. It requires a blend of ownership, innovation, and the ability to handle stress. But Anand Jain, co-founder and chief product officer of Clever Tap, finds his calm by escaping to rough terrain whenever he gets the chance-be it India or Colombia.
THE INTELLIGENT READS
Hardika Shah founded Kinara Capital in 2011 with the mission to address the acute credit gap in the micro-small-medium-enterprises (MSME) sector in India, by providing fast and flexible business capital to small business entrepreneurs. Despite operating in highly competitive and tough market of collateral free loans, Kinara Capital has been steadily growing in Hardika's leadership. In conversation with Entrepreneur, Hardika shares insights on her favourite books.
THE CURSE OF GROWING TOO FAST
FAIRE is a platform for small businesses, but it grew big the wrong way-almost becoming a $12 billion wreck. Here's how it fixed the problem, and why you should think twice before skyrocketing.
There's No Perfect Answer
I worked the same job for 19 years. I hated it, but it paid the bills. Then, in 2017, I entertained an exciting but terrifying question: Could I be an entrepreneur? I wasn't sure, so I needed something that felt like a guarantee. I searched for signs that would feel like a big, clear \"yes!\"
Give Yourself the Gift of Time
Happy holidays! Emmy Award-winning tech expert Mario Armstrong has five recs to get more hours in the day.
How to Become a Main Street Millionaire
It started when I bought one little laundromat. Now I have a whole portfolio of small local businesses that bring in tens of millions in revenue a year. Here's why following my playbook could be your ticket to financial freedom-and saving America's local small businesses.
Want to Better Serve Your Clients? Become Them.
As a designer for brands, starting my own product company gave me a dose of humility-and it changed the way I relate to clients.