Our board saw a few changes – Aditya Mohan passing on the baton to Rupa Vora as the FMO director; David Paradiso handing over to Karina Isabel as the MAJ Invest representative and Matangi Gowrishankar, our Human Resources specialist moving on after almost 9 years where she helped reorient our Human Resources Department in a new perspective. We welcomed Arun Diaz, who has a deep financial services Operations & IT experience and Ulhas Deshpande as the new Human Resources specialist on the board. In April 2024, Sumantro Banerjee also finished his 10 years with Arohan and stepped down from the board. Our heartfelt gratitude to all of them for having been with us for years adding value to the management thought process as we grew the business in scale & size. Our endeavour to strengthen the executive committee saw the addition of Sumit Mukherjee as our Chief Business Officer, Sharoni Pal as the new SVP & Head Central Operations and Kanchan Banerjee as our new SVP & Head Human Resources/ Administration/ Training & Development & Corporate Social Responsibility. This makes our team one of the best in the MFI sector in India with over 350 years of cumulative & varied work experience. I am delighted to be back on the governing board of MFIN, our microfinance Self-Regulatory Organisation, as its Vice Chair in July 2023, at a critical time as we take stock on the implementation of the new RBI guidelines on credit harmonisation & pricing deregulation and also transform MFIN into a holistic MFI body across banks and non-banks. A meeting of the Top 20 MFI CEOs resolved to “getting back to the basics” – addressing the key issues of centre attendance, employee attrition, pricing, adherence to a minimum Code of Conduct like not lending to delinquent borrowers, credit & employee bureau submission and usage, basic credit norms on indebtedness & number of lenders, etc. With such an eventful last year, our key priorities for the FY 2025 are even more critical – ensuring a good balance on quality & quantity aspects of our business; significantly growing our presence in the South, scale up the ArohanPrivilege and Micro Enterprise Loan businesses; focus on Diversity & Inclusion across levels; significantly enhancing productivity levels across field and non-field employees; manage the ambitious expansion plan well; enhance retention of both employees & borrowers; enhance our IT platform and launch the critical e-KYC facility; relaunch “Nirnay” our unique updated Credit Scoring model in the microfinance space and close the next equity fund raise between a PE or an IPO option. I wish to thank the government for their focus on Financial Inclusion, our regulator the Reserve Bank of India, for their progressive policies, our Self-Regulatory Organisation, MFIN for the critical sector building work, our promoter group, Aavishkaar for the belief in this business, our investors for their continued support and understanding, our esteemed board for their involvement & valuable contributions, our employees for the hard work and dedication and last but certainly not the least – our millions of borrowers for giving us the opportunity to serve them. I am privileged & honoured to receive your vote of confidence to be the Managing Director of this wonderful business and look forward to the next year with great expectations. Warm Regards, Manoj Kumar Narayan Nambiar Managing Director 7 | Annual Report 2023-24 The Executive Committee of Arohan Financial Services Limited
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