Credit rating agency CRISIL has assigned BBB+ rating to Dvara Kshetriya Gramin Financial Services (Dvara KGFS) with a ‘Stable’outlook outlook on the rating is set at stable. The rating reinforces the strength of Dvara KGFS operations and signifies its strong position in meeting its financial obligations.
Mumbai, 3rd February 2021: Credit rating agency CRISIL assigns long-term rating of BBB+/Stable to Dvara KGFS. The rating centrally factors in the highly experienced profile of the company's board and management and continuous support of the founder-promoter, Dvara Trust (erstwhile IFMR trust); adequate capital position that has been strengthened further by recent equity infusion; and diversified resource profile.
Commenting on the rating upgrade, Joby C O, Chief Executive Officer, Dvara KGFS, said "BBB+ rating assigned by CRISIL is an endorsement of the credibility that Dvara KGFS has earned based on its consistent performance in the past many years. This is a positive reflection on our unique customer centric Wealth Management approach, Deep Rural focus & improved operational processes backed by robust and state of the art digital capabilities”
Highlighting the importance of the rating assigned by CRISIL , G Vijayakumar, Chief Financial Officer, Dvara KGFS, said "This one notch improvement in rating from BBB to BBB+ is a significant achievement considering the severe diruptions caused by covid-19 and is a testimony of the robust business platform that we have created over the years . It will reinforce the trust and confidence our investors and lenders have placed on us. We are hoping that this will boost our fund-raising efforts in the coming quarters."
About Dvara KGFS -
Dvara KGFS, a systematically important NBFC in the Dvara Group regulated by RBI, works with a mission to maximise the financial well-being of every individual and every enterprise by providing complete access to financial services in remote rural India. Dvara KGFS has a strong presence in Tamil Nadu, Uttarakhand, Karnataka, Chhattisgarh, Jharkhand and Odisha, spread across 48 Districts with 306 branches and more than 1.1 million enrolled customers.
Post a Comment