CRISIL ASSIGNS BBB+ RATING TO DVARA KGFS

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, 3^rd 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.