A Brief Update

Futureage India Micro Credit Services is a Micro-Finance company registered under section-8 of the companies Act 1956, having its Corporate and Registered Office at B-2,M/148, SBI Colony, Sitapur Road Yojana, Lucknow-226010 UP. The company has recently started its Microfinance operations in eastern Uttar Pradesh to serve the poor and under privileged class of women, particularly to Scheduled Castes (SC) /Scheduled Tribes (ST), Other Backward Class (OBC) community, residing in the rural and urban areas across India, particularly Uttar Pradesh, and Bihar, the most densely populated poorest region in terms of density and depth of poverty, and to provide them financial services to enable them to invest in income-generating activities as per RBI Guidelines on Priority Sector Lending. The SC/ ST, OBC communities are Indian population grouping that are explicitly recognized by the Constitution of India as "depressed classes", "Downtrodden poor", "Socially and educationally backward classes"

Technology & MIS

Phase - 1: Technology - Operations

FIMS believes that in the current competitive world, the use of technology is very important and needs to be deployed properly for generating MIS for management, monitoring business growth, effective controls, enhance employee productivity, lower transaction costs and drive overall better efficiencies in the system.

FIMS decided to partner with Delight Informix after taking proper feedback on overall software platform, scalability and after sales service.

It is comprehensive, user friendly and with end-to-end multi application platform with branch and head office modules.

FIMS got the following customization done in the software:

  • Complete Receipt Management module to have better control on the collection mechanism.
  • To capture the social acceptance index of the customer viz; Land owned by the customer of which irrigated / non irrigated land, Assets in possession of family, Income from other sources to meet ends, any skill currently used to earn livelihood of the family.
  • Cumulative income from all sources and amount spent under various house hold heads like Food Bill, Education of Children, Health, Electricity, etc. to arrive at house hold cash flows
  • Capturing the information about existing loans from other institutions including MFI's.
  • Provision to capture number of the KYC document submitted by the customer.
  • Control mechanisms like rejection of duplicate KYC document number if data already entered in the system.

 

Phase - 2: Document Management System (DMS)

FIMS plans to implement DMS to manage customer application and other related documents. It will enable organization across the verticals effectively create, capture, store, retrieve, distribute, archive and dispose off content.

  • Risk mitigation by keeping the records in soft form also
  • Comply with regulatory requirements
  • Allows setting comprehensive policies for storing and retaining content for compliance
  • Reduce cost burdens

 

Technology HR

FIMS has got developed Web based in-house HR software which is built on PHP. This software is web based with multi functionality available thus accessible for enquiry log in to all employees of the company with limited rights. Very exhaustive and user friendly in terms of capturing maximum possible information relating to all employees of the organization at branches and Head Office, including inventory management. The software covers Employee management, attendance, salary management, Regulatory compliance i.e. ESI, PF & taxation, and leave management. Various management information reports are also available for the senior management.

The software provides complete employee profile, salary slips, HR policies and current notices and also captures any grievance of individual employee through employee login to be responded by HR department.

  • Centralized control with HR department at HO for all the functions available
  • Employee Information: Details of Personal information, Leave management, Salary & perks with PF, ESI and Tax calculations, Movement of Staff. The system is designed to generate customized reports for the benefit of senior management.
  • Inventory, Billing and Record Management The same software is capable of handling Inventory, Billing and record management for the organization. All the assets of the organization and Hardware can be controlled starting from purchases to maintenance etc; similarly payment of vendor Bills and maintenance of Office Records can also be controlled.
  • Scalability: Capable of recording information for any number of employees.

 

Compliance of RBI Circular

As the microfinance sector is going through a phase of re-organization the speculation regarding the Malegam committee have been put to rest with the circular by RBI which regulated the recommendations' through its Monetary Policy Followed by the RBI Circular RBI/2010-11/505 dated 3rd May 2011 & RBI circular RBI/2011-12/290 Dated December 2, 2011. Greater Social developments and customers benefit have always been at the core of FIMCS value system.

 

Future Business Plan

The company having promising business plan and managements is constantly involved in implementing it. The company also plants to deepen its presence in its geographies.

  • RBI Fair Practise Code
     

    Pursuant to the Notification issued by the Reserve Bank of India by its Circular No.RBI/2006-07/138 DNBS (PD) CC No.80/03.10.042/2005-06 dated September 28, 2006, Ambience Fincap Pvt Ltd has drafted...

  • Client Grievance Handling
     

    FIMS's policy on customer grievance redressal is based on the following principles:

    • All initiatives and strategies of FIMS will be customer focused.
  • MFIN Code of Conduct
     

    As all MFIN Member MFIs are regulated by the Reserve Bank of India (RBI), they are already required to follow all prudential norms as well as consumer protection practices laid down by the RBI...

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