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
- 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
- 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
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.