NEDFi gross revenue increases 16.97% to Rs. 184.84 crore in fiscal year 2020-21



Financial institution North Eastern Development Finance Corporation Limited (NEDFi) said that despite the unstable economic scenario due to the COVID-19 pandemic and in fiscal year 2020-21, the company’s gross income increased by 16 , 97% year on year to reach Rs. 184.84 crore.

NEDFi held its 26th Annual General Meeting on November 23, 2021. CMD NEDFi PVSLN Murty said, “Despite the unstable economic scenario due to the pandemic, the company anticipated challenges early and made continuous and rigorous efforts to improve results work force and has successfully demonstrated its inherent strengths and resilience by registering significant growth. In fiscal year 2020-21, the Company generated 17/18 cent crore of capital investments in the region.

He added, “In FY21 the gross income of the company increased 16.97% year-on-year to Rs 184.84 crore. The North East Venture Fund, set up jointly with the Department of DoNER and SIDBI with a body of Rs. 100 crore, is operated and managed by our subsidiary, NEDFi Venture Capital Ltd. (NVCL). The Fund promotes and supports start-ups, start-ups and growth-stage companies with new products and technologies or innovative business models ”.

He said, “The spread of COVID-19 across the world has led to a decline in economic activity and increased volatility in financial markets. In this situation, although the challenges continue to present themselves, the Company is preparing on all fronts to face them. The Company has made conscious efforts to develop the entrepreneurial skills of the first generation promoters. The Company will continue to focus on the micro and small enterprise and microfinance segments by providing financial assistance at concessional interest rate, mentoring assistance, capacity building, etc. The Company’s goal is to reduce the cost of credit for the needy and first generation entrepreneurs through the required intervention. Various new IT initiatives have been rolled out and new products and services introduced to meet the personalized needs of entrepreneurs and to reach difficult areas for affordable credit directly and through MFIs.



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