CreditAccess Grameen Limited announced that its Board of Directors has unanimously approved the appointment of its Director Paolo Brichetti as the Non-Executive Chairman of the Board and inducted Manoj Kumar as an Additional Director (Independent) with effect from 30th October 2019. Paolo Brichetti, Founder & CEO, CreditAccess Asia and Nominee Director on the Board will replace the outgoing Chairman and Independent Director M.N. Gopinath who stepped down after completing 70 years of age. Post these two appointments, the Board will continue to be constituted of two Executive Directors, three Nominee Directors and five Independent Directors. Paolo Brichetti is the Founder and CEO of CreditAccess Asia N.V. With more than 20 years of entrepreneurial experience, Paolo has invested in starting and development of micro and small enterprise financing with a mission to provide microcredit and other financial services to low income people in India, Indonesia and the Philippines. Manoj Kumar has been an entrepreneur, investor, as well as a corporate leader with over three decades of experience in banking and financial technologies space. He has advised and invested in several fintech businesses and early state software start-ups in India and played leadership roles in the areas of Corporate Strategy, M&A, Product Management and R&D. He is also a senior advisor to Tata Trusts to promote innovation and entrepreneurship in India.
CreditAccess Grameen Limited is an India-based microfinance company focused on providing micro-loans to women customers predominantly in rural areas. The Company operates in approximately 353 districts in 14 states and one union territory in India through 1,826 branches. The Company operates in a single business segment that is lending to members. Its microfinance group lending products include income generation loan, home improvement loan, family welfare loan and emergency loan. The Company's microfinance individual lending product is Unnati loan. Its retail finance products include grameen vikas loan, grameen two-wheeler loan, gruha vikas loan and grameen swarna loan. The Company's distributor products include grameen suraksha, life insurance and national pension scheme (NPS) - Swavalamban. It has tied up with various insurance service providers, including HDFC Life and Kotak Life to provide insurance coverage to customers and spouse/co-borrowers (applicable for retail finance).