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Business Economy


Tata, Kelkar, Nilekani join hand to establish Avanti Finance

Tata, Kelkar, Nilekani join hand to establish Avanti Finance

New Delhi, Aug 29 (UNI) Well-known industrialist Ratan Tata, National Institute of Public Finance and Policy (NIPFP) chairman Vijay Kelkar and Infosys co-founder and former CEO and Unique Identification Authority of India (UIDAI) former chairman Nandan Nilekani have come together to establish a technology enabled financial inclusion vehicle, Avanti Finance, which will be focused on delivering affordable and timely credit to under-served and un-served segments in India. Announcing the establishment of this new financial investment vehicle, Mr Tata said, “Avanti will be a platform to impact the poor through credit at individual and community levels to create a lasting improvement in their livelihoods and standard of living, ushering prosperity. I am thankful to Dr Kelkar and Nandan for agreeing to be part of this purpose driven initiative”. Dr Kelkar stated, “Access to credit at an affordable cost is still a challenge. I am honoured to be part of Ratan’s initiative that leverages on the Tata trusts’ rich legacy and aims to make a significant shift in achieving Financial Inclusion to the common man”. Mr Nilekani stated, “I am humbled by Ratan’s initiative and his inviting me to be a part of this venture. My participation in Avanti is more driven by social motivation rather than anything else – with a view to serve the underserved and unserved and make the Tata Trusts and other likeminded partners philanthropy more effective. Technology is an important differentiator and allows us to make a difference in many ways than one.” Avanti will establish operations before the end of the financial year. The aim is to leverage on the social sector presence of Tata Trusts and other like minded partners and the rapidly evolving India Stack (Jan Dhan – Aadhar – Mobile), UPI and payments bank ecosystem. Mr Tata, Chairman of Tata Trusts, has been actively engaged in several initiatives of the Tata Trusts since his retirement. His endeavours in the last few years have been focussed on creating a sustainable model for interventions which have lasting impact on communities, especially the under-privileged and the deprived. Both Mr. Tata and Mr. Nilekani are bringing their investments from their respective philanthropic capital, and any gains will be reinvested in philanthropic causes. Avanti will apply for registration to the Reserve Bank of India in the coming days. The founding directors of Avanti are Mr Tata, Mr Kelkar, Mr Nilekani and R Venkataramanan. A senior leadership team with experience Technology, Microfinance, Enterprise Risk Management, Credit Operations and Customer Service, Leadership and Strategy Consulting, Structured Finance and Investment Banking is in place. UNI ADP SW AE 1823

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