Ratan Tata, Vijay Kelkar and Nandan Nilekani have come together to establish a technology-enabled financial inclusion vehicle.
The financial inclusion vehicle christened Avanti Finance will be focusing on delivering affordable and timely credit to under-served and unserved segments in India. The firm will be applying for registration to the Reserve Bank of India in the coming days and establish operations before the end of the financial year, a release said.
Both Tata and Nilekani are bringing their investments from their respective philanthropic capital, and any gains will be reinvested in philanthropic causes, the release said. Ratan Tata is currently the chairman of Tata Trusts, the principal shareholder of Tata Sons, the parent company of the Tata Group. Kelkar is currently the chairman of the National Institute of Public Finance and Policy (NIPFP), and India Development Foundation, New Delhi. Nandan Nilekani is a co-founder and former chief executive officer of Infosys and former chairman of the Unique Identification Authority of India while R Venkataramanan is currently the managing trustee of Tata Trusts.
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 – Aadhaar – Mobile), UPI and payments bank ecosystem. Avanti would use this ecosystem and will innovate on product design in consonance with the indigenous needs, to deliver seamlessly for the end consumer, the release said.
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