Bharat Financial Inclusion: Cherishes Values
Bharat Financial Inclusion (BFIL) is a family driven firm with a mission to nurture and support livelihoods across 1,15,000 villages and 8.5 million women entrepreneurs in India. The CEO of the leading micro finance company, M. R. Rao, tells BW Businessworld’s Prerna Lamba that the rural youth it employs were proud to be a part of the organisation
On what sets the company apart?
Bharat Financial Inclusion Limited (BFIL) transforms youths educated till the tenth (secondary level) and 12th standards (higher secondary level) to financial inclusion managers (Sangam Managers). It supports 650 plus women entrepreneurs and has an average loan book of Rs 15 million.
The BFIL is a unique microfinance and rural banking services company that caters purely for the underserved in the rural realms. The firm strongly believes in and focuses on the Sangam Manager’s wellbeing and field-first philosophy. The company has 16,558 plus-strong Sangam Managers, apart from other on-ground employees.
We take pride in grooming these youth into a State Head in 10-15 years’ time and compete with the best talent from banks and other NBFCs.
On the organisation’s work culture, values and people practices
The company has always followed a philosophy that ‘employees are our first customers’. The BFIL’s business is unique, with significantly different customer segments that call for a unique profile for Sangam Managers.
We look for people who are empathic, humble, disciplined, high on integrity, respectful towards others, driven to make a social impact, have a customer connect and are willing to learn and follow for the Sangam Manager’s post.
The company also follows a unique oath practice of the Padam oath. Members and employees of the company recite a sacred prayer called ‘Padam’ before business transactions commence at the centre meetings every week.
The oath by customers reinforces the fact that they will be respected and have a complete right to see business transactions in the most ethical way. It is repeatedly reiterated that they will not pay any bribe or gift to any person, whosoever from BFIL in relation to financial transactions. This oath, when followed by employees, reinforces the employee’s commitment to values. This oath is printed on all the pass books of the members and is repeated in harmony by all members at the beginning and at the end of every centre meeting. Memorising the oath is a criteria for being enrolled as a member.
People philosophy and the company’s vision
The BFIL hires people for their values, such as commitment and compassion. Qualification is given the least importance. The firm invests significantly in ‘on-the-job training and rigorous monitoring’ to make it the best in the industry. As much as 95 per cent of our operation’s leadership team is groomed from within. Performance-based reward principles drive a culture of meritocracy and give opportunity for everybody to strive and achieve their potential.
We practise an open-door policy, communicate constantly, listen actively and respond proactively. The BFIL believes in transforming lives, both inside and outside with people, processes and technology. People always come first for us be it our beneficiaries or our employees. And we consistently pursue our ‘People First’ approach. We constantly reinvent processes and technology. Our teams and leadership are fully motivated at all times because of our complete dedication to our ‘People, Process, Technology’ philosophy, keeping us prepared for the future.
