It was the right call—today, electrical appliances maker V-Guard Industries is one of Kerala’s largest business empires. Chittilappilly said that the key intent behind the NBFC is to work closely with small-scale industries and traders in his home state Kerala meet their daily funding requirements. “It will be a small NBFC, which will give low-ticket loans in an organized way to small-scale industries and self-help groups. Chittilappilly started V-Guard in 1977 from a humble background, with an initial capital of ₹1 lakh that he borrowed from his father. Despite meeting these parameters, getting a small loan even from a bank or NBFC is tough even now.

Source: Mint March 07, 2021 19:30 UTC