Industrialist Ratan Tata has joined hands with Dr Vijay Kelkar and Nandan Nilekani to set up a technology-enabled financial inclusion vehicle, Avanti Finance. The company will provide credit to under-served and un-served segments in India.

Ratan Tata is currently the Chairman of Tata Trusts and the principal shareholder of Tata Sons.

Vijay Kelkar is 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 CEO of Infosys and former Chairman of the Unique Identification Authority of India.

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.

Avanti would use this ecosystem and will innovate on product design in consonance with the indigenous needs, to deliver seamlessly for the end consumer.

Both Tata and Nilekani would bring in 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.

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.”

rajesh.kurup@thehindu.co.in

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