Industrialist Ratan Tata today said the new venture Avanti Finance is committed to providing "affordable and safe finance" to the under served people.
The Tata Group Chairman Emeritus along with technocrat Nandan Nilekani and former Finance Secretary Vijay Kelkar have announced setting up of Avanti Finance which will be mainly engaged in micro financing activities.
"Grateful for wide support for AVANTI FINANCE. Committed to make affordable and safe finance available to the under served population," Tata tweeted.
Earlier this week, Tata, Nilekani and Kelkar came together to set up Avanti Finance which will focus on delivering affordable and timely credit to under-served and un-served segments in India.
Tata and Nilekani are bringing in their investments from their respective philanthropic capital, and any gains will be reinvested in philanthropic causes.
Avanti Finance will apply for registration to the Reserve Bank of India in the coming days and will establish operations before the end of the financial year.
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