Navachetana Foundation (NCF) is a non-governmental, non-profit organization registered under the Karnataka State Societies Registration Act. NCF was founded in 1999 and is headquartered in Haveri, a town in northwest Karnataka, India. The Foundation was established by a small group of young, socially-minded entrepreneurs desiring to bring economic development and livelihood enhancement to the needy womens of Haveri and nearby villages.
In its early years NCF primarily focused on improving natural resource management in rural areas by initiating and implementing large-scale watershed development and tank rehabilitation projects. NCF continues to be actively involved in these projects and is committed to strengthening participatory methods for preserving and enhancing community owned natural resources.
In 2005 NCF expanded its mission to include the provision of financial services to women who were unable to obtain credit from mainstream commercial banks. NCF's first loan was disbursed in April 2006, and since more than 70000 womens were took the benifits from Navachetana with a consistent 100% repayment rate. In May 2009 NCF created a new institutional entity to handle all of its microfinance operations: Navachetana Microfin Services Private Limited (NMSPL).
Navachetana Microfin Services Private Limited
Navachetana Microfin Services Private Limited (NMSPL) is registered with Reserve Bank of India as non-deposit accepting non-banking finance company- Micro Finance Institution (NBFC-MFI). It extends micro-loans to poor women who are excluded from mainstream banking services. The micro-enterprises created as a result of NMSPL loans enhance not only the livelihoods of borrowers, but also the lives of their families. By creating an environment of financial inclusion for the poor, NMSPL envisions an India where access to income-generating opportunities and the ability to provide basic necessities for one's family is available to all.
NMSPL is currently governed by a Six-member board. Majority of the board members have more than ten years of experience in their respective areas of specialization.The board meetings are conducted on a quarterly basis to monitor the activities of the organization. Financial and operational performance is discussed in the meetings and necessary guidance is given by the board members. For effective monitoring and to increase transparency, NMSPL has also formed subcommittees relating to HR and audit for monitoring the performance.
The microfinance operations are headed by Mr. Nagendra Mali, Chairman and Managing Director of NMSPL supported by functional heads.