“Unless India stands up to the world, no one will respect us.
In this world, fear has no place. Only strength respects strength.”
Contrary to popular belief, it is not just the metros and the urban centers of India that drive progress; but the India that lives in the hinterlands. They are the base of India, the real strength of the country and we cannot ignore them. The progress of India is incomplete if it happens in only a few pockets. Unless it grows in its entirety, the true sense of prosperity cannot be achieved. Long gone are the days when India was looked upon as an under-developed or developing nation. Today, it is looked upon as a power to reckon with. And for this to truly happen, every Indian needs to stand up to the world fearlessly and walk ahead towards wholesome progress.
“Vision without action is a dream. Action without vision is passing the time.
Action with Vision is making a positive difference.”
A visionary in his own right, Shri Kapil Wadhawan, the Managing Director of Dewan Housing Finance Limited (DHFL), is walking the road paved by his father, Late Shri Rajesh Wadhawan, who dreamt of every Indian having a home of their own. He realizes that for India to grow it is important for every individual to feel a sense of security and pride, and there is nothing more secure and dignified than having a roof over their head. This will allow them to push their boundaries, aim higher and work harder - resulting in growth, not just for themselves as individuals, but for India as a whole. Channelizing this vision fuelled the thought for creating an entity that would strive in delivering financial access to every individual however humble he may be.
Enabling financial access – Aadhar
Aadhar Housing Finance Ltd. is a joint venture initiative by DHFL and IFC. The company will operate under Housing Finance license and will be subject to the rules and regulations of National Housing Bank (NHB). DHFL along with DHFL Vysya is the majority stakeholder in the Company, with equity participation from IFC. The company will be driven with independent functioning and management structure, with adherence to the highest standards of Corporate Governance. DHFL will play a vital role in the initial phase in supporting and stabilizing this company. With the experience and guidance of two major companies, DHFL and IFC, Aadhar will surely be an entity to reckon with in a short span of time.
For 26 years, DHFL has pioneered lending to people who find it impossible to get a housing loan on fair terms. Over the years, DHFL has gained strong expertise in catering to the needs of Lower and Middle Income segments. Having started as a privately funded company with modest means in 1985, DHFL has over a period of 26 years given loans to over a million families, and today has its presence in more than 170 locations across India. DHFL would bring its requisite knowledge & expertise, proven systems and processes etc., which would be helpful in giving a strong footing for this new initiative.
For 26 years, DHFL has pioneered lending to people who find it impossible to get a housing loan on fair terms. Over the years, DHFL has gained strong expertise in catering to the needs of lower and middle Income segments. Having started as a privately funded company with modest means in 1985, DHFL has over a period of 26 years given loans to over a million families, and today has its presence in more than 170 locations across India. DHFL would bring in requisite knowledge, expertise in housing finance, proven systems and well established processes, which would be helpful in giving a strong footing for this new initiative.
International Finance Corporation (IFC)
IFC is a World Bank arm which fosters sustainable economic growth in developing countries by financing private sector investment, mobilizing capital in the international financial markets, and providing advisory services to business and governments. IFC’s goal is to improve lives, especially for the people who most need the benefits of growth. IFC as a partner will provide an understanding about this segment as they have been working extensively in India, to cater to varied needs to this segment. They would also provide this initiative access to International knowledge and best practices.
Aadhar shall initially be focused on setting up its operations in six states namely Chhattisgarh, Orissa, Jharkhand, Uttar Pradesh, Madhya Pradesh, and Bihar. These states as per Census 2001, account for 33% of the total Indian population. While there has been significant increase in the per capita income in these states, the lower and middle income groups, with income levels between Rs. 60,000 to Rs. 240000 p.a., have not fully enjoyed the benefits of this progress. They have been under-serviced for years by most institutions providing housing finance. Aadhar shall focus on these segments specifically comprising of salaried, self-employed and agricultural income based population. To ensure that the focus does not ever shift from this group, the maximum loan amount has been fixed at Rs.6 lacs. This narrowed down approach would result in dedicated, undiluted attention to these regions which would mean faster and greater growth of this segment which in return would impact the nation on the whole.
Aadhar is a commitment to service, to participate in the growth of India, a commitment to provide security in the form of a roof over every Indian’s head. With plans and missions clearly laid out, Aadhar will leave no stone unturned and shall not rest till it translates into progress and prosperity of India as a whole. That is when the vision will be fulfilled, the mission accomplished.