Finance Industry Development Council (FIDC), a representative body of NBFCs registered with the Reserve Bank of India, announced the appointment of Shachindra Nath, Founder, Vice Chairman and Managing Director of U GRO Capital Ltd, as the board of director. FIDC was formed 19 years ago and is the recognized face of the NBFC sector. FIDC has been engaged in regular interaction both with Reserve Bank of India and Govt. of India, which include pre-budget meetings and also important policy related meetings with RBI.
Shachindra Nath took on the role of an entrepreneur by acquiring control of a listed NBFC called Chokhani Securities Limited in 2018 and is now the Vice Chairman & Managing Director of U GRO Capital, a tech enabled small business lending platform. Over the last 5 years, he has built UGRO as a DataTech driven small business lending NBFC with approximately Rs 7500 crore of lending book. Prior to this, Shachindra Nath has been influential in setting up insurance companies, global asset management businesses, capital market and lending institutions.
Shachindra Nath said, “NBFCs are playing a critical role in nation building and are key to providing credit to the underserved and unserved customers. FIDC, an apex body fully committed to the disciplined growth of NBFCs and its upskilling, FIDC is focused and concentrated in representing NBFC sector and has been at forefront in collaborating with regulators, guiding its members on self-governance and being the bridge of voice between regulators and industry on both sides. The lines between NBFC, Fintech and Digital Lenders are getting blurred with every passing day – it would be my endeavor to represent the voice of medium size NBFC and also support FIDC Board’s aspiration to be more broad-base and inclusive. I thank my fellow-Directors for giving me the opportunity to serve the industry through its platform.”