- In 1978, West Bengal was affected by a devastating flood. Group of concerned youths pledged to help the disadvantaged people in society. In 1982 Village Welfare Society (VWS) registered as a grant based not–for-profit organization. In 1996, VWS starts microfinance activities.
- This led to the setting up of “Village Micro Credit Services”, a Section 25 not-for-profit company established to undertake the microfinance activities in 2004.
- Village Micro Credit Services chose to work specifically on the issue of micro-finance as it is recognized world over as the ideal approach to address the issue of all round development of society – economic, social, political and cultural.
- The need to transform into a Non-Banking Financial Company (NBFC) entity was highly felt.
- The group finally acquired a Kolkata based existing NBFC called Spencer Vinimay Pvt Ltd. The acquisition took place on January, 2006.
- In due course of time, the NBFC was renamed as “Village Financial Services Private Limited “(VFSPL), is a non deposit taking NBFC, regulated by RBI is engaged in microfinance activities. The company was reclassified by the RBI as “NBFC-MFI” on 27/09/2013.
Village Financial Services Private Limited (VFS) is the 1st Micro Finance Company in Eastern Region with Non Banking Financial Company status (NBFC) registered by Reserve Bank of India (RBI). We are the 1st ISO certified Micro Finance Company in India.
Village Financial Services Private Limited has started micro finance operations in the financial year 2005-2006. Micro Finance program of VFS has grown & has touched the lives of many thousands of poor families by providing them credit for income generating activities & helping them to become economically self sufficient, sensitizing women about empowerment issues and bringing about a qualitative change in them and their families related to standard of living & their own status in the society.