Nidhi Kaliwal: An Inspirational Business Leader With An Eye For Perfection
Kamal Fincap is a pioneering business organization that is engaged in providing micro loans under the JLG model, Micro enterprise loans and credit linked insurance to borrowers on behalf of banks as a Corporate Business Correspondent. The company ensures that they strive for consistent improvement through constant innovation. Nidhi Kasliwal is the Managing Director of the company, and under her guidance, the company has been able to break new business frontiers.In an exclusive interview with CEO Insights, Nidhi talks more about her professional journey and the evolution of Kamal Fincap.
1.Can you talk more about your educational and professional background?
After completing my Master in Business Administration from XIM, Bhubaneswar, I worked in the Aditya Birla group of companies. As a Group Management Trainee, I was exposed to various businesses of the group, Madura Garments and Rajshree Cement being some where I spent considerable time. Post this, I joined GE countrywide, and from there, started my journey in financial inclusion. At GE, I was entrusted with Personal Loan portfolio in Ahmadabad. Here, I learnt a lot about customer behavior, need for credit at the bottom of the pyramid and understood the livelihood pattern of people in this socio economic strata.
The Ahemdabad riots and its devastation further proved the need for robust credit product to cater to these people. I was able to convince the management to lower interest rates and we went on to do one of the largest numbers in disbursement then. This was an important lesson for me early on in my career.
2. What were the challenges that you faced in the industry?
When I was starting my own business, I found out that, if I wanted to do impactful and meaningful business, I need to have on tap liquidity. I also understood
that we need economies of scale to create a sustainable organization in this segment.This under standing helped us to partner with Yes Bank in 2012. We work as an extension of the bank and act as a link between the customer and the bank. The CBC (Corporate business correspondent) concept was something new to the industry, and this helped us to grow extensively within a short span of time.
At that time, there were a lot of issues of staff frauds, especially in Rajasthan. We had seen one or two companies fold up due to such issues. Therefore, my learning from that was to create a team that will take ownership and share my vision. Today, in my core team, there are many who have been with me on this journey since the inception of the company, and it's a shared goal and vision with them.
3. How do you come-up with strategies to take your company forward? Also, explain your leadership style
Every business should prepare for a rainy day, and those who have that plan B can deal with difficult times in a far better manner. So, we wanted to be agile and prepared because in our country, if an organization falls down, there is no safety net. Through our services, we also wanted to help micro entrepreneurs to handle crisis and develop their business.
We have seen many crises since the beginning of my two decades in this industry. We saw the Andhra Crisis in 2010, demonetization in 2016, Loan waiver at general election, natural calamity like floods and earthquake, all of which disrupts our collection and disbursement. Now, after two waves of Covid-19 crisis, I can say confidently that we are stronger, more resilient and nimble footed to change ourselves and adapt as the situation demands.
I believe in the famous quote that states ‘Before you are a leader, success is all about growing your self when you become a leader, success is all about growing others'. This is the leadership style I follow, and this helps people around me to work freely, take risks and thrive in
I believe in the famous quote that states `Before you are a leader, success is all about growing yourself; when you become a leader, success is all about growing others'
At that time, there were a lot of issues of staff frauds, especially in Rajasthan. We had seen one or two companies fold up due to such issues. Therefore, my learning from that was to create a team that will take ownership and share my vision. Today, in my core team, there are many who have been with me on this journey since the inception of the company, and it's a shared goal and vision with them.
3. How do you come-up with strategies to take your company forward? Also, explain your leadership style
Every business should prepare for a rainy day, and those who have that plan B can deal with difficult times in a far better manner. So, we wanted to be agile and prepared because in our country, if an organization falls down, there is no safety net. Through our services, we also wanted to help micro entrepreneurs to handle crisis and develop their business.
We have seen many crises since the beginning of my two decades in this industry. We saw the Andhra Crisis in 2010, demonetization in 2016, Loan waiver at general election, natural calamity like floods and earthquake, all of which disrupts our collection and disbursement. Now, after two waves of Covid-19 crisis, I can say confidently that we are stronger, more resilient and nimble footed to change ourselves and adapt as the situation demands.
I believe in the famous quote that states ‘Before you are a leader, success is all about growing your self when you become a leader, success is all about growing others'. This is the leadership style I follow, and this helps people around me to work freely, take risks and thrive in
an open and supporting environment. I also support my team to try new things, and this helps them to innovate as well.
One of the new things that we tried was to bring-in housewives who spoke different languages of India, who could talk with our customers in those specific areas. At first, many were skeptical with this idea, but it has been proven to be one of the best decisions we have made.
4.In your professional journey so far, which are the milestones that have bestowed you utmost satisfaction?
When we passed the Rs.200 crore mark, I was so proud of my team, and it was even more memorable owing to the fact that we did it right after demonetization which adversely affected the micro finance industry. We celebrated this with the 500+ employees of our company. Also, another proud moment for me was when we crossed 100 branches and 1000 mark for employees. This helped us to grow out of Rajasthan and develop into eight states. The feeling of supporting over 1000 employees and their families, many from rural India, gives me great joy. I recently got featured on the cover of Women Entrepreneur India, and was awarded a certificate for being among top 10 women in Finance in the country
5. How do you keep yourself updated with the latest trends in the industry?
Microfinance industry is very supportive and there is free sharing of ideas. I have learnt a lot from my peer group. There is a strong SRO (Self Regulatory Organization) MFIN which publishes regular reports to keep everyone updated in the industry. Also through more informal channels like Whats app group, I stay connected with the latest trends in this industry. I am an avid reader, and that helps too.
6.What would be your advice to upcoming entrepreneurs?
The biggest asset that I think I have is passion. I think this is a game changer for any entrepreneur. If you are passionate about what you build, then nothing can stop you. When I startedout, everyone felt or expected me to fail. This should not pull you down. Instead, it should motivate you to be persistent and achieve your goals. The right attitude ‘I Can, I Will, Watch me'.
Nidhi Kaliwal, Managing Director, Kamal Fincap
Nidhi is a pioneering industry leader who strives for the sustained success of the company through innovative business strategies.
One of the new things that we tried was to bring-in housewives who spoke different languages of India, who could talk with our customers in those specific areas. At first, many were skeptical with this idea, but it has been proven to be one of the best decisions we have made.
4.In your professional journey so far, which are the milestones that have bestowed you utmost satisfaction?
When we passed the Rs.200 crore mark, I was so proud of my team, and it was even more memorable owing to the fact that we did it right after demonetization which adversely affected the micro finance industry. We celebrated this with the 500+ employees of our company. Also, another proud moment for me was when we crossed 100 branches and 1000 mark for employees. This helped us to grow out of Rajasthan and develop into eight states. The feeling of supporting over 1000 employees and their families, many from rural India, gives me great joy. I recently got featured on the cover of Women Entrepreneur India, and was awarded a certificate for being among top 10 women in Finance in the country
5. How do you keep yourself updated with the latest trends in the industry?
Microfinance industry is very supportive and there is free sharing of ideas. I have learnt a lot from my peer group. There is a strong SRO (Self Regulatory Organization) MFIN which publishes regular reports to keep everyone updated in the industry. Also through more informal channels like Whats app group, I stay connected with the latest trends in this industry. I am an avid reader, and that helps too.
6.What would be your advice to upcoming entrepreneurs?
The biggest asset that I think I have is passion. I think this is a game changer for any entrepreneur. If you are passionate about what you build, then nothing can stop you. When I startedout, everyone felt or expected me to fail. This should not pull you down. Instead, it should motivate you to be persistent and achieve your goals. The right attitude ‘I Can, I Will, Watch me'.
Nidhi Kaliwal, Managing Director, Kamal Fincap
Nidhi is a pioneering industry leader who strives for the sustained success of the company through innovative business strategies.