In a significant development for the finance sector, Shachindra Nath, the Founder, Vice Chairman, and Managing Director of U GRO Capital Ltd., has officially joined the Board of Directors at the Finance Industry Development Council (FIDC). FIDC, a prominent representative body for Non-Banking Financial Companies (NBFCs) registered with the Reserve Bank of India, celebrates 19 years of actively shaping the NBFC landscape.
Shachindra Nath, a seasoned entrepreneur, took the reins in 2018 by acquiring control of Chokhani Securities Limited, subsequently transforming it into U GRO Capital, a leading tech-enabled small business lending platform. Under his leadership, U GRO Capital has emerged as a DataTech-driven NBFC with an impressive lending book of approximately Rs. 7500 Crores over the past five years.
With a diverse career that includes instrumental roles in establishing insurance companies, global asset management businesses, capital market institutions, and NBFCs, Nath brings a wealth of experience to the FIDC Board. His achievements include pioneering new business verticals, successful joint ventures, and partnerships, showcasing a commitment to industry growth and innovation.
Nath commented on his appointment on the Board of FIDC “NBFCs are playing a critical role in the 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 andhas 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.”
This strategic move is anticipated to further strengthen the collaborative efforts between FIDC and leading industry figures, enhancing the representation of NBFCs in critical policy and regulatory discussions.