Margdarshak Financial Services Ltd (MFSL)

“Money Makes Money. When you have got little, it is often easy to get more. The great difficulty is to get that little…….Adam Smith”. At the same time we believe that the access to capital is not the complete solution to poverty. Driven by the objective of facilitating equitable access to capital resources, Margdarshak Financial Services Ltd (MFSL) is engaged in the business of financial inclusion in North India. MFSL is category B, non-deposit taking NBFC-MFI. The microfinance intervention of the Margdarshak group was initiated in the state of Uttar Pradesh in the year 2007, under the aegis of Margdarshak Development Services ( a not for profit company). Understanding the requirement of an appropriate legal structure for providing financial services in a sustainable manner, the promoters of the company acquired an NBFC in 2010. The microfinance business of the group was transferred and consolidated under MFSL during 2010-2012. MFSL received the microfinance license from the Reserve Bank of India in December 2013. Since then MFSL has shown viable, sustainable and effective growth and expanded its field operations across length and breadth of North India. MFSL is currently operating in 5 states, through a network of 136 branches spread across 57 districts of Uttar Pradesh, Bihar, Haryana, UttaraKhand and Himachal Pradesh.

The districts have been chosen taking into consideration the objective of enterprise and livelihood financing in the long run. All these districts have a large number of micro entrepreneurs and workers involved in internationally acclaimed crafts. The mix of the districts allows the company to provide financial services in both rural and urban areas and is a deliberate choice taking into consideration the underlying objective to strengthen the livelihood of the poor. All these districts show tremendous need for strengthening the existing livelihood bases. Led by an able set of board and management, the organisation has enabled over 200000 families in establishing and diversifying business for achieving economic strengthening.

MFSL has been graded ‘BWR MF2’ by Brickwork Rating in February 2019, which signifies high capacity to manage its operations in a sustainable manner and good performance of code of conduct dimensions. Brickwork has accorded Bank Loan rating of ‘BBB’ rating to MFSL.


“Providing a holistic bouquet of financial products and services to the economically weaker enterprising sections of the community for enabling mainstreaming and socio-economic betterment.”


“Adapting industry best practices in all aspects of organisation for emerging as financial service provider of choice for 500000 families in Uttar Pradesh, Bihar and Neighbouring States.”