Governance :

Board of Directors stand at the apex of the governance. The Board comprise of professionals, experts of the sector with high experiences who are well placed to understand, forecast and frame the policies to move in right direction and extending guidance to achieve the objectives of its vision and mission.

Prof. David S. Gibbons, Chairman of the Board

Prof. Gibbons is a PhD holder in Politics from Princeton in 1968. He taught subsequently at University Sains in Penang, under whose auspices he founded Amanah Ikhtiar Malaysia, the first successful international replication of the Grameen Bank of Bangladesh. In 1996, Prof. Gibbons founded CASHPOR Financial and Technical Services which is the holding company of CASHPOR Micro Credit, a Not-for-Profit MFI working exclusively for BPL Households in the most backward districts of the Nation. He was awarded with ‘Contribution to the Growth of the Microfinance Sector in India by an Individual Award’ in 2011 at Access Microfinance India Summit. Besides this, he has also been a member of Policy Advisory Group of CGAP, World Bank. He has authored and co-authored many papers and training manuals on building institutional capacity for microfinance for poor women. Prof. Gibbons Chairs the Board of CASHPOR Group of Companies and provides his strategic guidance and leadership to the Board and the Company.

Mr. Bahram Navroz Vakil, Hon. Vice-Chairperson

One of the Co-founding and senior partners of AZB and Partners of Mumbai, Mr. Vakil is amongst India’s foremost infrastructure and project finance attorneys. Mr. Vakil was a member of the Bankruptcy Law Reform Committee (which led to the implementation of the Insolvency and Bankruptcy Code, 2016) and has also served as a member on various high-level government committees on financial reform, foreign direct investment and securities market reform. Mr. Vakil is on the Board of CASHPOR Micro Credit since December 2011. He is also a Trustee of CASHPOR Trust. He also serves on the Board of several Companies in the capacity of Independent Director and Non-Executive Director. He has an in-depth knowledge of the microfinance, regulatory and banking sectors. Mr. Vakil is an advocate of Bar Council of Maharashtra and Goa and also a member of the New York Bar Council. He holds Bachelors in Law from Mumbai University and Master’s Degree in Law from Columbia University.

Mr. Mukul Jaiswal, Managing Director

Mr. Mukul Jaiswalis a Chartered Accountant by qualification. Mr. Jaiswal has a long association with CASHPOR group of companies – earlier in his capacity as a statutory auditor and thereafter in the capacity of the Managing Director. Mr. Jaiswal is an ex-officio member of the Board and of the Financing Committee, Risk Management Committee and Corporate Social Responsibility Committee of the Board of CASHPOR Micro Credit. He is also a Director of CASHPOR Financial and Technical Services Private Limited, CASHPOR Financial Services Private Limited and many other Prominent MFI’S across India. He has over 17 years of rich experience in the field of microfinance. Under his able guidance and leadership, CASHPOR has bagged the “Best Microfinance Institution of 2012” in the large category award & True lift leader Milestone Award by Smart Campaign in 2013 and received “2015 Microfinance Institution of the Year Award” in Asia/Pacific region from Whole Planet Foundation and “SKOCH Order-of-Merit Award for Financial Inclusion and Deepening” in 2015.

Ms. Moumita Sen Sarma, Director

Ms. Sen Sarma , is the Director of Isha Leadership Academy, an initiative of Isha Foundation. Its flagship program, “Insight: The DNA of Success”, has been widely acclaimed as a unique leadership program that combines inner sciences with outer management, for scaling up one’s business as well as one’s own self. A Chartered Accountant by training, Ms. Sen Sarma has served the Financial Services sector for 22 years in several capacities, prior to joining Isha Foundation as a full time volunteer in 2010. Till March 2010, she served as the Head of Microfinance and Sustainable Development at ABN AMRO Bank, India. In 2003 she set up the Bank’s Microfinance business and was also the architect of the ABN AMRO Foundation India, (later renamed RBS Foundation India). Led by her team’s work, the Bank won many awards and recognition in the area of Sustainability, including the Global IFC / FT Sustainable Banking Award in the Emerging Markets category in 2007. Her team also produced a Sustainability Report of the Indian Operations of ABN AMRO, a first of its kind for the Financial Services Sector in India which won the Global GRI’s Reader’s choice Award. Ms. Sen Sarma currently serves the not-for-profit sector as a Board Member of Isha Institute of Inner Sciences (Tennessee, USA) since 2013 and Cashpor Micro Credit (Varanasi, India) since 2003 and Trustee of Isha Foundation (Coimbatore, India) since 2012. She has also served on the boards of Oxfam India (Delhi, India 2008 to 2014) and Ananya Finance for Inclusive Growth (Ahmedabad, India, 2010 to 2014) ABN AMRO Foundation (Mumbai, 2006 to 2010) and as a Stakeholder Council Member of Global Reporting Initiative (GRI), Amsterdam, Netherlands until 2012. She has been a frequent speaker at conferences on both Microfinance and Sustainable Development in India and abroad (incl USA, EU: World Bank/IFC, Tallberg, WEC, Ethical Corporation, Women’s World Banking, Euro Market Forum, Sa-Dhan, WRI) as well as Business Schools in India (IIM Ahmedabad, ISB Hyderabad, S.P Jain Mumbai). Ms Sen Sarma joined ABN AMRO Bank in the year 1998 and prior to setting up the Bank’s Microfinance business in India, worked within the Bank with several responsibilities ranging from Risk Management (wholesale credit) to lending (large Corporate clients). Prior to joining ABN AMRO, Ms Sen Sarma worked with American Express Bank for 3 years (1996-1998) managing corporate relationships; prior to that she was looking after the leasing and hire-purchase business of SRF Finance (later acquired by GE Capital) for 3 years (1993-1996). She also spent a year in consultancy with Price Waterhouse Coopers (1993). Ms Sen Sarma trained at Price Waterhouse Coopers for her CA and is a Graduate in Physics from the Presidency College, Chennai, India.

Mr. Sanjoy Dasgupta, Non-Executive Director

Mr. Dasgupta has more than 22 years of experience in the field of microfinance and more than 26 years of experience in social services sector. He has been an ex. Chief Admin Officer of PIDT, a mixed education oriented microfinance NGO. Mr. Dasgupta is a Commerce graduate and specializes in the social services sector and has been associated with the CASHPOR Group since its inception. He advises on various supporting social services provided by the Company for its clients as well as takes active participation in their promotion and execution. He is a member of Financing Committee, Share Transfer Committee, Audit and Risk Management Committee and Corporate Social Responsibility Committee of the Board.

Mr. Abhijit Sen, Independent Director

Mr. Abhijit Sen retired from Citi India after serving as the Chief Financial Officer - India Subcontinent for over 18 years. In this role he was responsible for the Finance function in India, Bangladesh and Sri Lanka for the entire Citi franchise including Controllership, Corporate Treasury, Financial Planning, Product Control and Tax. He was a member of all Policy level Committees as well as Boards of constituent Citi companies, and had a significant ongoing involvement in various areas of Management of the franchise with special emphasis on Business planning/ Strategy, regulatory aspects, financial planning and policies and corporate governance/ legal entity management. He was also responsible for interfacing with external rating agencies, banks and investors to broad-base funding of non-bank vehicles. In addition to his CFO role, Mr. Sen was Chairman of Citicorp Services India Limited which provides a variety of services in the analytics, financial modeling and planning, processing and technology space engaging over 3000 professionals serving a variety of Citi businesses overseas. As Chairman of the Board, he was responsible for providing governance oversight and ensuring performance of service delivery, while protecting regulatory standards. He also earlier provided oversight to a variety of functions including Compliance & Control, Procurement, Premises Management and Utilities. On retirement from Citi, Mr. Sen is engaged in an Advisory role with a Big 4 firm for their Financial Services practice. He also currently serves on several Boards including IDFC Bank, India First Life Insurance Ltd, Kalyani Forge Ltd, Trent Ltd., Veritas Finance Ltd and Ujjivan Financial Services Ltd and in the past on the Board of National Securities Depository Limited. Mr. Sen holds an Honours degree in Engineering from IIT, Kharagpur and an MBA from IIM-Calcutta.

Mr. Graham L. Wrigley, Nominee Director, Blueberry Hill Charitable Trust

Mr. Wrigley is a founder of Blueberry Hill Charitable Trust, Chairman of Sir Edmund Hillary’s Himalayan Trust UK, and is associated with multiple other charities. Mr. Wrigley has recruited and leads a team which works to support CASHPOR in targeting the BPL households in the northern rural India, all at no cost to CASHPOR; and annually Blueberry Hill Charitable Trust has committed to top-up by say 10% the amount of subordinated debt the company is able to raise assuming continued need and meeting of social covenants and performance. Since 2006, Graham's career has focused on private sector development, with a specific focus on SMEs and Microfinance in Sub-Saharan Africa and South Asia, including serving as Chairman of Aureos. Graham previously worked in private equity where he was a founder partner of Permira and a member of the firm's management board as it grew into one of the leading private equity firms in the world with US$30bn under management. Prior to Permira, Graham worked for Bain & Co. Graham Wrigley joined CDC in 2013 as its Chairman with extensive experience of investing in developing and developed markets. Graham studied Law & Economics at Cambridge University, and completed an MSc in Development Economics at The School of Oriental and African Studies in London. He has an MBA from INSEAD, one of the world's leading business schools, where he is adjunct professor.

Mr. Prakash Kumar, Nominee Director, SIDBI

Mr. Prakash Kumar is the Chief General Manager at SFMC, SIDBI, Head Office, Lucknow since June 2015. Prior to his posting at Lucknow, he had been In-charge of the prestigious Poorest State Inclusive Growth (PSIG) Project being implemented by SIDBI with support from DFID, UK. He has more than 23 years of experience in SIDBI, in areas such as SME Financing, Microfinance, Recovery and NPA Management, Business Process Re-engineering etc at the Head Office and Branch Levels. Prior to joining SIDBI, he also worked for 2 years at Biotech Consortium India Limited, a company promoted by DBT, GOI and All India Financial Institutions. He has attended several training programmes / Conferences / Seminars both in India & abroad concerning MSME financing & development and related areas. He is a graduate in Chemical Engineering from IIT Delhi and postgraduate in Financial Management from the NMIMS, Mumbai.

Mr. Saneesh Singh, Nominee Director, Dia-Vikas Capital Pvt. Ltd

Mr. Saneesh Singh has over 27 years of experience in the fields of development, banking & finance, financial inclusion, MSME lending and social & impact investments. He is currently the MD & CEO of Dia Vikas Capital Pvt. Ltd. (Dia), a subsidiary of Opportunity International Australia and leads Opportunity’s initiatives in India. Dia Vikas, through its partner institutions, reaches over 9 million poor households– providing access to much needed financial products and services viz. loans, insurance, savings, pensions etc. and catalyzing community development initiatives viz. health, sanitation, education, etc.

Mr Singh has been engaged in institution building, mentoring and governance of major microfinance institutions and has wide exposure to innovative community finance arrangements & social investments in India and abroad. He is a member of Inclusive Finance India Group of Advisors and has been associated as committee member with various national level MSME technical institutes, industry associations, business incubators and management training institutions etc.,. He also serves on key committees and industry forums associated with social performance, responsible finance and impact investments.

Mr Singh had earlier worked in senior managerial capacities at SIDBI and was part of the core team that initiated its highly successful microfinance program. Here he was involved in significant initiatives relating to institutional development, capacity building, technology upgradation, livelihood financing and financial inclusion. He successfully implemented prestigious bilateral projects with UKAid, IFAD, World Bank, GIZ, Swiss Aid etc.. He also played a key role in startup support and growth of Bandhan which is now a leading Universal Bank (Bandhan Bank).

Mr Saneesh holds Master’s Degree in Social Work as well as in Systems Analysis and Design and is an Associate of the Indian Institute of Bankers. He is a British Chevening (Banking and Finance) Scholar from London School of Economics and has specialized in Private Equity Investments from Indian School of Business, as also in Strategic Leadership in Inclusive Finance from Harvard Business School. Saneesh is an Aspire Fellow and currently serves on the boards of several leading Urban and Rural MFIs, including Cashpor Micro Credit and ESAF Small Finance Bank.

Mr. Suhail Chander, Nominee Director, IndusInd Bank

Mr. Chander qualified as a Chartered Accountant and started his career at the ANZ Banking Group in India as a Management Trainee in 1983. After holding a variety of positions mainly in the Corporate Banking and Trade Finance area, Mr. Chander moved to ABN AMRO in 1990 to Head Corporate Banking at New Delhi. He subsequently moved to Chennai to set-up the Bank operations there. After creating two successful franchises in India Mr. Chander moved to ABN AMRO Indonesia and spent 7 years there in various capacities including Corporate Banking, Risk Management, Recoveries and Consumer Banking. In 2006, he was given the responsibility to run ABN AMRO's Consumer Banking business in Singapore and Malaysia. He moved to IndusInd Bank in February 2008. An accomplished banker with an outstanding record of achievements in areas such as Strategic Planning, Corporate and SME Banking, Financial Institutions, Risk & Recoveries, Wealth Management, Retail Distribution and Credit Cards. Mr. Chander now leads IndusInd Banks Corporate and Commercial Banking Business. A part of the Core Management Team he has direct responsibility for Corporate and Institutional Banking, Investment Banking, Financial Institutions, Small and Medium Enterprises and Corporate Liabilities.

Mr. Sachchida Nand Tripathi, Independent director

Mr. Sachchida Nand Tripathi has over 36 years of experience of banking. . He has been recently associated with CASHPOR Micro Credit as an Independent Director on Board of the Company. Mr. Tripathi was Chairman of Kashi Gomti Samyut Gramin Bank. He is credited with a number of initiatives during his tenure there. He joined Union Bank of India in 1978 as an Agricultural Field Officer and served diverse positions covering Credit Management, Retail Banking, NPA Management, Internal Audit, Rural Banking, Resources Mobilisation, Corporate Communications & Publicity, Customer Relationship Management, Branch Network Expansion, HR Management & Training (as a Faculty for more than a decade.) His book titled “Hand Book on A to Z of Banking” was published by M/S Macmillan India Ltd, for which forewords were given by Shri V. Leeladhar, Ex CMD, Union Bank of India & Ex Dy. Governor, RBI. He has also worked as Co-Examiner in the subject “Special & Preferred Sector Finance” for Associate Examination of the Indian Institute of Banking & Finance. Mr. Tripathi is a Post Graduate in Agriculture from Rajendra Agricultural University, a Certified Associate of Indian Institute of Bankers (CAIIB) and a Diploma in Computer Management. Mr. Tripathi is a native of Kaimur District (Bihar) and currently resides in Varanasi. He is also associated with social activities in Varanasi.

List of Board Approved Policies:

The Boar sits thrice in a year (A section 25 Company is to comply conduct of a minimum two Board meeting in a year). The Board reviews the performances of different verticals of financial inclusion and extends guidance’s for achieving the objectives of vision and mission. Apart, The Board also approves policies on matters related with the process to integrate various procedures and practices for smooth process flow and governance.

1- Whistleblower Policy:

This aims to formalize and strengthen a system that encourages employees of the company to raise a concern or early warning about irregularities or reporting on unethical or improper practices within the company along with providing due protection to reporting employee.

2- Investment Policy:

To meet primary objective of efficient utilization of fund for meeting the borrowing needs of the beneficiaries the policy aims to plan its ash flows meticulously to ensure to keep minimum idle fund.

3- Business Continuity and Disaster Management Policy:

The policy provides a governance structure and a set of guidelines to prepare cashpor to tackle crisis events, the impact of these events on business process, system and employees/ members.

4- Risk Management Policy:

The Risk Management policy lays down the governance structure supporting the identification, assessment; monitoring, reporting, and mitigation of risk throughout the entity.

Board Level Committee:

To discharge functions smoothly and timely manner the Board has constituted following subcommittee which are in conformity of Indian company Act.

  1. Auddit Committee of Directors
  2. Financing Committee of Board of Directors
  3. Share Transfer Committee of Board of Directors
  4. Board Level Risk Management Committee
  5. Corporate Social Responsibility Committee of Board of Directors
Company Details
Cashpor Micro Credit
H.O.: S-8/107,107-A-1, 2nd Floor,
Varanasi Trade Center, Khajuri,
Maqbool Alam Road, Varanasi-221002
  • 18004191114