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, Chairperson

Prof David S 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' with 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, CASHPOR Micro Credit

Mr. Mukul Jaiswal has a long association with CASHPOR group of companies and is Managing Director of CASHPOR Micro Credit since last 11 years. He is a Chartered Accountant by qualification. 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 has also been appointed as the Trustee of Cashpor Trust since February, 2020. He is also a Director of CASHPOR Financial and Technical Services Private Limited and many other Prominent MFI’s across India. He has over 19 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

Moumita 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.

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. 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 Kalyani Forge Ltd, Trent Ltd., Veritas Finance Ltd,NAFA Ltd, Manappuram Finance Ltd, Ashirvad MicroFinance Ltd and Ujjivan Financial Services Ltd and in the past on the Board of National Securities Depository Limited, IDFC First Bank and IndiaFirst Life Insurance Ltd. He also serves on the Risk Committee of the National Stock Exchange.

Mr. Sen holds an Honours degree in Engineering from IIT, Kharagpur and an MBA from IIM-Calcutta.

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

Mr. Saneesh Singh has over 28 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. Sanjeev Anand, Nominee Director, IndusInd Bank

He is an experienced corporate banker with 30yrs. of work experience of which 27 yrs. has been in the banking space.

Currently Country Head for Commercial & Rural Banking at Indusind Bank, he is involved in the development of strategy and business in areas like SME Banking, Mid-Market corporates, Business banking , Financial Inclusion Business and Corporate Agri business.He is responsible for rural business cutting cross banking products leveraging on coverage of IndusInd and Bharat Finance Inclusion Limited ( BFIL ) distribution franchise. He has been one of the key member instrumental in Indusind Bank & Bharat Financial Inclusion Merger in 2019.

Prior to Indusind Bank he was with ABN Amro as Head of Commercial Banking where he set up the SME vertical and also did various stints in the large corporate space.

He is a keen & active sports person. A regular squash player Sanjeev has won the Nationals Men Squash title in the over 40yrs category and has represented the Delhi State Squash team.

Being a sports person and having played competitive squash at the national level, he is of the firm belief that sports is a terrific metaphor for life and besides the physical benefits, sports gives one the wherewithal to achieve a high level of emotional quotient . With this belief , he has also set up IndusInd For Sports - a non- banking sports vertical at IndusInd Bank .The vertical is fully functional and running set-up working with various partners and collaborators.

Mr. Rajiv Kumar, Nominee Director, SIDBI

Mr. Rajiv Kumar attended Boulder Micro Finance Training in 2007 and have worked extensively in the area of Micro-finance and was closely associated with the Micro Finance Institutions (MFIs) operating in Eastern Uttar Pradesh during his tenure as In-charge of Branch Office of SIDBI at Varanasi from June 2006 to October 2010.

He was associated with India SME Technology Services Limited (ISTSL), an associate of SIDBI as its Director cum Chief Executive Officer and involved in its turn-around into a profitable entity actively engaged in providing technology related services for sustainable development in MSMEs.

Mr. Rajiv Kumar handled loans & advances operations at SIDBI and Allahabad Bank at Head Office and field levels. Closely worked on lines of credits and projects funded by various multilateral & bilateral agencies including the World Bank, etc. for financing and promotion of sustainable development in MSME sector through Energy / Resource Efficient technologies. Instrumental in setting up of Energy Efficiency Centre of SIDBI at New Delhi and was heading it for around 7 years.

Presently, Mr. Kumar is working as General Manager of SIDBI at its Head Office. Since October 2018, designated as alternate Compliance Officer of SIDBI and also handling the Fraud Management operations of SIDBI. He is having work experience of 27 years with Small Industries Development Bank of India (SIDBI) and Allahabad Bank.

Mr. Rajiv Kumar holds a degree of Bachelor in Mechanical Engineering and Masters in Economics and Certified Associate of Indian Institute of Bankers (CAIIB), Post Graduate Diploma in Financial Management (PGDFM) and a Certified Measurement & Verification Professional (CMVP).

Mr. Sudarshan Sen, Independent Director

Mr. Sudarshan Sen is a former Executive Director of the Reserve Bank of India. As Executive Director, he oversaw banking and non-banking regulation. He has had a long association with bank regulation and supervision, and was also Principal Chief General Manager in charge of the Department of Banking Regulation and Chief General Manager in the Dept. of Banking Supervision, of the Reserve Bank. He has represented the Reserve Bank in the Policy Development Group and the Supervision and Implementation Group of the Basel Committee on Banking Supervision.

Mr. Sen holds an MBA in International Banking and Finance from the University of Birmingham, UK and also holds a master’s degree in Mathematics from the University of Delhi.

List of Board Approved Policies:

The Board 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- Opration 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 Opration 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. Audit 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