Enabling Financial Inclusion for Rural Communities

  Pragati, established in FY2022 as LUCKY-HOLDINGS' dedicated rural finance arm, spearheads the end-to-end management of rural financial services - from loan origination to servicing and collections - across India's rural and semi-urban markets. Operating on an advanced digital platform designed for efficiency and scalability, Pragati delivers tailored financial solutions including: income-generating microloans (₹20,000-25,000) for individual borrowers and small business loans (₹59,000-90,000) featuring innovative cross-sell models, all underwritten through a unique blend of field credit assessments and digital risk analytics. With ambitions to establish nationwide dominance in rural finance, Pragati is strategically expanding its operations to become the preferred financial partner for underserved communities across India.

Pragati's innovative phygital model seamlessly combines physical and digital channels to serve customers, powered by an integrated digital platform that handles the entire lending process - from KYC verification and credit checks through its connections with credit bureaus, to account management, payments processing, and AI-driven underwriting leveraging data analytics, geospatial insights, and automated decision engines. As of September 2023, the company had expanded its rural banking network to more than 215 branches strategically located at taluka headquarters across eight states and one union territory, serving a growing customer base exceeding 370,000 borrowers. Branch expansion follows careful evaluation of each district's market potential and risk profile, ensuring optimal coverage of underserved rural communities.

Pragati is transforming into a comprehensive rural financial hub, offering a complete suite of credit products ranging from microloans and small business financing to vehicle loans, property-backed lending, and home improvement financing. As LUCKY-HOLDINGS' designated business correspondent, Pragati manages the full loan lifecycle - from initial origination through ongoing servicing and collections - for all direct rural lending operations. This strategic initiative is spearheaded by Mr. Jagadish Babu Ramadugu, a seasoned BFSI expert with decades of experience in India's financial services sector, who brings invaluable leadership to this rural financial inclusion mission.