MEMORANDUM OF ASSOCIATION
The Memorandum of Association (MOA) of South Indian Credits outlines our objectives, core principles, and the foundation of our commitment to delivering trusted financial services
South Indian Credit has been your reliable financial companion for over 77 years, offering trusted solutions such as gold loans, personal loans, and more. With a legacy built on integrity and customer satisfaction, we continue to provide exceptional financial support to meet your evolving needs
The vision and toil of a group of entrepreneurs back in 1948 , led to the birth of South Indian Credits Ltd (SICL), a leading NBFC in Kerala, has come a long way, transforming the lives and dreams of trusted customers over generations. SICL has maneuvered itself into a catalyser for socio-economic growth in the region riding on the financial transformation happening in the country. Upon obtaining the NBFC license from RBI in 2001, our product philosophy has been consistently driven by the vision of financial inclusion to bank excluded target groups without compromising on the service experience of mainstream banking institutions. Our product line has been tailored to deliver credit to the unorganized sector and small local borrowers. Currently, we offer Gold Loans, Microfinance, Personal Loan, and Subordinated Debt Schemes, apart from structured Health Insurance plans. Our market positioning has been greatly influenced by superior customer service and attractive credit/wealth creation schemes. The massive growth in Compound Annual Growth Rate has been possible only because of our people. We are legging up their efforts with well-thought investments in technology tools and resources to digitally transform our customer service, operations, and credit risk functions. Buckled up with new-age technology expertise, we are embarking on a journey hand-holding the disenfranchised to greater financial inclusion and independence. South Indian Credits Ltd was established in the year 1948 and carries a glorious legacy of 77 years in committed customer service. In the year of 2001 the company got NBFC license from Reserve Bank of India. The company has upgraded its status from Private Limited to Public Limited Company in 2021 and aims to be a unique service provider in finance sector by offering very attractive and helpful financial services to its customers in an affordable cost at the same time assuring maximum return to the investors. Our expert management team takes up the responsibility of managing the invested money to bridge the gap between individuals’ investment options and their financial goals/ requirements. SICL is also involved in the promotion of entrepreneurship and related training programmes aiming to bring sustainable development for the target group and lead them in to self-reliance in order to achieve their dreams and life goals. SICL facilitates and expands access to financial services for Micro, small and medium enterprises in emerging economic and developing villages. These services are fundamental to their economic development and are often need of financial services tailored to their need. SICL invests for the long term with a view to creating a national and international network of financial institutions that share the same guiding principles, values and methods. As a technologically driven NBFC, SICL has professionally managed to stand firm in the sector assuring maximum benefit to its investors and providing cost effective services to the customers which bring cheers and smiles across and spreading a house hold feel among them.
Established in 1948, SICL(SITS ). began its operations in post-independence India, a period marked by economic reconstruction and nation-building. As one of the earliest Finance companies in the country, SICL (SITS )played a pioneering role in financial services, particularly in catering to the needs of underserved segments. Its journey reflects the evolution of India’s financial landscape
SICL (SITS). was founded by group of entrepreneurs in Kottapadi , Ponnani . With limited resources but a clear mission, the company started by offering small loans to individuals and small businesses. These loans provided critical support to entrepreneurs and small-scale industries in the post-war economy, which lacked access to traditional banking services. During this time, SICL (SITS ) distinguished itself by adopting innovative lending practices, such as flexible repayment schedules and personalized customer service, which earned it a loyal customer base.
By the 1960s, India was undergoing rapid industrialization, and the demand for credit was soaring. SICL (SITS ) expanded its services to include vehicle financing, trade loans, and gold loans..
Entering the 21st century, SICL (SITS ) rebranded itself to reflect its broader mission of financial inclusion. The company leveraged advancements in fintech, including mobile apps and AI-driven credit assessment, to reach rural and semi-urban areas. In 2023, the company introduced micro-financing for women entrepreneurs, aligning with the government's push for financial empowerment.
Today, SICL (SITS ). stands as a testament to resilience and adaptability. With over seven decades of experience, it has become a household name, contributing significantly to India's economic development. Its history is not just about financial milestones but also about touching lives and empowering communities. As it moves forward, SICL (SITS) continues to uphold its founding values of trust, innovation, and customer-centricity, shaping the future of financial services in India.
The story of SICL(SITS) is more than a corporate history; it is a chronicle of India’s financial evolution. From its humble beginnings in 1948 to its status as a leading NBFC today, it exemplifies how vision, perseverance, and innovation can create lasting impact.
SICL continuously strives to provide the most advanced products and services to our customers and help them achieve their goals. Delivering competitive products & services to our customers, which contributes to brand strength, enhances profitability, and provides value to the stake holders.
To be the most customer-friendly organization operating nationally, which provides a complete range of financial services to all sectors of the community.
Integrity, Reliability, Commitment, Customer Focus, Innovation, Professionalism and Teamwork
Explore our Memorandum of Association (MOA) and Articles of Association (AOA) to understand the core principles, objectives, and governance structure that guide South Indian Credits in delivering trusted financial services
The Memorandum of Association (MOA) of South Indian Credits outlines our objectives, core principles, and the foundation of our commitment to delivering trusted financial services
Download nowThe Articles of Association (AOA) of South Indian Credits detail the rules, regulations, and governance framework guiding our operations and corporate responsibilities
Download nowThe corporate governance of South Indian Credits Ltd, is guided by a framework emphasizing transparency, accountability, and compliance with regulatory standards. Key aspects of their governance practices include:
The company has a Board of Directors and committees responsible for making strategic decisions, including interest rate policies and asset-liability management, ensuring alignment with Reserve Bank of India (RBI) guidelines and market conditions
Risk Management Policy: Addresses financial and operational risks to safeguard company assets.
Code of Conduct: Promotes ethical behavior and integrity across all operations.
KYC Compliance: Adheres to RBI standards for Know Your Customer and anti-money laundering measures
South Indian Credits is actively involved in community development initiatives, such as rural empowerment, education support, and health camps, demonstrating their commitment to socio-economic development
Their policies and loan schemes are designed to balance affordability and financial inclusion, reflecting their mission to serve both urban and rural communities effectively
We have a Nomination and Remuneration Committee that complies with the Companies Act, 2013 and RBI guidelines.
We have an Audit Committee with at least three members of the Board of Directors. The Audit Committee conducts an Information System Audit at least once every two years.
Our Compliance officer who is responsible for legal and statutory compliance set policies and procedures, and monitor adherence to laws and regulations.
We have a policy in place to ensure that directors meet fit and proper criteria. This policy should be approved by the Board of Directors.
NBFCs must provide a quarterly statement to the Reserve Bank on changes to the board of directors. The statement must be certified by the Managing Director and reach the Reserve Bank within 15 days of the quarter's end. South Indian Credits Ltd follow this .
South Indian Credits Ltd. proudly marks a significant digital milestone, reflecting our dedication to innovation and excellence in financial services. Through seamless technology integration, we’ve enhanced customer experience, streamlined operations, and strengthened data-driven decision-making. Our digital transformation empowers clients with faster, smarter, and more accessible financial solutions, ensuring convenience and reliability at every step. This achievement highlights our commitment to staying ahead in a rapidly evolving digital landscape while maintaining the trust and satisfaction of our valued customers. As we move forward, we remain focused on leveraging technology to drive growth, efficiency, and a brighter, tech-driven future.
Meet the visionary leaders of South Indian Credits, whose expertise and guidance drive our commitment to excellence and customer satisfaction
Ensures sound corporate governance at operational as well as policy level, he is principally responsible for providing the mandate and leadership for the executive team to work in partnership across their operational groups, to lead and implement continuous improvement in business process, leveraging digital transformation and ensure delivery of customer-centric services. In his role, he steers the board of directors on policy decisions regarding asset liability and risk management.
His experience in Loan policy making, Implementation of process and procedure, Recruitment, Training and portfolio management, delinquency management and economic analysis, moulded his perspective on societal needs and social interaction. Later in life this was the real impetus that made him pursue a career in microfinance where economics and philanthropy share a common platform. Throughout his career in the mighty finance industry- for more than two decades, such interactive experiences have helped him to overview situations that come up to him with a humanitarian angle. It had helped him to get the real pulse of the problem.
A battle-hardened banking professional, with an MBA in Finance & Marketing, for more than 22 years of experience serving across verticals in Max Microfinance, Muthoot Fincorp and ESAF, Elby Thomson has played an instrumental role in driving the growth of the company. He has significant experience managing fund vehicles of various sizes being involved right from the early stage with due diligence.
Started his career in financial sector in 1996 with ESAF microfinance. After a break in 2004 he re-joined with ESAF. He holds a track record of 28 years of work experience in various capacities with leading institutions in Kerala. Being attracted with the possibilities of Microfinance to build the lives of economically underprivileged community he equipped himself with wider knowledge in that sector. He could wipe out local and other money lenders from many of the remote villages of Idukki district of Kerala. Helped thousands of families across Kerala, Tamil Nadu and Gujarat to find out their own livelihood and self-reliance.
He is also talented in entrepreneurship, Motivational and personality development trainings. Hundreds of youngsters privileged to work under his talented leadership which enriched their carrier and personnel life. The companies like ESAF, Muthoot Fincorp, and Madura Microfinance potentially benefited through his employment with them. He pioneered the microfinance activities of Muthoot Fincorp to Gujarat and Madura Micro finance to Kerala. During his career with Muthoot Fincorp his exposure and expertise to gold loan business and insurance enhanced. Now, he drives our digital transformation initiative, in collaboration with the risk management and customer service verticals. His academic background in Economics has uniquely positioned him to understand and toil towards the financial inclusion of the disenfranchised.
Started his career in 1999 as a teacher in a tribal colony in Kanthalloor Panchayath. He was awarded the best teacher under BRC Munnar. Along with teaching he was associated with the socio- economic development of poor students in this panchayath. Later he joined with ESAF, A microfinance firm, as development officer and ESAF honoured him Excellency Award for exemplary service. He was deeply associated with the economic development of more than 10000 rural women through empowerment programme.
He started his own social service organization in 2005-2015. As part of that, he actively involved in the rehabilitation of Tsunami affected coastal areas of Tarangambadi and Chinnamgudi in Nagapattanam district, Tamilnadu. He was the project director of improvement and well-being projects of that rehabilitation programme. He could make remarkable achievements in uplifting the socio-economic educational life of the fishermen community. He was awarded the best social worker by the Rotary international, Tamilnadu.
Further, he was again associated with a reputed microfinance institution “Village Care” as Operations Manager and has received various awards like the V.K Kurian Memorial award (2017), Fr. Immanuel Vettikkuzhy Memorial award (2018), Best Achievement award from Kanthalloor Grama Panchayath (2019). He still continues to be actively involved in the development process of rural areas and associated with various organizations. For his immense contribution to society SICL has made him the Director, as SICL follows the principle of human justice and the overall development of society.
As a part of the Asset Liability Committee and Risk Management Committee, he extensively contributes to policy and implementation of a customer-centric risk mitigation framework. He is responsible for the strategic partnerships, government relations, and risk management. His experience working with government agencies on various socio-economic development programs like DDUGKY, PMKVY has been of great value to our product offering.
Our team is a dynamic blend of experienced industry veterans and forward-thinking innovators. With a deep understanding of our industry, we pride ourselves on creating value for our clients, stakeholders and partners. We foster an environment that values growth, learning and innovation. By leveraging cutting-edge tools and methodologies, we ensure that our team remains ahead of the curve, delivering solutions that not only meet but exceed expectations.
Celebrate our achievements at South Indian Credits as we are honored with awards recognizing our excellence, innovation, and commitment to delivering exceptional financial servic
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The Memorandum of Association (MOA) of South Indian Credits outlines our objectives, core principles, and the foundation of our commitment to delivering trusted financial services
The Articles of Association is a legal document that outlines a company's internal rules and governance. It covers regulations on shareholder rights, the responsibilities of directors, share issuance, and the company’s purpose, ensuring proper management and operations.
GST Certification in an NBFC ensures compliance with GST regulations, allowing the NBFC to collect and remit taxes on services like loans and financial products. It also enables the company to claim input tax credits, reducing its overall tax liability.
A Certificate of Registration is an official document that confirms the legal registration of a business or entity with the relevant authorities. It signifies that the organization is recognized and authorized to operate under the applicable laws, such as tax laws, business regulations, or industry-specific requirements. The certificate typically includes details like the business name, registration number, date of registration, and the scope of operations.
A Certificate of Incorporation is a legal document issued by a government authority (usually the Registrar of Companies) that officially recognizes the formation of a company. It marks the company's legal existence as a separate entity and includes important details such as the company’s name, registration number, incorporation date, and its legal structure (e.g., private limited, public limited). This certificate allows the company to conduct business, enter into contracts, and own assets in its own name.
The UDYAM REGISTRATION CERTIFICATE is an official document for MSMEs in India, recognizing them under the Udyam Registration Portal. It provides a unique ID and helps businesses access government schemes and benefits.