Background :
AFC India Limited was incorporated on April 10, 1968 as a Public Limited Company with an Authorised Capital of Rs. 100 crore and Paid-up Capital of Rs. 5 crore by the then private sector commercial banks primarily for financing the agriculture sector in the country. It was formally inaugurated by the then Hon’ble Deputy Prime Minister and Finance Minister of India, Shri Morarji Desai on November 30, 1968.
Subsequent to the nationalization of fourteen major Indian Scheduled Commercial Banks on July 19, 1969, AFC repositioned itself as a Technical Support Institution for facilitating accelerated growth of Indian agriculture.
AFC has now blossomed into a diversified multi-disciplinary specialized consulting organization in the fields of agriculture, rural development and other social sectors.
Journey so far :
AFC’s Journey so far has been quite exciting as will be observed from the following details:
- Started operations by commencing lending to plantations and minor irrigation structure in association with Sugar Mills.
- Prepared the framework for financing Rural Electrification Corporation under special project agriculture schemes for irrigation of agricultural electric pump sets.
- Consequent upon nationalization of Banks in 1969, AFC started providing hand holding to Commercial Banks for initiating agriculture lending operations.
- Subsequently, moved to preparation of Area Development Plans facilitated by banks to take comprehensive lending projects.
- In view of emerging business opportunities, AFC diversified into DPR preparations for River Valley Projects.
- By 1975, it started exploring international projects.
- Gradually, AFC established itself as a major consultancy organization specializing in Monitoring & Evaluation with various departments of Government of India and the State Governments.
- Developed specialization in Environment Impact Assessment which is an integral part for approval of irrigation projects.
- Provided support to NABARD in monitoring of the projects funded under RIDF.
- By 2005, AFC started implementing watershed projects which was followed by large scale agricultural extension services, Organic Farming, etc.
- Company experimented with Retail Micro Finance operations, Training and Capacity Building and Financial Literacy in 2008-09.
- AFC is now also engaged in providing Skill Development under various programmes of Government of India.
- Recently, AFC has taken initiative to explore international business and has entered into MoU with an Afghanistan based Company for providing consultancy services in Agricultural Supply Chain Management.
Keeping in view the needs of the present times, AFC has started new Thematic Verticals in the areas of its specialization. The Porfolio of AFC now comprises of the following:
- Agriculture Risk management & Climate Resilience
- CSR Management & Rural Livelihood
- Producer Collectives & Inclusive Value Chain
- Skill & Human Capital Development
- Technology & Innovation for Agriculture & Rural Development
- Sustainable Development & Green Growth
- Social Entrepreneurship & Inclusive Finance