PHFCL MD vows to develop financial sector

IMPHAL,7th Sep: Similar to sports and art & culture defining the state, Panthoibi Housing Finance Company Limited (PHFCL) managing director Th Hemo has vowed to strive for developing the financial sector and put the state on the economic map of the country. The company, which is the only private finance firm in the north east with certificate of national housing bank, celebrated its 13th foundation day at its head office at Uripok Tourangbam Leikai, Imphal on Friday.

Speaking on the occasion, Hemo called upon the youth of the state to cultivate the habit of work culture and strive for a better society. Similar to sports and art & culture, developed financial sector could also define the state to the rest of the world. With support from several investors and relentless efforts, the company has now adequate resources to become a valuable asset of the state. The company will put more efforts to widen its scope and area of operation with the objective to bring financial development and put Manipur on the economic map of the country, he said.

At present, the company has 14 branches in different areas including Silchar. As of now, the branches are confined in the valley areas since it requires additional approval from the government to set up branches in the hill areas. However, the company is pursuing the matter with the hope of reaching out to every part of the state. Besides, there are plans to set up branches in other northeast states, Hemo informed.

The MD further informed that the company is venturing into other areas through its subsidiary companies like Panthoibi Microfin, Panthoibi Constructions Pvt Ltd and Panthoibi Nidhi Limited. Following an agreement with the Centre, the company has been providing subsidised home loan to both rural and urban populace under the PMAY – Housing for All – 2020 mission’. Apart from this, the company provides subsidised loans to assist in education, medical treatment and small trade ventures. With different services like regular home loan, subsidised loan and business loans, the company has been successful in becoming a pride of the state in the financial sector, he contended.

In a philanthropic gesture, the company also provided a diesel autorickshaw as subsidised loan to Oinam ongbi Laibi, a woman autorickshaw driver from Pangei Keithel as a mark of respect and assistance for her extraordinary courage in venturing into such a profession, which is considered a domain for men. Company MD Th Hemo said that the company took the responsibility to assist the woman after hearing the story of her life and struggle on the radio. Officials of the branch offices of the company also donated food products, garments and stationery materials to different old age homes and children homes as part of the foundation day celebration.

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