In order to cater to the needs of the various branches of the banks, BFI has opened branches at Chennai, Coimbatore, Trichy, Madurai, Salem, Vellore,Pondicherry, Bangalore, Mumbai and Hyderabad. Future plans include Multi Locational Offices, across the country. |
The economic slow down of the late 1990s led to wide spread recession in business and industry. During that time, the Banks and the NBFCs faced lot of problems with mounting NPAs. Mr.K.Palaniyapphan, the Founder Director of this company had a vision and thought of concentrating on receivables / recovery management. He established BFI Factoring Services Ltd on 24.06.02 as a Public Limited Company under the Companies Act 1956 with an Authorised Capital of Rs.50 Lacs and Paid up Capital of Rs.5 Lacs. Ever since establishment, BFI started rendering service towards recoveries of bad loans to banks, particularly State Bank of India, IDBI and a few other nationalized banks. Asset Reconstruction Companies like Arcil and IARC have also started utilizing their services. BFI has recovered about Rs.100 Crores from distressed accounts, through their trained and highly motivated personnel who are drawn from banks and other Govt. Departments.
