The Federation of Indian Hire Purchase Associations (FIHPA) organised its 26th National Convention on January 27, 2018 at Mahabalipuram.
The chief guests on the occasion were Dr. C. Rangarajan, former Governor of the Reserve Bank of India, and Mr. R. Subramaniakumar, Managing Director & CEO, Indian Overseas Bank, and the guest of honour was Prof. Dr. Vaidyanathan, a retired from IIM Bengaluru.
Mr. T.R. Achha, President, FIHPA, delivered the welcome address. Mr. Deepak H. Mehta, Secretary General, presented a report on FIHPA’s activities and future plans, while Mr. Dinesh Kothari, Convention Chairman, spoke in detail about the Convention.
FIHPA is a 42-year-old association with 22 members all spread across the country. A self-regulatory body, it has a Fair Practice Code which is followed by all its members both in letter and spirit to reiterate its commitment to fair practices, a pledge that was released by Mr. Subramaniakumar.
The pledge was administered by Dr. Rangarajan to all the 400 delegates present at the Convention. All the presidents of the 22 affiliated associations in turn would administer the pledge to their members. With this the entire Asset – Financing has made a significant commitment re-affirming that they would always work with best practices of the industry.
In their address, the chief guests and the guest of honour acknowledged the vital role played by asset financiers in the category of NBFCs, partnership firms, proprietorship firms and individuals in delivering last-mile credit and were playing an important role in the growth of the country’s economy. As the industry predominantly funds used commercial vehicles, it has created huge self-employment opportunities. The total assets under management of this industry is approximately Rs. 13 lakh crores. The industry directly and indirectly employs around 6 crore people.
Mr. T.T. Srinivasaraghavan, Managing Director of Sundaram Finance Ltd., was the chief guest at the valedictory session.