Shyam Patro is a seasoned rural finance professional focusing on Rural Markets, Microfinance, FinTech, Microenterprises, Social enterprises, Training, micro-leasing (PAYG) and Capacity Building. Shyam is heading the microfinance business of Save Solutions (subsidiaries as MFI, MSME, HFC, and Asset side BC segment with 18k+ CSPs across India). He was earlier associated with KGFS (earlier IFMR Rural Channels), SKS Microfinance, Engie Group, and Tata Group. Shyam has been instrumental in improving financial inclusion, and his innovative approaches to microfinance on agent banking and digital transformation, make him a valuable thought leader in the field. He is a proud native of Raipur, Chhattisgarh.
LinkedIn: shyampatro14
FB: shyam.patro.7
Q. How has been your journey from IIFM so far?
A. It has been immensely rewarding and fulfilling to say the least. Getting into IIFM was something I didn’t choose, but the choice made me! God has been always kind to me and my homesickness! My early days in Hyderabad, working with SKS, felt like an extension of IIFM, given that nearly half of our batch was there, turning into a mini IIFM hub. My time at SKS was enriching, allowing me to delve into various products and projects beyond portfolio management. I then transitioned to focusing on microinsurance with Rural & Social wing of Tata, followed by an innovative project on micro financing and leasing solar home systems with Engie group (Simpa Energy – utilizing the PAYG model in energy-poor states). Post that in 2016, I moved to Dvara KGFS (NBFC – earlier IFMR Rural Channels). The microfinance sector was advancing towards digital transformation, and demonetization in between also hinted at some consolidations within the industry. My stint with Dvara KGFS was invaluable, especially with the sector moving towards digital transformation and navigating through industry post demonetization and consolidation. Most recently in April 2024, I’ve taken a new challenge in leading the microfinance business at Save Solutions. This journey post-IIFM has been perfectly timed, surrounded by excellent peers. It’s so heartening to see so many IIFMites leading in the sector; a matter of great pride too. On personal front, it’s been a fulfilling path of growth, learning, and aligning my passion with my capabilities.
Q. What were some of the key milestones/learning in this journey that you would like to share with us?
A. I deliberately chose to work primarily in small to mid-sized companies, which exposed me to extensive cross-functional workplans and expertise, it has been immensely beneficial. Witnessing the financial inclusion and microfinance sector’s evolution, both at the ground and at the strategic levels, has been an enlightening experience. One of my significant learnings has been the experience of working, managing, and traveling to nearly every state in India, which allowed me to observe the dynamics in diverse geographies. Engaging in assignments of setting up business operations from the ground, shaping these operations to be investible, and then managing them comprehensively, has been gratifying. At times, it felt akin to being a salaried entrepreneur!
I do recall one of the very early years, I worked and rolled out a new product of rural retailing in SKS, which turned into a significant revenue stream. It has always been a feel-good factor to be a part of leading team on managing mergers of companies. Earning esteemed titles and recognitions like “Gamechanger” and “Trail-Blazer” were some of the other milestones that underscored the trust and support of the board.
Q. How has been your experience in your current Organization? What all areas have you been working here?
A. I am presently working with SAVE Solutions Pvt Ltd, a forefront banking correspondent network partnering with major PSU banks including SBI, CBI, BOI, BOB, PNB, etc. We operate ~18000 Customer Service Points (CSPs) across more than 600 districts in 28 states and six union territories, providing services to ~21 mn rural Indians across over 10k villages. My responsibilities encompass overseeing the microfinance business and portfolio, in addition to managing training, credit, strategic initiatives & products, insurance, MIS, digital, and data analytics. We are committed to leveraging this extensive network to become the premier financial service provider to unbanked and underserved communities, through our subsidiaries in MFI, MSME, HFC, and the Asset side BC segment.
Q. What is the most satisfying part in your career?
A. The diversity of projects I’ve engaged in has been the most gratifying aspect of my career. My goal has always been to operate across multiple functions, avoiding any limitations to my professional growth. I find myself in a fortunate phase where my passion and skills align well. This sector is for profit but with attached covenants on social aspects.
It always feels good to be a part of the sector that generates significant employment for the rural youth. I have also been fortunate to closely witness the rise of micro-entrepreneurs. And somehow to be a part of sector which has significantly contributed to the country’s GDP growth through digitalization and digital payments in rural areas, while making a meaningful impact on the financial inclusion landscape in India.
With the cyclical challenges and evolving regulations to navigate, I find the journey to be thrilling and exciting when you have both brakes and accelerators in place. The greater the odds, the bigger the victory!
Q. Has your learning at IIFM helped in shaping how you approach your professional roles?
A. Yes, it’s Immense! I had worked for 2+ years before joining IIFM, so it was also a good break. The projects involving visits to rural areas and experiencing village life were very fulfilling. In particular, the group assignments, the field visits and the field trip (we had visited Jharkhand as no other group was interested) turned out to be one of the life-defining trips including the visit to Naxalite sites, visit to exploded guest house where we were supposed to stay, the raids by forest dept., etc. On academic front, the case studies, the surprise tests, tighter deadlines, the guest lectures, group and individual presentations were wonderful learning experience.
The two Organizational trainings (now called SI and Project Work) were very helpful in getting the industry leaders’ perspective on professional world. Also, the interactions with forest officials, forest villagers, farmers, government officers and company officials prepared us well on how to deal with real world issues.
I still remember our final day of the OT-1, which turned out to be very embarrassing. After making a good impression through our work in the project, we got the attention of the very senior management of Aditya Birla Group – Grasim Industries (thanks to all efforts of our Senior Ashish Mishra Sir – PFM95). We messed the final presentation badly which still haunts me. It also gave me a life lesson on how to be prepared before getting into any board or senior-level meeting.
Q. Who (or what) are the biggest influences or drivers in your careers? What would be your advice to freshers and IIFM graduates who are looking to choose similar sectors/roles.
A. I am often inspired by the people I meet; for instance, my field staff, who not only puts in a hard day’s work but also maintains a cheerful demeanor. Their resilience and positivity have a lot of to do on progressive mindset. Just see, how our Alumni association shaped up, there would be so many individuals putting consistent efforts behind it which might not be known to many of us but they are doing it persistently slowly connecting all of us.
On personal front, my parents have always been my guiding force on the basics and the values. I vividly recall a quote of my father, “blaming the winds is always easier than questioning one’s abilities to row“. My mother has been an inspirational educationalist as well as a very active social enthusiast.
On professional front, I have had the privilege of working alongside remarkable individuals. The mentorship of Paul Needham (Arca) and P. Murali Srinivas (HNB) has been truly valuable. M.R. Rao Sir from SKS left a lasting impression with his words: “Trust is good, Control is better.” CS Rathore Sir’s quote, “To change a system, first be in the system, appreciate it, and then only think of changing.” continues to resonate with me.
Q. How did you decide to go for higher studies post IIFM? And how was the experience?
A. After IIFM, I did not pursue any higher education formally. However, I obtained certifications in Data Analytics, Digital Transformation, Portfolio Risk Management, and Social Performance Management. I was fortunate enough to be nominated for a leadership program at Harvard Business School. I always preferred programs with fewer commitments, seeing a great impact from all of them.
Q. What are your favorite memories during your IIFM days?
A. Almost every day i spent in IIFM is memorable, starting from the induction program, room no. 119, the volleyball court, badminton court, football/ Cricket ground, the India gate, Tulsi & Sakshi dhaba, the computer center, the so-called French toasts & maggi in the canteen, and finally The KBC question – Why IIFM?
We lived those days to the fullest. The committee elections, the mess, the food, Kalpataru, sports days, club events. We really made the most of our time there. 24 hours also seem to be lesser in a day in those days! Those birthday celebrations with the water streams in winter were unforgettable. I can’t forget the experience of getting into placement interviews as dummy candidate! We use to play a lot in our days including badminton, cricket, volleyball, and football, even in the rains. The late evening parties and mid night badminton games! Winning trophies, prizes, representing IIFM at national level competitions, annual sports meet, lot of happy memories. I can’t forget how it took me 2-3 months to strike up a conversation with my roommate, Ushnish, because our schedules didn’t align at first. But once we got to know each other, we became lifelong friends.
Q. In hindsight, what was the biggest contribution or take away from IIFM that you think played a critical role in shaping you as an individual or professional?
A. All of it! IIFM had a significant impact on me, shaping the foundation of who I am today. I owe a lot to the Professors, the ambience, and the people, especially mates of 2006 & 2007. I am deeply grateful for that. There were outstanding colleagues and batch mates. I learned as much from them as I did from the curriculum. Being the mess secretary in the very initial days and part of sports committee was very helpful. Representing IIFM in the national sports meet, national level Business and branding competitions, white paper presentations at national level gave some good exposure and confidence as well. I owe lot of gratitude to CS Rathore Sir, he had always impressed us with his very unique way of expressions and exceptional sense of humor, then P.K. Biswas Sir and Amitabh Pandey Sir for their charismatic and athletic approach. And then it’s always easier to connect with other senior professionals in the industry when you share the same business school as Vineet Rai Sir, Sandeep Chakravorty Sir, Sasi Sir, Prabhat Labh Sir to name a few.
Q. The best buddies / seniors /faculty at IIFM? Some memorable tidbits that you like to share.
A. I was very fortunate to have some great mates in the 2 years I spent. I had one of the best and caring roommates in Ushnish aka kaku. I shared close bonds with Viru, Pushkar, Anup, Bagla, Alok, Mukul, Master Saheb, Mandy, Laalaji, Dipender bhaiya, and Bhaskar; Yamaha racing with Topsy on campus; volleyball (every day without fail) with Anil, Akshai, and Priyank. I have always been impressed with Santy Bhai and Swapan. The bonds forged at IIFM have endured, evolving into lifelong friendships.
I also spent lot of time and closer to our junior batch – bhanda gang – Harshbardhan, Suraj, Tirkey, Kunal, Director Sahab, Shri, Satya, Rishi, Tarique, Tarvinder; late night and silent hangouts where Rajeev and I use to argue for the sake of it and Malik indifferently use to write poems on the tissue papers! I also had some great friends in the mess whom we partied a lot and even learnt the skills of volleyball. There were lot of senior batchmates with whom I closely worked with like Divya Sir, Billa Sir, Lokesh Sir, BC, Deepak Shandilya, Golu Sir.
Q. As an alumni, what’s your advice to freshers or those are joining IIFM to get best out of the 2 years there? Also, what would be your advice for recent graduates who look for changing their sector after working for couple of years?
A. Work hard and party harder! I know that’s wild!
IIFM students, make the most of your time there. You are in one of the best elite institutions, which has something to offer to everyone! Don’t confine yourself to the hostel room, think beyond academics; be active, participative, and sporty all the time. Don’t crib; learn to be happy even if you are not! Happiness is a product where conditions don’t apply.
Recent IIFM Graduates – Being open and thinking beyond the job descriptions is an underrated superpower! With so much information now available, you guys are already ahead of us and better versed on the sectors and the subject matters. I can only suggest remaining firm on the values. Life isn’t a straight line; be prepared to react to failures and embrace them as you do to success! Over these years, I have always believed in staying humble and respectful. Our life must be an instrument to express, not to impress!
Q. What was your typical day at the work? And how does it look like while you are on a break?
A. My job involves coordinating extensively with cross-functional teams on the business workplans. The day starts early with scheduled morning check-ins with the retail business heads and later with the vertical heads. I have been habitual in maintaining a “To-Do List” every day since childhood days. Then, it’s about reviewing business reports for the day/month, discussing work plans across functions, and assessment of portfolios and business performance. On a monthly basis, I visit and meet field teams frequently and customers as well.
Q. And how about weekends, hobbies, family and anything else you want to add?
A. With friends and family, there’s always much to do. I spend my time either playing, binge-watching, or engaging in sports with lazy breaks; there are some weekends which also go on work only. I love spending time with kids and on their hobbies. We have an active and very closely bound local sports club (cricket, badminton, carrom, and chess). I’m not great at any of them, but it’s always fun to be part of the gang. Interestingly, my elder son (12 years old) and I play for our society cricket team! The younger one (7yrs) is a good skater and enjoys playing flutes and drums. My spouse works as a volunteer teacher in Mirambika (Delhi) and is an active RWA member in our residential society. So, some weekends also involve community works.
Q. Favorite Books, movies, authors?
A. Honestly, I’m not much of a reader, but I always make it sure to read the editorials and “The Speaking Tree” without fail and this has continued from childhood days. I haven’t gone beyond Chetan Bhagat and Rashmi Bansal. Also, very casual on movies, I don’t mind watching some movies like Lakshya, A Wednesday and Seher, again and again. Love some web series like Panchayat, Gullak, and Khakhi.
Q. IIFM is driven by alumni’s passion and commitments towards its goal. How would you like to contribute to IIFM or IIFM alumni, students? Your engagement with IIFM Placement or OT/SI?
A. IIFM has always been very close to my heart, and I am committed to contributing to the best of my abilities. While my involvement may not be extensive, I have been there since the early days of the Alumni Association. I recall it sometime during 2019-20, working continuously on increasing the membership count and working as one of the initial point persons for the batch. Our AA is very nicely placed, and I’m delighted to see how well it’s doing now and shaped up.
I may not be an expert, but I’m more than happy to help with students’ interaction about microfinance, digital payments, and portfolio management.
Q. What do you think is different at IIFM now vs when you studied there?
A. The alumni community has been growing, and we’ve seen positive changes with an increased batch size and new courses. Not sure but somewhere learnt about few changes in the field trips and the 2 Organizational trainings, which can be a significant disadvantage. I must say that the alumni engagement has been remarkable of late, and credit goes to some good work being done by the alumni association and alumni committee folks.
Q. Any suggestions on who you want to get profiled/interviewed here?
A. The list would be long, I would name all of my batchmates and IIFMites I know in the rural finance and MFI space. Everyone has some unique story and plentiful things to share. I am sure everyone would be eager to have the interview of our Director Sir-K Ravi Chandran– as an alumnus. Also, it would be great to hear from our seniors, such as Ankur Singhal Sir; Nikhil Mathur Sir; Radhika Agashe Madam, Archana Sharma Madam, Alice Lakra Madam and Ashish Mishra Sir, to name a few.