Late Radhashyam Roy
A humble beginning
In October 25, 1932, Shri Radhashyam Roy, a 33 year old idealistic school teacher in Narayanganj (now in Bangladesh) and like minded friends founded a Swadeshi enterprise: the Peerless Insurance Company Limited.
He directed the nationalistic fervor of the time to business endeavor, to address the insurance needs of Indians, a sector then monopolized by foreign companies.
Starting with paid up capital of Rs.300, it became a leading Provident Insurance Company, before moving to Kolkata.
Following nationalization of life insurance in 1956, focus turned on small savings: India's first Non-banking Finance Company. , Shri Roy pioneered a savings plan called "social welfare scheme" which attracted millions of customers.
Late B.K Roy
"The Architect of modern Peerless"
Late Shri B K Roy, son of Sri Radhashyam Roy, ushered in a new era in the history of Peerless. As a forerunner in the field of financial services in the country, he widened the horizon and conceptualized innovative products, services and marketing techniques.
Pioneered the concept of doorstep service for mobilizing small savings from semi-urban and rural areas.
Introduced Free insurance benefit against accidental death in the year 1972 with savings schemes.
Introduced the concept of direct marketing by engaging agents through its Swarojgar Yojana. providing self-employment opportunity to millions across the country. Agency system ensured operational control of a massive infrastructure.
Safeguarding the depositors' money still further, by appointing designated Banker-subsequently, this system was codified as a statutory obligation for Non-Banking Finance Companies, under the direction of the regulatory authorities.
Shri BK Roy's initiatives led to the emergence of a new sector—the sector of Non-Banking Finance Companies in India.