Australian Macquarie to open NBFC in India
By Joseph Samson
Oct 27, 2010
Print    Email    RSS   

Australian company, Macquarie Group will be setting up a non banking finance company in India. The Group has also received regulator Reserve Bank of India's nod in this regard.

According to a senior official, the company called Macquarie Finance India (MFIPL) will start operating in the country from December.

Pawan Agrawal, director , Crisil Ratings says that all new comers in the NBFC segment are aiming to wade successfully through India's growing economy.

"Those companies in the asset financing business, or whose activities are to support capital market and investment banking activities are experiencing a positive momentum ," he said. Those engaged in unsecured lending like personal loans or credit cards are scaling down, he added.

Macquarie's approval comes at a time when there are many competitors trying to carve a niche in the growing Indian economy. Goldman Sachs had also applied for NBFC license but has not yet been able to pursue operations in the country.

Officials say that Macquarie Finance India (MFIPL) will be providing onshore vehicle financing facilities to customers.

"The NBFC registration provides opportunities for other businesses within the Macquarie Group to commence activities here in India," Macquarie Securities Group MD Christian Drysdale said.


(Comments Posted : 0) Post Your Comments
Show All Comments
 Select a product:

 Select a product:

12 point conduct checklist for bank and...
Step up loans: An easy way to own a dream...
Pre-pay your home loan
Effect of employment on loan eligibility...
A chronicle of excesses by loan recovery...

PINJORE: CaℒL Giℛℒs In PiNjOrE 09915787550...
PINJORE: CaℒL Giℛℒ In PiNjOrE 09915787550...
how to gate my home loan certificate

Canara Bank earned a profit of 60%. Feb 6, 2015
New Branch of Laxmi Vilas bank at Vijayawada Jan 30, 2015
Home loan EMIs expected to drop down Jan 21, 2015
Corporation Bank received MSME banking excellence award 2014 Jan 19, 2015
Home loan rates set to fall, after reduction in repo rate Jan 16, 2015
News Archive