 "Manappuram Group may apply for banking licence")
The Manappuram Group is contemplating applying for a banking licence through its micro finance arm.
Inaugurating Manappuram Finance’s new regional office in Kochi, Managing Director and Chief Executive Officer V P Nandakumar said the group had also initiated due-diligence to take over a prominent vehicle loan.
“We are going for the third NCD (non-convertible debenture) public issue during the current financial year from January 15, 2015, to mobilise Rs 200 crore,” he added.
Introducing a new concept of niche banking in India, RBI last month had issued final norms for payment banks and small finance banks.
A host of entities like Manappuram have expressed interest in turning themselves into Payment Banks.
Manappuram Finance Ltd had reported a net profit after tax of Rs 226.01 crore for FY 2014.
Inaugurating Manappuram Finance’s new regional office in Kochi, Managing Director and Chief Executive Officer V P Nandakumar said the group had also initiated due-diligence to take over a prominent vehicle loan.
“We are going for the third NCD (non-convertible debenture) public issue during the current financial year from January 15, 2015, to mobilise Rs 200 crore,” he added.
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Earlier in September, Manappuram Finance, a leading gold financing company, had announced a public issue of secured, redeemable, non-convertible debentures of face value of Rs 1,000 each, aggregating to Rs 150 crore.
Introducing a new concept of niche banking in India, RBI last month had issued final norms for payment banks and small finance banks.
A host of entities like Manappuram have expressed interest in turning themselves into Payment Banks.
Manappuram Finance Ltd had reported a net profit after tax of Rs 226.01 crore for FY 2014.