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Magma Fincorp -- Kolkata-based non banking financial company (NBFC) has decided to apply for the banking licence.
According to a source close to development, Magma will announce the decision later in the day.
Magma Fincorp is a primarily asset financing company however it also provides gold loan and loans to small and medium enterprises (SME).
As of March 2013, the company has assets under management of about Rs 18,000 crore. Its net profit for fiscal 2013 was at Rs 145 crore.
Some other financial sector entities which have shown interest in applying for are Reliance Capital, IDFC, SREI Infrastructure Finance, Shriram Capital and Aditya Birla Financial Services.
