Kolkata-based Non-Banking Financial Company (NBFC) Magma Fincorp
is targetting 15% growth in Uttar Pradesh
(UP) during the current financial 2016-17.
The company, which continues to expand its footprint in UP, will focus on tractor finance, housing finance
and used vehicle loans to fuel its growth.
In the first quarter (Apr-June) of 2016-17, Magma has clocked Rs 211 crore disbursements in UP, company's vice-president and business head (North) Sanjiv Jha told the media here.
"We enjoy deep presence and strong customer relationship in the state. Tractor finance
has been our mainstay in UP and will continue going forward. We are confident that our renewed focus on rural and semi urban markets will come handy," he added.
Magma has 31 branches across UP in all the major towns and employs 970 people in the state.
is a non-deposit taking NBFC
registered with the Reserve Bank of India
(RBI) as an asset finance
company. It started operations two decades back and is now listed on Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
Pan India, it manages loan book of Rs 18,000 crore and boasts of half million customers.