Manappuram Group may apply for banking licence
The company is going for the third NCD public issue during the current financial year from January 15, 2015 to mobilise Rs 200 crore
 "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.