 "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.
Also Read
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.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%