GE Money to treble Rajasthan operations

GE Money India, a leading consumer finance company in the country, today announced strategies and plans on growth in Rajasthan.

GE Money India Business Leader (Personal Loans) Rajeev Yadav announced the company's operations and plans for expansion in the personal loans segment in the state. GE Money has identified Rajasthan as one of the top five markets for its consumer finance products.

Yadav said: "Rajasthan is witnessing strong economic growth leading to greater opportunities. For us it is one of the top five markets for growth in our personal loans/mortgages business. To strengthen our position in this market, we are planning an investment of Rs 1 crore next year and are also looking at tripling the GE Money distribution outlets in the state of Rajasthan."

"Rajasthan has always been an economically viable state and has seen a lot of growth from tourism, small-scale industries, retail and the business process outsourcing industry. The growth in fresh foreign direct investment and the creation of new employment opportunities have made this market attractive," he said.

Besides this, GE Money India is gearing up to revamp its distribution outlets.

The company will focus on multi-product branches where customers will be able to get all GE Money consumer finance products, such as loans and insurance products, under one shop which are classified as branches and kiosks.

Yadav said: "The personal loan market in India is estimated at Rs 37,000 crore and is growing at a healthy rate of 35-40 per cent annually."