Standard Chartered Capital, the non-banking financial company (NBFC) of the oldest foreign bank in the country, is tapping India’s mass-affluent customer base to build a quality retail book, thus complementing its parent in its renewed retail push.
Even as both operate at an arm’s length distance, tapping cream customers is easier for the NBFC than the bank. Standard Chartered Bank has 100 branches in the country, but so is its obligation to open roughly 40 per cent of its branches in rural areas. An NBFC has no such obligation as of now.
In the past NBFCs of foreign banks have tried to penetrate India’s retail market, but some had to close the operations for a variety of reasons, primarily due to intense competition from local private sector banks.
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