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Veritas Finance AUM crosses Rs 1,000 cr mark: Official

Press Trust of India  |  Chennai 

: Non-banking finance company Veritas Finance on Monday said the assets managed by the city-based firm surpassed the Rs 1,000 crore mark during the current fiscal.

Veritas Finance is focused on lending to micro, small and medium enterprises and has presence in eight States and one union territory.

"Veritas Finance over the period till September 30, 2019 has disbursed more than Rs 1,400 crore. The current customer base is 40,386 with outstanding loan book is at Rs 1,048 crore," an official said.

Veritas Finance managing director and CEO D Arulmany said it has been one of the greatest milestones that has been achieved since the company began operations.

"When commencing the business in October 2015, we had drawn a vision map with three district phases of growth. Reaching a loan book of Rs 1,000 crore in the first four years was the first milestone in the vision map. We are happy we are able to reach the milestone," he said.

On the company's expansion plans under Phase-II, he said, "we are well aware that this would be a journey where the ascent would get steeper and milestones even bigger."

During the current financial year, Veritas Finance added 46 branches to take the total number to 193 branches and also commenced operations in Jharkhand.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, October 21 2019. 17:30 IST