Arman gets the first ever NBFC-MFI License in India

Arman gets the first ever NBFC-MFI License in India

2013/02/14

Arman came out flying colours during the in-depth due diligence by Reserve Bank of India. As on date, Arman becomes the only MFI to have a RBI license as required by the proposed NBFC microfinance guidelines.

Shortly, the entire Grameen model-based group lending activities will be transferred to this subsidiary. The parent entity, Arman Financial Services Limited, will continue the asset-backed financial services products and will be listed on the Bombay stock exchange (Scrip ID: ARMANFIN).

Arman’s main objects consist of providing micro finance services such as credit, savings and insurance to low income individuals or households with the goal of creating social values and also assist them with loans of two wheeler and three wheelers for income generating activities. Arman, established in 1992, has rich experience in this segment with all its clientele based in Gujarat.

Through its network of 28 branch spread across Gujarat, Arman serves over 60,000 borrowers. In the last six months, Arman’s share price is gained over 50% from Rs 21 in August 2012 to Rs 36 in January 2013.

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