The Reserve Bank of India (RBI) has granted the license to Kirloskar Capital for its lending business.
This particular move for Kirloskar Capital which is a Non-Banking Financial Company (NBFCs) appeared to be significant, looking at the current liquidity scenario around NBFCs.
The NBFC has appointment veteran banker Vimal Bhandari as its Chief Executive Officer.
“It will reflect what we have been traditionally – conservative but solid, and ready to grow,” said Atul Kirloskar, Executive Chairman of KOEL.
“We see opportunities in the financial services space and are willing to commit Rs.1,000 crores of patient capital over the next three years,” he added.
The Kirloskar group has over 30,000 retailers and about 1,000 dealers, who will be leveraged – especially for SME loans, said the company.