Wednesday, July 6, 2022
  • PRESS RELEASE
  • ADVERTISE
  • CONTACT
Happy With Car
No Result
View All Result
  • HOME
  • AUTO NEWS
  • AUTOMATIIVE REVIEWS
  • NEW CARS
  • CAR MARKET
  • CAR BRANDS
  • TECHNOLOGY
  • INSURANCE
  • FINANCE
  • VIDEOS
Happy With Car
No Result
View All Result

Shriram Group receives RBI nod for merger of financial services business, Auto News, ET Auto

by admin
June 16, 2022
in Market
0 0
0
Share on FacebookShare on Twitter


Shriram Group receives RBI nod for merger of financial services business
The Shriram Group has secured RBI approval for the merger of Shriram Metropolis Union Finance and Shriram Capital Ltd with Shriram Transport Finance Firm in a consolidation set to create the most important retail finance NBFC within the nation.

In a word to the exchanges late on Wednesday, Shriram stated RBI issued its No Objection to the scheme of amalgamation by means of a letter dated June 15. In December final 12 months, the boards of varied group corporations met to approve the merger of SCL and SCUF with STFC.

The RBI inexperienced sign counts amongst a raft of essential approvals — the scheme has to safe nods from the IRDA and different regulators to sail by means of. The mixed monetary service entity, Shriram Finance Ltd, would profit from the multiplier impact of the unification of quite a few market channels, and leverage information analytics to serve clients – counting over 2 crore by end-December 2021 – higher. “The merger would assist the group convey collectively all its lending merchandise – Business automobiles, Two-Wheeler Loans, Gold Mortgage, Private Mortgage, Auto Mortgage & Small Enterprise Finance – below a single roof, thereby making a monetary powerhouse which might find yourself being a market chief in all of the product and client segments that it operates in,” the corporate had stated in an announcement final 12 months.

Already, Shriram group manages belongings value over Rs 1.8 lakh crore. For the mixed entity, STFC’s Govt Vice President and CEO Umesh Revankar could be the Vice-Chairman whereas Shriram Metropolis’s MD-CEO YS Chakravarti could be the MD & CEO, stated the assertion.

The Group had additionally stated it could sharpen deal with digital lending, with present and new monetary merchandise discovering distribution on a newly constructed tremendous app. Just lately, prime executives stated the tremendous app could be unveiled by Q1 of subsequent fiscal.





Source link

Tags: AutoBusinessFinancialGroupMergerNewsNodRBIreceivesservicesShriram

Related Posts

Market

Kinetic Green Energy partners with Cholamandalam Investment for EV financing, Auto News, ET Auto

July 4, 2022
Market

Hyundai Motor’s union in S. Korea votes to authorize strike

July 3, 2022
Market

BorgWarner plans Poland power electronics tech centre

July 1, 2022
Market

VW Names Neeru Arora As New Executive VP, CIO, And Digitial Officer In America

July 5, 2022
Market

2023 Infiniti QX55 Gets More Standard Equipment, $2,650 Bump In Price

June 30, 2022
Market

Acko to use e-history, cell brand to rate non-life plans, Auto News, ET Auto

June 28, 2022
Load More
Next Post

Sony Honda Mobility Company Announced, First EVs On Sale In 2025

2022 Kia Carnival CKD open for booking – 7- or 8-seater, 12.3-inch instrument display, RM235k-260k est

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Categories

  • Auto News (1,958)
  • Automative Reviews (841)
  • Car Brands (967)
  • Insurance (1,344)
  • Market (671)
  • New Cars (702)
  • Technology (608)
  • Videos (1,044)
Happy With Car

Find the latest automotive news. Read car news from the auto industry including auto shows, latest vehicles, future cars and more.

Categories

  • Auto News
  • Automative Reviews
  • Car Brands
  • Insurance
  • Market
  • New Cars
  • Technology
  • Videos

Recent News

  • GAC Space Concept Debuts As Hydrogen Van With All-Grille Face, Gullwing Door
  • Rimac ready to start US e-hypercar deliveries
  • 9 most beautiful cars at Goodwood Revival 2021
  • Home
  • Disclaimer
  • DMCA
  • Privacy Policy
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact

Copyright © 2020 Happy With Car

No Result
View All Result
  • HOME
  • AUTO NEWS
  • AUTOMATIIVE REVIEWS
  • NEW CARS
  • CAR MARKET
  • CAR BRANDS
  • TECHNOLOGY
  • INSURANCE
  • FINANCE
  • VIDEOS

Copyright © 2020 Happy With Car

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In