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Tuesday, November 22, 2011

Federal Bank plans to infuse Rs 120-cr equity in NBFC

Federal Bank is planning to infuse Rs 120-crore equity in its non-banking financial company, Fedbank Financial Services Ltd.

The NBFC is keen on expanding its gold loan portfolio by increasing its branch network to 300 by the end of the current financial year. It started its gold loan business in April and has opened 100 branches so far in Tamil Nadu, Karnataka and Andhra Pradesh. “We are now planning to go beyond South to Gujarat, Maharashtra and Goa,” said Mr Dilip Kumar Maloo, Vice-President and Head (Finance), Fedbank.

The company has already disbursed close to 45,000 loans, amounting to about Rs 350 crore, he said. According to him, the current average disbursement is Rs 3.1 lakh a day a branch, “which is growing at rapid speed every month”.

Announcing the launch of the company's new product Fast Gold Loan, at a press conference here today, Mr P.K. Mohapatra, Deputy General Manger and Acting Head of the company, said the overall gold loan portfolio in the organised market is in the region of Rs 40,000 crore. More than 70 per cent of this is from the South, and it is growing at 35-40 per cent, he said.


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