PNB promoted JV 'India Factoring' gets permission from RBI
merisarkar news service
New Delhi, October 18, 2010
PNB's JV 'India Factoring' gets RBI nod
India's leading public sector bank PNB has promoted a joint venture company FIMBANK Group (Malta) and Banca IFIS (Italy). The JV will be undertaking business of factoring, forfaiting and trade related activities. Both the JV partners specialize in these services. The joint venture company India Factoring and Finance Solutions Pvt. Ltd. has received Certificate of Registration from RBI to commence business as NBFC on Monday.
JV Company will start the operations immediately as all the necessary infrastructure has already been put in place.
PNB through the JV Company will provide factoring, forfaiting and trade finance solutions primarily to SMEs & SSIs by offering a bouquet of different domestic factoring products. In the near future JV Company also plans to offer International factoring products, subject to all necessary regulatory approvals.
The Company plans to open offices across India to service its clients by offering products and establishing procedures in line with the international best practices. Company expects to leverage on the strengths of its stakeholders, particularly PNB with its large reach to SME/ SSI through its more than 5000 branches spread across the length and breadth of the country. PNB is already in the forefront of serving SMEs/ SSIs by providing timely credit at very competitive rates.
