Namra Finance Limited wholly owned subsidiary of Arman Financial Services Limited raises INR 35 crore Re-finance assistance from NABARD
Deepthi | Myequity news | Date : 03-01-2019 19:10:00 IST
Namra Finance Limited, wholly owned subsidiary of Arman Financial Services Limited, has successfully concluded a Refinance Assistance of INR 35 Crore from National Bank for Agriculture and Rural Development (NABARD) today. It has also entered into a General Refinance Agreement (GRA) with NABARD which paves the way for similar transactions in the future as well. Namra has been able to increase the microfinance business substantially despite a major setback in the industry after demonetization. The company has already seen a rating upgrade from BBB to BBB+ in September 2018 and grading upgrade to MFI 2+ in October 2018 as a result of a healthy ramp-up in lending operations and improved asset quality supported by its robust risk management practices.
Mr.Jayendra Patel, Vice Chairman & Managing Director of Arman Financial Services said "The Re-finance assistance from NABARD, a premier Development Finance Institution (DFI) of the country, is recognition of the group’s ability to maintain its growth and asset quality in a challenging environment. It also opens the doors for the Group for similar associations with other DFIs like SIDBI & MUDRA bank in the future”
About Arman Financial Services Ltd
Arman Financial Services Ltd. is a category 'A' Non-Banking Finance Company (NBFC) active in the 2-Wheeler, MSME, and Microfinance Lending business. The Microfinance division is operated through its wholly-owned subsidiary, Namra Finance Ltd, a NBFC-MFI. The group operates mostly in unorganized and underserviced segment of the economy and mostly serves niche rural markets in Gujarat, Madhya Pradesh, Uttar Pradesh, Maharashtra, Uttarakhand & Rajasthan through its network of 163 branches and 54 dealer touch-points.