New Delhi, May 16 (PTI) Financial Services firm Inditrade Capital plans to foray into housing finance segment with focus on promoting affordable housing. Also Read - PNB Housing Finance raises USD 265 mn from foreign mkts
“We have applied for licence. The applications (are filed) with the regulator National Housing Bank and we are awaiting approval,” Inditrade Group of Companies Chairman Sudip Bandyopadhyay said. Also Read - CII suggests measures for reviving financial sector
Housing finance business will be operated through a separate subsidiary and aims to sanction Rs 40 crore in the first year of its operation, he said. Also Read - FM holds meeting with banks to review liquidity situation
To further cater to small businesses, he said, the company will soon foray into merchant cash advances (MCA) to help small businesses to meet their working capital requirement.
Many small business are still out of bounds of formal credit, he said, adding that this space is available to NBFCs (non-banking financial companies).
“There are many small business which do not get loans from banks and NBFCs so we are launching product for these entities later this month,” he said.
All the necessary approvals are in place for the roll out of the MCA business, he added.
Inditrade forayed into micro-finance business last year. Its agri commodity finance business has touched hundreds of customers across all major commodity centres in the country.
This is published unedited from the PTI feed.