The Reserve Bank of India has granted Credit Saison India a non-banking financial company (NBFC) licence.
This means that the Indian branch of the Japanese financial services company can begin to operate in India by the end of October, according to The Economic Times.
The business has also received a $30m cash injection from the parent company will primarily focus on consumer and corporate lending, providing debt to FinTech ventures and co-lending with other NBFCs.
“We are extremely bullish about the lending business that we are looking to build in India and look forward to bringing our global expertise and working with the local team to build this. While we are expecting to grow aggressively over the next few years, we also expect to be a longterm and patient player in the ecosystem,” said Kosuke Mori, managing director of Credit Saison Asia Pacific, when speaking with The Economic Times.
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