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Piramal Gets RBI's Nod For NBFC Operations

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Piramal Gets RBI's Nod For NBFC Operations
28 Jul 2022
min read

News Synopsis

Piramal Enterprises Ltd.,  which is one of the largest pharmaceutical companies in India, has recently got green signal from the Reserve Bank of India (RBI) to start non-banking financial company (NBFC) operations.The licence is required to start an NBFC that does not accept public deposits.

"The RBI has granted the company a certificate of registration allowing it to start operating as a non-banking financial institution without taking deposits from the general public. On July 26, the company got the aforementioned licence, according to a filing with the exchange by Piramal. Previously, the business paid Rs 34,250 crore to buy Dewan Housing Finance (DHFL)," the company had previously stated. The acquisition will increase the retail loan book by up to five times, hence diversifying Piramal Enterprises' loan book towards retail financing.

The Piramal Group is an Indian multinational diversified global business conglomerate, that has presence across various sectors such as healthcare, life sciences, drug discovery, healthcare information management, financial services and real estate.

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