Magma Fincorp is aiming to achieve 25% growth in Punjab for FY15. In this regard, the non-banking finance company will focus on lending to small and medium enterprises, for tractors, mortgage business and used-vehicle loans. The company had disbursed Rs 350 crore in Punjab in FY14.
The Kolkata-based company posted 33% growth in disbursements to Rs 2,398 crore in Q1 FY15, compared to Rs 1,805 crore during the corresponding period last year.
Magma Fincorp is a non-deposit taking non-banking finance company (NBFC), registered with the Reserve Bank of India (RBI) as an asset finance company. The company, having started operations over two decades back, is listed on the Bombay Stock Exchange and the National Stock Exchange in India.
