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Magma Fincorp to exit business of Gold Loans

07 Nov 2014 Evaluate

Magma Fincorp has received an approval to exit the line of business comprising of the Gold Loans originated by the company which involves the grant of terms loans to individuals and/or small businesses (whether constituted as a company, a partnership firm, a sole proprietorship or otherwise) against the security of gold (Gold Loans). The board of directors at their meeting held on November 06, 2014 has approved for the same.

The board has further authorized the Management Committee of the company to do all such acts, deeds and things as may be necessary or expedient to implement the above decision in the manner as the Management Committee may deem fit.

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.

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