Dewan Housing Finance Corporation (DHFL) has filed an application for seeking banking license from Reserve Bank of India (RBI) for Small Finance Bank. The board of directors at their meeting held on January 30, 2015 have approved for the same.
DHFL has a proven track record of being in the financial service business as a Housing Finance Company for over 30 years with the focus on lower and middle income groups. If granted the license, DHFL will convert itself into a Small Finance Bank. The company’s Small Finance Banks vision is to emerge as a Big Bank for Small Finance.
The management is of the view that this conversion into Small Bank will enable the company to transform into a more robust and scalable business model which aligns well with its long term growth and profitability aspirations, while continuing to focus on its core capabilities geared towards financial inclusion.
