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Magma Fincorp launches Magma Gold Loan

01 Jun 2012 Evaluate

Magma Fincorp has forayed into Gold Loan Business with the launch of Magma Gold Loan. The company’s board of directors in their meeting held on December 15, 2011, passed an enabling resolution to enter into Gold Loan Business. Further, the company is planning to start its retail housing finance business during the next fiscal.

Recently, Insurance Regulatory and Development Authority (IRDA) has granted Certificate of Registration for R1 and R2 application of JV Company between Magma Fincorp and HDI Gerling  International Holding  AG (HDI), (a part of  Talanx AG Group, Germany) General Insurance Company, namely ‘Magma HDI General Insurance Company’.

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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