Magma Fincorp is reportedly scaling down exposure in the tractor lending business. The company’s month-on-month disbursements under tractor lending have declined 15 per cent, compared to 25 per cent in the same period last year.
Nearly 28 per cent of the company’s total advances book of Rs 11,000 crore (as in FY17) was from tractor loans. The company is planning to bring it down to 20-22 per cent of its total lending in a phased manner.
Magma Fincorp is a non-deposit taking NBFC registered with the Reserve Bank of India (RBI) as an asset finance company. It started operations two decades back and is now listed on Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
