Siemens, the global electronics major, has received approval from Reserve Bank of India to operate non-banking finance (NBFC) business in the country.
Siemens Financial Services will focus on developing an asset financing business by offering products such as loans, leasing and other finance products. The firm will provide financial assistance to its customers in the industry, energy and healthcare sectors in the country, as well as for pursuing opportunities in other third party markets.
This represents a major milestone in the development of Siemens Financial Services in the Asia Pacific region. India is a highly dynamic market with a growing demand for financing in many key segments.