Magma Fincorp’s board of Directors at its meeting held on June 26, 2013 has approved to make an application seeking a Banking License in terms of the Guidelines for Licensing of New Banks in the Private Sector dated February 22, 2013 and the associated clarifications issued by the Reserve Bank of India on June 03, 2013.
The entity has reported a net profit of Rs 144.9 crore in FY'13 with average assets under management of Rs 18,378 crore by the end of this period. It had reported a NIM of 4.91% in the last fiscal compared to 3.40% a year earlier.
