Manappuram Group may apply for a banking license

KOCHI: Manappuram Group is contemplating applying for banking licence through its micro finance arm.

Inaugurating Manappuram Finance Ltd's new regional office here, Managing Director and Chief Executive officer V P Nandakumar said that the group has also initiated due diligence to take over a prominent vehicle loan company in the country.

"We are going for the third NCD public issue during the current financial year from January 15, 2015 to mobilise Rs 200 crore", he added.

Earlier in September, Manappuram Finance, a leading gold financing company, had announced a public issue of secured, redeemable, non-convertible debentures of face value of Rs 1,000 each, aggregating to Rs 150 crore.

Introducing a new concept of niche banking in India, RBI last month had issued final norms for payment banks and small finance banks.

A host of entities like Manappuram have expressed interest in turning themselves into Payment Banks.

Manappuram Finance Ltd had reported a net profit after tax of Rs 226.01 crore for FY 2014.