Business Daily from THE HINDU group of publications
Wednesday, Apr 04, 2007
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Business Daily from THE HINDU group of publications Wednesday, Apr 04, 2007 ePaper |
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Money & Banking
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Credit Cards & Debit Cards Fullerton India may launch co-branded card Elina Mohanty
The company has also secured a deposit-taking licence from the RBI, but has not started accepting deposits.
Mumbai April 3 Fullerton India Credit Company is looking at launching a co-branded (with a bank) credit card, subject to the Reserve Bank of India approval, in the near future. "A major segment of our customers are self-employed individuals with an annual turnover of less than Rs 2 crore," said Mr G. S. Sundararajan, MD and CEO, Fullerton India. The company has a biometric card (pre-loaded cash card) in collaboration with ICICI Bank. Fullerton, a non-banking finance company, is a subsidiary of Asia Financial Holdings Ltd, a wholly owned subsidiary of Temasek Holdings, Singapore. It is mainly involved in disbursing loans to salaried individuals, shop-owners, traders and entrepreneurs. Temasek has invested $150 million in the company and plans to invest an additional $50 million during the last quarter this year, he said.
More branches
The company has also secured a deposit-taking licence from the RBI but has not started accepting deposits. "In our first phase, we would like to concentrate on disbursing loans to earn customer confidence," he said. The company has around 100 branches across 40 cities and plans to open around 400 branches in the next couple of years. It has disbursed over Rs 1,000 crore till now. "We normally plan to have our branches at urban and semi-urban areas. We will study the opportunities in rural areas and plan to enter the market in the next one-two years," said Mr Sundararajan The company has over 40,000 customers. Fullerton has developed a model, known as "neighbourhood financing", where the company targets customers in the immediate vicinity of not more than 5 km.
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