The Hindu Business Line : Deutsche Bank hopes to begin NBFC ops early next year

“We are more than close to obtaining licence from the Reserve Bank of India for setting up a NBFC here in India. As we are dealing successfully on the branch side and we are a good corporate citizen here, I am more than confident that we would get the licence,” Mr Peter Schedl, Head of Business Development –Asia Pacific, Deutsche Bank, told reporters here.

He said that the proposed NBFC would be entirely owned by Deutsche Bank. Currently, Deutsche Bank has 10 bank branches in India. The NBFC is expected to initially focus on consumer loans.

Mr Schedl pointed out that the branch licence restrictions were coming in the way of Deutsche Bank servicing a large market such as Hyderabad. “We are not there (in Hyderabad). But an NBFC would completely open up distribution. The NBFC would primarily be driven by the consumer finance proposition,” he said.

Tie-up with Lufthansa

Deutsche Bank and Lufthansa German Airlines announced the launch of the Miles & More Credit Card in India, in association with Visa International.

The credit card packages all the travel benefits required by international frequent flyers and is available in two variants —Visa Platinum and Visa Signature.

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Deutsche Bank hopes to begin NBFC ops early next year