Gold loan company Karina Fincap is looking to ramp up its assets under management to Rs 400 crore in the next one year, its chief executive officer Devesh Sinha said.

Plans are also afoot to spread wings in North India by opening branches in Ludhiana, Jalandhar and Jaipur.

A recent entrant to the gold loan market, Karina Fincap, which is part of the Delhi-based KRC Group, had received NBFC (non-banking finance company) licence from the Reserve Bank in May this year.

This NBFC has been categorised by the central bank as a non-deposit taking loan company.

Till date, the company has opened four branches in the National Capital Region and done business of Rs 10 crore, Devesh Sinha said.

Unlike some entrenched players who rely largely on branch model, the company would focus on achieving distribution scale through channel partners such as direct selling agents, he added.

(This article was published on August 13, 2012)
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