Volkswagen Finance gets NBFC license from RBI
Volkswagen Finance Private Limited, a subsidiary of Germany-based Volkswagen Financial Services AG, today said it has received a licence from the RBI to set up a Non-Banking Finance Company (NBFC) in India.
March 28, 2011 / 21:12 IST
Volkswagen Finance Private Limited, a subsidiary of Germany-based Volkswagen Financial Services AG, today said it has received a licence from the RBI to set up a Non-Banking Finance Company (NBFC) in India.
"We received the licence from the Reserve Bank of India for setting up our NBFC last week. We have already begun operations and will soon cover pan-India," Volkswagen Finance India''s Board Chairman, Joern Achim Kurzrock, told PTI here.Volkswagen Finance will offer three financial products ---Volkswagen Finance, Audi Finance and Skoda Finance---which will be available in VW Group's 164 outlets pan-India.The company will make an initial investment of over Rs 120-crore and will be headquartered in Mumbai. It has already hired 120 professionals and plans to increase its head count to 300 by end-2011."India being one of the fastest-growing economies, Volkswagen Finance wants to present itself in the Indian market as a mobility provider with products which fully respect the needs of Volkswagen, Skoda and Audi customers. Our focus is to support sales of our branded vehicles to customers," Kurzrock said."Besides classical financing we are also introducing a bundled loan with insurance and maintenance packages and become a one-stop shop to support the sales of our brand vehicles in India," he said. . Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
