JM Financial Services reportedly does a business of Rs 350 crore a month in sourcing corporate FDs and is also the largest distributor of capital gains bonds for by entities like PFC, REC, and NHB among others. The depositors' flight to safety since the IL&FS went belly is the main reason for this spike in corporate FDs and NBFCs/HFCs' dependence on such funds, Misra said, adding the main reason for this digital solution is to widen the fund sourcing market as corporate FDs are a metro-phenomenon and that mostly limited to Mumbai and Gujarat. He said corporate fixed deposit is a market with a monthly volume of at least Rs 5,000 crore or around Rs 60,000 crore annually, which has grown manifold since the IL&FS crisis that left NBFCs/HFCs high and dry. Initially the platform will be to collect fixed deposits for HDFC, Bajaj Finance, and Mahindra Finance, he said, which will be scaled up later and will work on a fee- based model. Surajit Misra, the head of JM Financial Services said here that the platform is a digital solution that allows its over 20,000 independent financial distributors to book fixed deposits from companies for their end clients.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |