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Mumbai, Oct 19: AIG Capital India, an arm of American International Group, has received the approval of Reserve Bank of India(RBI) to operate as a non-bank finance company (NBFC) to foray into retail finance segment.
A foreign bank has been granted an NBFC license after a long time though there are many foreign and private sector banks waiting for such licences. AIG's chief of India operations Sunil Mehta said AIG would be keen to enter five areas of retail finance in the country--personal finance, consumer durables, auto loans, home finance and credit cards.
‘‘Though our basic capital will remain $50 million, we would expand it along with our operations,’’ he said.
The approval will enable AIG Capital to offer its retail financial services in one of the fastest growing consumer markets in the world.
"We believe that the Indian financial services sector offers strong growth potential, which we are well poised to develop and grow," said Mehta.
AIG Capital is also keen to enter asset management and realty businss. ‘‘For asset management business we have already applied for a license to Sebi and are still planning the right model for realty exposure,’’ said Mehta.
However, he refused to comment on whether AIG would be willing to take over the Standard Chartered Mutual Fund which is on the block. The US multinational has already invested $478 million in India through its private equity exposures and is looking for constant opportunities to expand its activities in this area.
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