The education finance-focused non-banking finance company received Rs 100 crore under the TLTRO 2.0 from public sector banks and Rs 150 crore through PCG scheme.
Warburg Pincus-led Avanse Financial Services on Tuesday said it has raised a total amount of Rs 250 crore through RBI’s targeted long-term repo operation (TLTRO 2.0) and the government’s partial credit guarantee (PCG) scheme.
The education finance-focused non-banking finance company received Rs 100 crore under the TLTRO 2.0 from public sector banks and Rs 150 crore through PCG scheme. The company plans to utilize the capital for growth and to create educational solutions for students and institutions, a release said.
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“Government and RBI’s TLTRO and PCG scheme for channelizing liquidity to small and mid-sized Non-Banking Financial Companies (NBFCs) are encouraging initiatives in the wake of COVID-19 outbreak. “Based on our strong franchise and prudent risk management along with the necessary boost from the government, we will be able to contribute towards building a robust education ecosystem,” its CEO Amit Gainda said.
The Reserve Bank of India (RBI), in April, had announced to conduct TLTRO 2.0 to provide additional liquidity support to the shadow banking sector. The company provides loans across two segments- education loan and educational institutional loans. It has provided loans to nearly 500 educational institutes catering to over 5.5 lakhs students. Its assets under management stands over Rs 2,800 crore.