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Cholamandalam DBS gets NBFC-ND status

Special Correspondent

CHENNAI: The Reserve Bank of India has certified the Chennai-based Cholamandalam DBS Finance Limited as a non-deposit-taking non-banking financial company (NBFC-ND).

This follows the company's decision not to accept deposits from the public.

On October 6, the board of directors of the company approved a proposal to stop accessing public for deposits. Cholamandalam DBS got the required clearance from the apex bank in this regard on December 13.

The company had, in fact, stopped accepting fresh public deposits and renewing public deposits with effect from November 1, 2006.

Cholamandalam DBS Finance Limited is a joint venture between the Murugappa Group and DBS Bank of Singapore.

The company, along with its subsidiaries and affiliates, offers individual and institutional customers a range of financial services.

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