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Manappuram gets Authorised Dealer II licence
Staff Reporter
Kochi:
The Reserve Bank of India (RBI) has granted Authorised Dealer II licence to Manappuram General Finance and Leasing Limited (MAGFIL).
At a press conference, V.P. Nandakumar, Chairman and Managing Director of the Manappuram Group, said that as an Authorised Dealer II, the company would be able to effect all types of non-trade current account remittances such as remittances for higher education and medical treatment abroad.
Till now, MAGFIL was only a full-fledged money changer (FFMC) authorised to undertake only exchange of foreign currency. Mr. Nandakumar said that the grant of such licence was part of RBI's strategy to improve the outreach of banking system in a cost effective way.He said that MAGFIL also received an insurance broker's licence from the Insurance Regulatory and Development Authority (IRDA) which enabled it to offer customers a wide range of products of several insurance companies.
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