Volkswagen granted non-banking finance licence
March 28th, 2011 - 7:15 pm ICT by IANSNew Delhi, March 28 (IANS) Global automobile major Volkswagen’s Indian finance subsidiary Monday said that it has been granted non-banking finance company (NBFC) licence by the Reserve Bank of India (RBI).
“The RBI license enables the company to offer customers of Volkswagen, Skoda and Audi cars the opportunity of a wide range of financial services,” Volkswagen Finance Private Limited said in a statement.
The company said the licence would enable it to offer three product lines, including VW Finance, Skoda Finance and Audi Finance.
“VWF India wants to present itself in the Indian market as a mobility provider with products which fully respect the needs of customers,” said Joern Achim Kurzrock, chairman of the board of Volkswagen Financial Services India.
According to Kurzrock, the company would focus on specific needs of each customer segment by offering financing options including 3-in-1 bundled packages consisting of financing, insurance and maintenance.
The Mumbai-based company would be making an initial investment of over $24 million (Rs.120 crore) in the country.
The statement added that the company’s customers can avail of financing options at any of the 164 dealer outlets of its brands.
- RBI proposes new regulations for non-banking finance firms - Aug 29, 2011
- Srei aims to broadbase borrowing options - Jan 07, 2012
- Volkswagen Group India achieves impressive sales growth of 180.7 per cent in 2010 - Jan 22, 2011
- RBI to open more offices in northeast - May 05, 2011
- Daimler Financial Services bets big on lease deals - Jul 19, 2011
- RBI asks northeast to crack whip on chit funds - May 26, 2011
- L&T Infra gets infrastructure finance company status - Jul 08, 2010
- Grant more banking licenses, but have strict regime: Economic Survey - Feb 25, 2011
- IDFC gets infrastructure finance company status - Jun 24, 2010
- Pranab offers incentive for private banks - Feb 26, 2010
- RBI to set up more offices in northeast - Nov 06, 2010
- Non-banking financial firms happy with Pranab's budget - Feb 26, 2010
- India's central bank unveils draft norms for new commercial banks - Aug 29, 2011
- Banking services to all Indians by next year: RBI - Mar 26, 2011
- Microfinance non-banking finance companies for financial inclusion - Aug 06, 2010
Tags: audi cars, audi finance, bank of india, chairman of the board, crore, customer segment, dealer outlets, finance company, finance subsidiary, financing options, indian finance, initial investment, private limited, rbi, reserve bank of india, rs 120, skoda, volkswagen finance, volkswagen financial services, vwf