News Regulations06 Jun 2024

India:Non-bank financial services company enters insurance with a corporate agency licence

| 06 Jun 2024

Mr Vimal Bhandari, executive vice chairman & CEO of Arka Fincap

Arka Fincap has been granted a Certificate of Registration to act as a corporate agent (composite) by the IRDAI, allowing it to venture into insurance distribution.

In a statement, Arka Fincap says that the licence adds to the group’s suite of financial solutions to cater to the varied requirements of customers. Arka Fincap will broaden its product portfolio enabling diversification into a new category and capitalise on emerging opportunities.

Mr Vimal Bhandari, executive vice chairman & CEO of Arka Fincap, said, “With insurance being added to our product portfolio, it will help us to diversify our offerings, driving sustainable growth for our customers and creating long-term value for all our stakeholders.”

Mr Navin Saini, business head - Retail SME & MSME, of Arka Fincap, said, “In today's dynamic business environment, staying competitive requires agility and adaptability and Arka’s entry into insurance distribution demonstrates its willingness to embrace change, explore new avenues, and stay ahead of the competition. With insurance distribution, we can offer a comprehensive cover which can protect our customers from uncertainties, enabling them to secure their future and get ahead with confidence.”

Arka Fincap is a customer-focused, digitally enabled, analytics driven, Non-Banking Financial Company. It operates in four main business segments: MSME & personal lending, corporate lending, real estate and urban infrastructure financing and syndication.

As of 31 March 2024, Arka Fincap’s assets under management stood at INR52bn ($623m). The company, which has a network of 31 branches across India, is a subsidiary of the listed engineering group Kirloskar Oil Engines.

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