Indel Money gets licence for forex business
Can undertake conversion of foreign currency notes, travel money cards, and outward remittances
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Prevailing tight credit situation has been a major catalyst for gold loan growth: Umesh Mohanan, CEO, Indel Money
In an interview with ET, Umesh Mohanan, executive director & CEO of Indel Money, a non-banking finance company in the gold loan sector, talks about how the gold loan business is performing in Q2 of the current fiscal and the company’s plan to expand amongst intense competition in the gold loan sector.
Read MoreGold loan held by women entrepreneurs
Gold loan is the safest and fastest way for women to get loans for personal reasons or business purposes.
Read MoreGold loan digitalisation accelerates credit penetration with accessibility and disbursal agility
In a traditional Indian household, gold is treated with more of aesthetic value than a safe haven asset. But now, the scenario is slowly changing. Even in rural households, the precious metal has gained the status of a hybrid asset class that can be leveraged in a financial emergency. This shift in outlook has happened over a period of time. Consequently, the gold loan industry is also booming in tandem with the rising demand for gold monetization.
Read MoreIndel Money post Rs. 21 crore profit in Q1 of FY24
Gold loan lender Indel Money has registered Rs. 21 crore profit in Q1 of FY24, registering a 63 per cent growth compared to the previous quarter of the corresponding fiscal.
Read MoreIndel Money Q1 Results: Profit jumps 63% QoQ to Rs 21 crore
Gold loan non-banking finance company (NBFC) Indel Money has clocked a profit of Rs 21 crore in the first quarter of FY 24, which is quarter on quarter growth of 63%. Operational efficiency and overall resilience in gold demand have driven the NBFC’s performance in the Q1 of FY 24.
Read MoreGold loan digitalisation accelerates credit penetration with accessibility and disbursal agility
In a traditional Indian household, gold is treated with more of aesthetic value than a safe haven asset. But now, the scenario is slowly changing. Even in rural households, the precious metal has gained the status of a hybrid asset class that can be leveraged in a financial emergency. This shift in outlook has happened over a period of time. Consequently, the gold loan industry is also booming in tandem with the rising demand for gold monetization.
Read MoreGold loan NBFC Indel Money looks to strengthen presence in western, central India
Gold loan non-banking finance company (NBFC) Indel Money has taken the decision to strengthen its presence in western and central India as a part of its national expansion plan.
Read MoreGold loan NBFCs maintain strong growth momentum in high-interest rate scenario
The first week of May has witnessed the world’s two biggest central banks – the US Fed and the ECB — raising policy rates in a series, dashing hopes of a pause in the rate hike cycle. In all major economies, there is no let up in the monetary tightening, except in China and Japan.
Read MoreIndel Money to raise Rs 100 cr via NCDs
The NCD issue of face value of Rs 1,000 each will open on June 6 and close on June 19, the lender said in a release.
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