DBFS expands into non-banking finance business in India

Chammany inaugurates the event in Kochi, Kerala, where non-banking finance products were launched by Doha Brokerage & Financial Services. Doha Bank Group CEO Seetharaman is among those seen in the picture.

Doha Brokerage & Financial Services (DBFS group) head-quartered in Kochi, the southern city of India, is expanding its business activities to non-banking finance after having established its presence as a brokerage and wealth management company.The non-banking financial company (NBFC) subsidiary of the DBFS group, DBFS Finance & Leasing (India) is entering the market place in a big way with new product lines, a release said yesterday.DBFS Finance & Leasing (India) is a Reserve Bank of India (RBI) registered NBFC, which is currently offering loan against shares for its captive clients in the brokerage business. DBFS Finance & Leasing (India) will now offer more products such as personal and consumer loans, property and gold loans. The new products were officially introduced at a launch event at Kochi recently by the city mayor, Tony Chammany, in the presence of Doha Bank CEO, Dr R Seetharaman. Dr Seetharaman said, “Non-banking financial companies are emerging as an integral part of the Indian financial system. They have recorded marked growth in recent years and have played a key role in the evolution of a competitive and dynamic financial system. “The success factors of their business includes their ability to contain risk, adapt to changes and tap demand in markets. NBFCs have played a key role in the development of important sectors like road transport and infrastructure, which are the life lines of Indian economy. NBFCs are currently passing through an important phase where RBI has issued a revised regulatory framework with the objective to harmonise it with banks and financial institutions.” For DBFS, the launch of full-fledged NBFC is a major strategic move. “Hitherto, we have been more focused on brokerage and investment related products”, said Prince George, DBFS managing director.“Offering non-banking financial products is a logical extension of our activities, which can effectively be rolled out through our distribution network.  Our immediate target is to build a reasonable loan book size to balance revenues from both wealth management business and NBFC business, he said.”