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GyanDhan Received NBFC Licence; Plans to Disburse Rs 650 crore in FY22

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GyanDhan receives NBFC licence, aims to disburse Rs 650 croreGyanDhan, India’s 1st education financing platform, has received a Non-Banking Financial Company (NBFC) license from the Reserve Bank of India (RBI).

  • It plans to disburse Rs 650 crore worth of education loans in FY22, in which it has Rs 50 crore for domestic short-term courses offered by various ed-tech players and coaching institutes.
  • Prior to becoming a NBFC, it has partnered with companies like Great learning, various IAS (Indian Administrative Service) institutions, schools, colleges, etc to offer interest-free education loans for students (both overseas and India).
  • So far, it has have disbursed more than Rs 1000 crore in total and in FY22 (so far) alone it has sanctioned loans worth Rs 200 crore.

NBFC:

i.It is a company registered under the Companies Act, 1956 engaged in the business of loans and advances, acquisition of shares/stocks/bonds/debentures/securities issued by the Government or local authority or other marketable securities.

ii.As per Section 45-IA of the RBI Act, an NBFC need to get a registration certificate/licence from RBI to carry its business.

iii.It should have a minimum net owned funds of Rs 2 Crore.

Recent Related News:

On June 24, 2021, the Reserve Bank of India (RBI) linked the declaration of dividends by non-banking finance companies (NBFCs) to their minimum prudential norms on Capital to Risk-Weighted Assets Ratio (CRAR) and Non-Performing Assets (NPAs).

About GyanDhan:

Headquarters – New Delhi
CEO – Ankit Mehra