GyanDhan, 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.
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).
Headquarters – New Delhi
CEO – Ankit Mehra