Namra Finance Limited, wholly owned subsidiary of Arman Financial Services Limited, has successfully concluded a Refinance Assistance of INR 35 Crore from National Bank for Agriculture and Rural Development (NABARD) today. It has also entered into a General Refinance Agreement (GRA) with NABARD which paves the way for similar transactions in the future as well.
Namra has been able to increase the microfinance business substantially despite a major setback in the industry after demonetization. The company has already seen a rating upgrade from BBB to BBB+ in September 2018 and grading upgrade to MFI 2+ in October 2018 as a result of a healthy ramp-up in lending operations and improved asset quality supported by its robust risk management practices.
Mr. Jayendra Patel, Vice Chairman & Managing Director of Arman Financial Services said “The Re-finance assistance from NABARD, a premier Development Finance Institution (DFI) of the country, is recognition of the group’s ability to maintain its growth and asset quality in a challenging environment. It also opens the doors for the Group for similar associations with other DFIs like SIDBI & MUDRA bank in the future.”