Corporate News 04-Jan-19
Arman Financial Services' subsidiary Namra raises Rs 35 cr Refinance Assistance from NABARD
Namra Finance, wholly owned subsidiary of Arman Financial Services has successfully concluded a Refinance Assistance of Rs 35 Crore from National Bank for Agriculture and Rural Development (NABARD) on 03 January 2019. 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.
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