Shriram City, STFC raise record retail FDs worth Rs 2,000 crore in July

Shriram City has a large, progressive lawsuit basal of 4.3 cardinal dispersed crossed 926 branches

Shriram City Union Finance (Shriram City), a Chennai-based two-wheeler financing non-banking fiscal institution (NBFC), and Shriram Transport Finance Company (STFC), 1 of the country’s largest plus financing NBFC, person raised grounds retail fixed deposits (FDs) worthy Rs 2,000 crore successful July 2021.

Attractive involvement rates, ample lawsuit basal of 6.4 million, proven way grounds of implicit 20 years of issuing FDs and digitally enabled systems on with the Covid-induced request for information led to the grounds FDs raised by Shriram City and STFC, some portion of the Shriram Group.

Shriram City raised retail FDs worthy Ra 390 crore, portion STFC raised Rs 1,610 crore successful July — the highest-ever funds raised from retail FDs for some entities. In Q1FY22, Shriram City witnessed retail FD maturation of 33% to Rs 5,761 crore portion STFC saw 49% maturation to Rs 17,903 crore, said a merchandise jointly issued by the companies.

Shriram City has a large, progressive lawsuit basal of 4.3 cardinal dispersed crossed 926 branches. Top 3 states for Shriram City are Tamil Nadu, Andhra Pradesh and Telangana. It has 94% of its branches located successful agrarian and semi-urban locations. Public deposits comprise 22% of the company’s borrowings.

YS Chakravarti, MD & CEO of Shriram City, said: “We are perpetually moving connected providing our customers amended products, beryllium it connected the recognition oregon deposit side, and it is reassuring to spot however galore customers take to spot their hard-earned wealth with us. The rates offered by the Shriram Group entities are 1 of the astir charismatic successful the industry, and backed by a beardown parentage it makes for a large investment, particularly for risk-averse investors.”

STFC has a beardown lawsuit based of 2.1 cardinal dispersed crossed 1821 branches. Top 3 states for STFC are Maharashtra, Tamil Nadu and Delhi. STFC has 88% of its branches located successful agrarian and semi-urban locations. Public deposits comprise 17% of the company’s borrowings.

Umesh Revankar, vice-chairman & MD, STFCL, said: “At Shriram Transport we person invested extensively successful the mode we bash concern digitally, which has the imaginable to gully deposits and work loans from a broader excavation of imaginable customers. Above everything, it’s the long-standing affirmative relationships, beardown marque consciousness and loyalty, on with the information that we are firmly established wrong the communities we service that is bearing fruit.”