Indian non-banking financial company Magma Fincorp is reportedly planning to issue co-branded credit cards.
The company has already secured green light from its board for the same and now awaits regulatory nod, reported the Press Trust of India (PTI).
Confirming the plans in a regulatory filing, the company said: “As a forward integration step, the Board of Directors of the company has approved a proposal to enter into a co-branded credit card arrangement for issuance of co-branded credit card, subject to obtaining necessary approvals from the regulatory authority(ies).”
Besides, the firm has appointed Sanjay Miranka as its group CFO, replacing Kailash Baheti who decided on early retirement, the report said.
The appointment of Miranka will take effect immediately.
He joins from Aditya Birla Finance, where he had a stint of around 18 years.
During this period, he held various roles including the head of Capital Market Lending Business as well as CFO.
In the new role, he will spearhead the group’s resource raising, regulatory compliance and governance, investor interactions, and corporate legal.
He will also work alongside the MD and Group CEO on the strategic transformation, according to PTI.
Earlier this year, Rising Sun Holdings finalised an agreement to acquire a 60% stake in Magma Fincorp in a deal valued at INR34.56bn ($475.18m).
Magma Fincorp is a Mumbai-based NBFC, offering credit to commercial, agriculture, SME, mortgage as well as general insurance purposes.