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Margadarsi Chit Funds mulling NBFC
Margadarsi Chit Fund, part of the Ramoji Group, has surpassed the Rs 10,000 crore turnover mark in the financial year 2017-18. The financial lending firm achieved a business turnover of Rs 10,204 crore in fiscal 2017-18 and has set a target to achieve Rs 20,000 crore turnover by 2025, its Managing Director Sailaja Kiron said here on Wednesday.
Hyderabad: Margadarsi Chit Fund, part of the Ramoji Group, has surpassed the Rs 10,000 crore turnover mark in the financial year 2017-18. The financial lending firm achieved a business turnover of Rs 10,204 crore in fiscal 2017-18 and has set a target to achieve Rs 20,000 crore turnover by 2025, its Managing Director Sailaja Kiron said here on Wednesday.
"We have done turnover of Rs 9,400 crore in FY17, Rs 10,204 crore in FY18 and for the current fiscal (2018-19) the company has set a target of Rs 10,800 crore turnover and is hopeful of exceeding Rs 11,000 crore," Sailaja told reporters here.
The company, established in 1962 with its first branch in Himyathnagar here, now has 105 branches in Telangana, Andhra Pradesh, Tamil Nadu and Karnataka. Asked if the company planned to foray into the banking sector, she said "No. Maybe we will think about an NBFC. We are just contemplating on it (NBFC) and it is in the initial stage. Nothing has been formalised."
To a query on Goods and Services Tax on chit funds, Sailaja said the chit fund industry has been seeking its complete removal and added that the levy of 12 per cent was too high though it was brought down from 18 per cent and went on to add, “NBFC’s charge more interest than chit funds, yet they don’t have GST on their interest and incomes. They have treated us badly. Representations have been given to the government and we will continue to pursue.”
The company has chit values starting from Rs 50,000 to Rs 80 lakh and is contemplating commencing Rs one crore chits in the future, Sailaja said, adding that they planned to set up five to six more branches this year.
