SKS looks to enter home loans, insurance distribution business

SKS Microfinance is looking to revamp its product portfolio in non-micro-loan segment at the beginning of the next financial year, said a top company official. This may require the company to enter into segments such as financial payments, home loans and insurance distribution.

The company hopes that the polish basket of non-core products will improve the financial position and in the next few years. "We will tear down all our products to meet diverse customer needs in the area of ​​financial inclusion. We are looking to introduce a new product suite that can add our vision as well. This includes segments such as financial payments, home loans, and distribution of products, such as insurance. This should strengthen our balance sheet, "chairman of the executive, PH Ravikumar to the Financial Chronicle.

After the crisis in the industry shook his company's balance sheet, before deciding to realize SKS focuses on non-core business to take up to about 10 percent of the total business.

The company has also decided to create a subsidiary for gold loans and increase stores Sangam (loans to the shops 'Kirana' in series with the Metro) project, and mobile lending as well. "At this time, we are conducting research, and it will take two months to assess the size and the market for new products. This will also give us an understanding of the geographical area we can be. However, it will take a year to launch new products, "he said.

According to Dilli Raj, chief financial officer of SKS, the company may look to raise $ 10 million through foreign loans trade routes (ECB), after approval of the RBI, in the first quarter of next financial year.

"With a strong balance sheet and dedicated microfinance investment vehicles in other countries, we hope to take advantage of. In addition, funds raised by the QIP may be in place by February," said Raj.

article source :- http://www.mydigitalfc.com/banking/sks-looks-enter-home-loans-insurance-distribution-business-554

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