A few months ago, Poonawalla Fincorp Limited, a non-banking finance company promoted by Cyrus Poonawalla Group, had submitted an application to the Reserve Bank of India (RBI) to issue co-branded credit cards with its NBFC company IndusInd Bank.
Just a few days ago, RBI has given the application grant permission and now Poonawala Fincorp Limited will be able to issue co-branded credit cards with IndusInd Bank.
This partnership will enable Poonawala Fincorp Limited to usher in a new era of versatile retail lending.
If you do not know Poonawala Fincorp Limited, then let us tell you that this company is also known as Magma Fincorp Limited.
It is a non-deposit taking NBFC company registered with RBI.
Talking about the market cap of this company, the market cap of this company is more than Rs 29,000 crore.
The main work of this company is to provide MSME financing and general insurance services to its users.
If we talk about the current Poonawala Fincorp Limited stock price, then the current price of this share is Rs 380 per share.
The stock of this company has given multibagger returns of more than 1,000% in just 3 years. Be sure to add such multibagger stocks to your watchlist.
Disclaimer: This article has been written for informational purposes only, please consult your financial advisors for investment advice.
