Question
Which financial tech firm has received regulatory
approval from the Reserve Bank of India (RBI) to operate as a green retail non-deposit taking non-banking financial company?Solution
Eversource-promoted Accretive Cleantech Finance Private Ltd, operating as Ecofy has received regulatory approval from the Reserve Bank of India (RBI) to operate as a non-deposit taking non-banking financial company (NBFC). This makes Ecofy one of its kind green retail NBFC in the country. Ecofy will lend to individuals and small businesses to accelerate the transition towards a net zero carbon world. The company will offer financial solutions for green asset classes such as electric vehicles (two and three-wheelers), rooftop solar and energy-efficiency SMEs.
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