Question
Which organization recently received approval from the
Reserve Bank of India (RBI) to commence asset reconstruction operations in the fiscal year 2024-2025?Solution
The Shriram Group, headquartered in Chennai, Tamil Nadu, has been granted permission by the RBI to venture into the asset reconstruction sector during FY25. Shriram Credit, a branch of Shriram Capital Limited (SCL), will handle the wealth management side in partnership with various collaborators. Meanwhile, SCL itself will directly operate the asset reconstruction services. Additionally, Shriram Finance Limited (SFL), the largest retail non-banking financial company (NBFC) in India, anticipates a 15% increase in its Assets Under Management (AUM) for the year.
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The Full form of SCO is
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