Piramal Finance Gets RBI Nod To Operate As NBFC

The Reserve Bank of India has granted Piramal Finance Ltd. a certificate of registration to operate as a non-banking financial institution–investment and credit company, without accepting public deposits. The company will now exit the housing finance business and has surrendered its earlier registration.

Piramal Finance, a wholly-owned unit of Piramal Enterprises Ltd., had last week raised $265 million via a three-year external commercial borrowing facility, with a greenshoe option to scale it up to $300 million.