Shriram Finance Limited (Shriram Finance), country’s largest retail NBFC announced here on Monday that the Company plans to double its loan book in 3 years in Uttar Pradesh, driven by a focus on MSME loans.
Mr YS Chakravarti, MD & CEO, Shriram Finance said here that the Assets Under Management (AUM) stand at Rs 10,770 Crore (as of Sep-22) and the company plans to expand it to over Rs 20,000 Crore in 3 years in UP.
He said the growth strategy will be focused on growing the MSME loan book since UP has the largest number of MSMEs registered under Udyam and the opportunity to provide finance to MSMEs in the state is significant.
The company also achieved tremendous success in financing 80,000 two-wheelers in October-December 2022 in UP and the majority of their customers are self-employed, Chakravarti added.
UP is the largest market for 2-wheeler sales compared to other states in 2022 and Shriram Finance has a leadership position in the state.The company has a large fixed deposit franchise in UP totalling over Rs 2,400 Cr, with over 38,000 depositors.
” The growth strategy for the Company will be focused on driving the self-employed and the MSME economy in UP,” he further said.