Shriram City, STFC raise `2,000-cr retail FDs
The Covid-induced fear for security is one of the main reasons that led to encouraging response for the retail fixed deposits
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Shriram City Union Finance Ltd (Shriram city), a Chennai-based leading small and medium enterprise (SME), and Shriram Transport Finance Company (STFC), a Mumbai-based asset financing, non-banking finance company (NBFC), both part of the Shriram Group has raised record retail fixed deposits (FDs) of worth Rs 2,000 crore in July 2021.
The attractive interest rates, large customer base, long track record of 20 plus years of issuing FDs, digitally enabled systems, strong parentage, reputed brand name and the Covid induced need for security led to the record FDs raised by the company. Shriram City raised retail FDs worth Rs 390 crores, while STFC raised Rs 1,610 crores in July 2021. YS Chakravarti, MD and CEO, Shriram City, said: "The rates offered by the Shriram Group entities are one of the most attractive in the industry and backed by a strong parentage, makes it a great investment, especially for risk-averse investors."
Umesh Revankar, Vice Chairman and MD, STFCLtd, said: "At Shriram Transport we have invested extensively in the way we do business digitally, which has the potential to draw deposits and service loans from a broader pool of potential customers."
