Ratnaafin secures NBFC & insurance broking licenses from RBI

By Edil Corneille

Ahmedabad-based Ratnaafin has secured the mandatory license to operate as a non-banking financial corporation (NBFC) from the Reserve Bank of India (RBI). Ratnaafin has added another feather in its cap, bagging the insurance broking license from Insurance Regulatory Development Authority (IRDA).

“The current insurance market is seller-driven, with almost no client representation, which puts the clients at a disadvantage. Ratnaafin Insurance Broking’s goal is to become a tech-enabled company that will bring greater accessibility to the insurance network for the clients,” Malav Desai, Co-Founder and Director of the company enunciated.

He further stated that the goal of Ratnaafin is to offer all financial services under one single umbrella with a common digital platform, thereby optimising deal and price discovery, credit analytics, decision-making algorithms, and documentations. “With such a harmonised technological model, Ratnaafin would help in making financial decisions convenient, quick and Transparent for the user,” he added.

Ratnaafin hopes to bring the much-needed financial services breather to small businesses and start-ups hit hard by the COVID-19 disruptions. Ratnaafin, a financial service provider, with the insurance broking and NBFC licenses hopes to work with the small and medium enterprises, besides start-ups.

“The NBFC certification will help us cater to the needs of micro and small enterprises operating in tier 2 and 3 cities which struggle to obtain credit from mainstream banks. Our NBFC is positive and driven to bridge the gap to enable comprehensive growth to support MSMEs who lack collaterals and have limited credit history,” Nilesh Sanghvi, Co-Founder, and Director of Ratnaafin elucidated. Sanghvi is also a member of the promoter family of Ratnamani Metals and Tubes, a company said to have a market value of over INR 50 billion.

With a retailer base of more than 1,500 clients, Ratnaafin provides loans, insurance, and financing solutions to help individuals and organisations compete globally. The company has so far set up 4 branches.