Non-Banking Financial Companies (NBFC) are establishments that provide financial services and banking facilities without meeting the legal definition of a Bank. They are covered under the Banking regulations laid down by the Reserve Bank of India and provide banking services like loans, credit facilities, TFCs, retirement planning, investing, and stocking in the money market. However, they are restricted from taking any form of deposits from the general public. These organizations play a crucial role in the economy, offering their services in urban as well as rural areas, mostly granting loans allowing for the growth of new ventures.
Tech in the Financial Institutions
Innovation and banking are two words not ordinarily referenced in a similar sentence. Be that as it may, digitalization is going on, and it’s happening in the banking industry at a shockingly quick pace with the continuous & rapid growth of the fintech sector.
As per a detailed survey conducted by PwC:
“Respondents say skills in their organization lag across a range of highly critical domains, including privacy, business development of new technologies, cybersecurity, user experience, and human-centered design. Worse, skill levels have declined even as the demands of the current digital pace.”
Due to the fintech solutions' tremendous potential to disturb the current and customary banking framework, this domain is presently picking up footing in the zones of loaning, credit system, deposits, and asset management. Currently, fintech organizations or the banks dealing with technological solutions are proficiently harnessing cutting-edge technologies to defeat general business difficulties, assemble items and administrations, for example, building products such as last-mile reach & delivery, fraud detection, regulatory compliance, enterprise automation for accounting, alternative credit models, treasury & reconciliation for conventional banks and NBFCs (non-banking financial institutions).
Services Offered by NBFCs
Light Commercial Vehicle Loans
Loans For Multi Utility Vehicles
Growing demand for electrical vehicles and surge in the number of infrastructural projects is expected to drive the demand for GCC light commercial vehicle market during the forecast period.According to TechSci Research report, “GCC Light Commercial Vehicle Market By Vehicle Type (Pickup Truck, Van and Light Bus), By Fuel Type (Petrol, Diesel and Alternate), By End User (Individual Vs Fleet Owner), By Region, Competition Forecast & Opportunities, 2026”, GCC light commercial vehicle market was valued at USD4,796.69 million in 2020, and it is anticipated to reach USD7,676.72 million, growing at a CAGR of 7.20% in the forecast period, 2022-2026.
Owing to the high growth of the e-commerce business sector, a strong demand for an efficient supply chain network has been generated.
Such business activities require frequent transportation of raw material in a phased manner which is mostly done through light commercial vehicles, thereby driving the demand for the GCC light commercial vehicle market.All the GCC countries are mainly import driven.
In 2020, due to the outbreak of the COVID-19 pandemic, the government of several countries across the globe imposed partial and strict lockdown, which further impacted the production and trading activities of the exporting countries.
The sales of light commercial vehicles have decreased as well owing to the crunch in supply, and implementation of lockdown in several GCC countries to stop the spread of the pandemic outbreak, which leads to halt in operations of various sectors.
The implementation of environmental policies in the region by the leading authorities along with the increased availability of crude petrol is accelerating the demand for petrol-driven light commercial vehicles.Ford Motor Company Middle East, Al-Futtaim Motors, ISUZU MOTORS LIMITED, Nissan Motors Co. LTD, Volkswagen AG, Hyundai Motor Company, Ford Motor Company, Mitsubishi Motors Corporation, Toyota Motor Corporation, Tata Motors Ltd., Mercedes Benz AG, Hino Motors, and IVECO S.p.A are the leading players operating in the GCC light commercial vehicle market.
