........The 25-year-old finance company had launched a general Insurance company in 2012 and launched its housing finance business with takeover of mortgage business of GE earlier this year. The group feels that its progression towards becoming a bank is a natural extension with which it shall be able to expand its existing successful model for inclusive financial services multiple times across India. Magma said in a release that while it applies for a banking license, its focus remains firmly on the existing business, and upon receipt of licence, all the customers of Magma will have access to a full range of banking services very quickly including deposits, remittances etc., so a lot of inclusion will occur by way of additional services to the existing customer base even without Magma expanding its asset base...........
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