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India's Vreedhi Financial Services secures nonbanking finance company license

The Reserve Bank of India granted Vreedhi Financial Services a nonbanking finance company license, The Economic Times reported Oct. 22.

The company plans to offer credit and other services to micro enterprises that have low annual turnover, cannot offer collateral and have limited credit history, said Shamik Trehan, founder of Vreedhi Financial Services. The company will create a digital lending model by the next fiscal year.