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After all, it was only about a decade in the past when Shriram had its worst disaster. After India opened up its financial system in 1991 tearing down 40 years of statist controls, there was a increase in non banking monetary institutions (NBFCs). By mid 90s, India had greater than 40,000 NBFCs and the share of non-bank deposits in family sector financial savings in financial property, increased from 3.1 per cent in 1980-eighty one to 10.6 per cent in 1995-96.
Soon afterwards in 1999, Shriram’s turning point came when in what was then an enormous act of religion in direction of an NBFC, Citicorp, the non banking finance arm of Citibank, partnered with Shriram to finance its truck buying purchasers. A 12 months later, Shriram Transport began securitizing its asset portfolio of outdated autos and offered property value Rs. A hundred crores to Citibank. This was adopted by a good larger shot within the arm when Citicorp picked up two stakes of a total of 15% in Shriram Transport Finance and Shriram Investment (later merged into Shriram Transport Finance) in 2002.