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In spite of everything, it was only a few decade ago when Shriram had its worst disaster. After India opened up its economy in 1991 tearing down 40 years of statist controls, there was a increase in non banking financial institutions (NBFCs). By mid 90s, India had more than 40,000 NBFCs and the share of non-bank deposits in household sector savings in monetary belongings, elevated from 3.1 per cent in 1980-eighty one to 10.6 per cent in 1995-96.
Quickly afterwards in 1999, Shriram’s turning point got here when in what was then a large act of religion towards an NBFC, Citicorp, the non banking finance arm of Citibank, partnered with Shriram to finance its truck buying clients. A 12 months later, Shriram Transport started securitizing its asset portfolio of previous automobiles and offered assets worth Rs. A hundred crores to Citibank. This was followed by a good larger shot in the arm when Citicorp picked up two stakes of a complete of 15% in Shriram Transport Finance and Shriram Funding (later merged into Shriram Transport Finance) in 2002.