Magma Fincorp to rejig workforce

After shunning big-ticket loans to big contractors, non-banking financial firm Magma Fincorp is in the process of restructuring its 10,000-odd workforce to synergise energies from different verticals with a view to spreading its retail loan offerings in the rural areas. The Kolkata-based firm has decided to move away from the disbursement of big loans and focus on smaller loans (up to ₹30-50 lakh for one or two vehicles) two years ago to de-risk the business.