Automobile giant, Volkswagen has received license to set up a non banking finance company (NBFC) in India. The license has been given by Reserve Bank of India to the Indian operations of the company.

"The RBI license enables the company to offer customers of Volkswagen, Skoda and Audi cars the opportunity of a wide range of financial services," Volkswagen Finance Private Limited said.

The NBFC thus set up would offer three products namely VW Finance, Skoda Finance and Audi Finance.

"VWF India wants to present itself in the Indian market as a mobility provider with products which fully respect the needs of customers," said Joern Achim Kurzrock, chairman of the board of Volkswagen Financial Services India.