Australian company, Macquarie Group will be setting up a non banking finance company in India. The Group has also received regulator Reserve Bank of India's nod in this regard.

According to a senior official, the company called Macquarie Finance India (MFIPL) will start operating in the country from December.

Pawan Agrawal, director , Crisil Ratings says that all new comers in the NBFC segment are aiming to wade successfully through India's growing economy.

"Those companies in the asset financing business, or whose activities are to support capital market and investment banking activities are experiencing a positive momentum ," he said. Those engaged in unsecured lending like personal loans or credit cards are scaling down, he added.

Macquarie's approval comes at a time when there are many competitors trying to carve a niche in the growing Indian economy. Goldman Sachs had also applied for NBFC license but has not yet been able to pursue operations in the country.

Officials say that Macquarie Finance India (MFIPL) will be providing onshore vehicle financing facilities to customers.

"The NBFC registration provides opportunities for other businesses within the Macquarie Group to commence activities here in India," Macquarie Securities Group MD Christian Drysdale said.