Electronics giant Siemens has finally got approval from regulator Reserve Bank of India to set up its financial services wing in the country.

"Siemens has received a Certificate of Registration from the RBI to operate a non-banking finance company (NBFC) for its financial services business in India," the company said in a release.

The non banking finance company (NBFC) will be named Siemens Financial Services (SFSPL). Its prime focus will be on the asset finance business with product range comprising of oans, leasing and other finance products for the industry, energy and healthcare sectors.

"With the non-banking finance company licence, we will be able to offer a range of value-added financing solutions to Siemens customers, as well as working with third party vendors and business customers on a direct basis," Siemens Financial Services commercial finance Asia Pacific's chief executive Axel Scholz said.