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Germany’s Deutsche Bank has earmarked Rs 685 crore for its Non-Banking Finance Company (NBFC) business to be launched shortly. Deutsche obtained Reserve Bank approval for its NBFC business late last year and will be investing Rs 685 crore in this business, a source close to the development said here.

The bank is betting big on the Indian market and plans to pump in $1.5 billion (around Rs 5,700 crore) into its Indian operations this financial year. It is in the process of fine tuning its strategy for its NBFC business. Deutsche’s think-tank has identified India as one of its key global markets and in December pumped in $554 million (Rs 2,155 crore), taking its total capital outlay for the country this fiscal to nearly $1.5 billion.

Around Rs 1,470 crore will be utilised for its core banking operations, the source said, adding that the balance would be used for its NBFC and other business segments for which Deutsche has lined up big plans. Deutsche Bank’s managing director & chief executive officer, Mr Gunit Chadha had said at a recent banking conference that the bank was readying itself for a massive expansion in the country.