1. Gold loan sale cash realisation - The slump sale of the gold loan business to L&T Finance closed on June 9, 2025, with a total consideration of ₹660.64 crores plus a second tranche of ₹77.49 crores determined in September 2025, of which ₹61.28 crores was received. This cash inflow transforms the balance sheet, extinguishing all rated debt and funding the pivot to asset-light financial services without leverage.
2. NBFC product relaunch - Wholly owned subsidiary PMFPL approved the phased launch of six new financial products on June 16, 2025 - Loan Against Property, Large Corporate Lending, Vehicle Loans, Direct Assignment, Co-lending Partnerships, and other RBI-permitted products. The existing NBFC licence and post-sale capital base allow the company to rebuild a lending book without the concentration risk of the former gold-loan model.
3. Global Currency Card - The "Paul Merchants Global Currency Card," a prepaid multi-currency forex card valid worldwide except Nepal, Bhutan, and CIS countries, was launched on October 7, 2025, under the existing AD-II licence. The card adds a sticky, high-frequency product to the forex division at a time when digital payment adoption is expanding the addressable market for prepaid travel instruments.
4. Insurance distribution entry - The Board approved commencement of insurance distribution as a Corporate Agent, subject to IRDA registration, with an estimated investment of ₹10 lakhs. Cross-selling insurance to the existing travel customer base requires negligible capital and can lift revenue per customer with minimal incremental cost.