Volvo Financial Services is a wholly owned subsidiary of Volvo Group. VFS is a NBFC regulated by the Reserve Bank of India. It was incorporated as a Private Limited Company on January 13, 2015, and began operations in September 2015. VFS India, being a captive financier for the Volvo Group in India, receives significant business, financial, and managerial support from the Volvo Group. Globally, the captive financing business remains important to the Volvo Group, given the strategic role it plays in strengthening the relationship with customers through bundling equipment sales with service contracts, insurance and financing in many global markets.