Bengaluru, 29^th September 2025: Bank of Baroda (Bank), one of India’s leading public sector banks, and IIFL Finance, a leading Non-Banking Financial Company (NBFC), have entered into a Co-Lending partnership to offer gold loans primarily targeted at underserved and unbanked customer segments across semi-urban and rural India. The collaboration aims to provide small borrowers with faster, easier, and more affordable credit for agricultural and allied activities.

Under this agreement and in line with the Reserve Bank of India’s guidelines on co-lending, IIFL Finance will originate and service the gold loans, while Bank of Baroda will participate in the funding, with joint underwriting by both parties, enabling a seamless and scalable credit delivery mechanism. The partnership will leverage the Bank’s robust capital base & access to low-cost funds and IIFL Finance’s deep reach, significantly enhancing financial inclusion.

The partnership will be driven by a fully tech-integrated process, enabling real-time data sharing between both institutions, ensuring transparency, efficiency, and customer protection while minimising reconciliation errors. The agreement also provides for co-branded documentation and shared servicing responsibilities, ensuring a seamless experience for customers.

Ms. Kirti Timmanagoudar, Head of Co-Lending at IIFL Finance said, “This partnership marks a pivotal step in our mission to democratise access to credit. By joining hands with Bank of Baroda, we are not only expanding our footprint into underserved markets but also ensuring that customers benefit from competitive interest rates, faster loan disbursals, and a tech-driven experience. It’s a win-win for both institutions and the communities we serve.”

Shri Madhur Kumar, Chief General Manager, Bank of Baroda said, “The co-lending agreement with IIFL Finance aligns with our commitment to bridge credit gaps by reaching out to customers who have traditionally been outside the ambit of formal banking and fostering inclusive growth across India’s diverse economy. This partnership reiterates our focus on leveraging technology and collaboration to build a more resilient and accessible lending ecosystem that empowers every borrower.”

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The bond offering witnessed an overwhelming response from global institutional investors across Asia, Europe, and the United States. The transaction began with an initial pricing guidance of 9.00% and garnered peak demand of USD 1.15 billion at final pricing guidance. The final order book stood at over USD 730 million, with allocations of 20% in Asia, 25% in EMEA (Europe, the Middle East, and Africa), and 54% in the US. High-quality fund managers accounted for 95% of the allocation, while insurance companies and private banks made up 3% and 2%, respectively.

The proceeds from this issuance will be used for onward lending, as per the External Commercial Borrowing (ECB) Guidelines by the Reserve Bank of India (RBI).

The successful issuance comes in the wake of the RBI’s decision to lift the ban on IIFL’s gold financing business in September 2024, further strengthening investor confidence. IIFL’s management highlighted its resilient business model, robust processes, and strong risk controls during extensive investor engagements over the last few days.

Commenting on the successful issuance, Kapish Jain, CFO of IIFL Finance, said:

“The strong response to this bond offering from top-tier global institutional investors is a testament to the trust and confidence in IIFL’s business model, operational strength, and governance standards. This issuance not only allows us to diversify our funding sources but also reinforces our commitment to delivering value to stakeholders while adhering to prudent financial practices.”

The bond offering was rated B+ by both S&P and Fitch, with a stable outlook. Leading international banks—Standard Chartered Bank, HSBC, Mizuho, and Deutsche Bank—acted as joint book runners for the transaction.

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Appointment of Directors to the Board:

Mr. Mr. Bijou Kurien, Additional (Independent) Director

Mr. Kurien is a well-respected consumer leader with over 40 years of experience in building brands, businesses and creating organizations. He has been associated with marquee brands in the fast-moving consumer products, consumer durables and retail industry in India. He has also created India’s largest exclusive brand retail chains. He joined Reliance Industries as the President & CEO of their ambitious Retail venture — Reliance Retail. Currently, he is a member of the Strategic Advisory Board of Premji Invest. He is also serving as an Independent Director on the Board of several listed and unlisted companies.

Mr. Kurien has been associated with the India Retail Forum & Retailers Association of India and has significantly contributed to its development. In addition, he is the Mentor of the FICCI National Retail Committee, member of the Advisory Council of the RAI and Governing boards of various academic institutions.

Mr. Nihar Niranjan Jambusaria, Additional (Independent) Director

Mr. Nihar Niranjan Jambusaria is a Member of the Institute of Chartered Accountants of India (ICAI). His illustrious career includes serving as the President and Vice President of the ICAI for the year 2021-22 and 2020-21, respectively. Mr. Jambusaria has been a senior partner at N. N. Jambusaria & Co., Chartered Accountants, since 1984.

His consultancy services extend to the renowned Reliance group and various other organizations in the private and public sectors. He specializes in Direct Tax, International Tax, Mergers & Acquisitions, FEMA, and Business Restructuring. Previously, Mr. Jambusaria held the position of Senior Vice President at Reliance Industries Ltd. from 2011 to 2020. Mr. Jambusaria has served as a Member of the Government Accounting Standards Advisory Board (GASAB) and the Audit Advisory Board of the Comptroller and Auditor General (CAG).

Strengthening the Senior Management team:

Mr. Shivalingam A. Pillai, Chief Compliance Officer

A veteran in Financial Management, Regulatory Compliance, and Corporate Governance. Mr. Pillai will be the Chief Compliance Officer (CCO) of the Company and will lead the Compliance function of the Company including Regulatory Compliance. Mr. Pillai has over 25 years of distinguished experience with esteemed organizations such as Slefin India Financial Services Pvt. Ltd., HDFC Sales Pvt. LTD, and M&M Financial Services.

Mr. Abhiram Bhattacharjee, Chief Operating Officer

With extensive experience in Banking and Financial services, Mr. Bhattacharjee will oversee various functions which form an important part of the Operational Strategy for the company. Mr. Bhattacharjee, currently the Chief of Staff (COS), will now be designated as the Chief Operating Officer (COO). He has over 29 years of experience in Investment Banking, Financial Advisory, and Commercial Banking. He has worked with distinguished companies like Kotak group, Morgan Stanley, Ernst & Young, and ICICI Securities.

Commenting on the addition to the Board of Directors and enhancement to the senior management team, Founder of IIFL Group and Managing Director of IIFL Finance, Mr. Nirmal Jain said, “The addition of illustrious names to the Board and strategic enhancements to the senior management team underscores IIFL Finance’s ongoing focus to strengthen the Company’s Compliance, Operations, and Business practices. By investing in top talent, IIFL Finance not only reinforces its commitment to its customers and stakeholders but also solidifies its foundation for future innovation and growth.”

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