Through this collaboration, over Rs. 100 Cr. has been successfully disbursed in August 2024 to boost credit availability in semi-urban areas, providing essential financial products such as home and business loans. By leveraging CSC’s extensive network of over 6 lakh centers, this initiative aims to support budget customers in tier 2 and tier 3 cities, effectively addressing the financial needs of underserved regions and advancing financial inclusion.

Mr. Jairam Sridharan, MD, Piramal Finance (left) and Mr. Sanjay Rakesh, MD & CEO, CSC SPV, commemorate the successful disbursement of over Rs. 100 Cr. in loans in August 2024 through their partnership.

Jairam Sridharan, Managing Director, Piramal Capital & Housing Finance Ltd., said, “This milestone reflects our commitment to serving the budget customers of Bharat by making credit more accessible. Our partnership with CSC allows us to create meaningful financial opportunities in areas that have been overlooked. We are excited to expand this initiative further, helping more families achieve their financial goals and supporting small businesses in their growth.”

Mr. Sanjay Rakesh, MD & CEO, CSC SPV, said, “Common Service Centers (CSCs) are digital service hubs managed by local entrepreneurs under the Government of India’s Digital India initiative. They play a vital role in providing financial products and services to rural citizens. Our partnership with Piramal Finance aligns with our vision of financial inclusion, enhancing service reach in underserved areas of Bharat. Together, we aim to meet the financing needs of underserved MSMEs and promote a financially inclusive society across the country.”

Piramal Finance will expand its loan offerings through CSCs, targeting underserved regions to better serve individuals and MSMEs in tier 2 and tier 3 cities. By combining technology with local outreach, this partnership supports first-time borrowers and underserved communities, contributing to financial inclusion goals and fostering sustainable growth in lending. Customers can easily apply for loans at their nearest CSC with basic documentation, ensuring greater accessibility to financial services.

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Bengaluru, August 19, 2024: Piramal Capital & Housing Finance Ltd., referred to as Piramal Finance, the wholly owned subsidiary of Piramal Enterprises Ltd., today announced that it has surpassed the 500-branches mark as of Q1 FY25. Over the past year, the company added more than 100 branches, including both conventional and microfinance branches. This brings its network to 501 conventional branches and 210 microfinance branches across 26 states, serving over 13,000 pin codes across Bharat markets. The company plans to add 100 more branches in FY25, expanding its presence to over 600 conventional branches across 1,000 locations.

The company’s total assets under management (AUM) have crossed INR 70,576 crore, with 72% of this coming from the retail business. Piramal Finance is rapidly expanding its retail portfolio to serve unserved and underserved markets across Bharat. Currently, 80% of its business comes from metro-adjacent areas and Tier 2 & 3 markets, with over 40% of borrowers aged between 18 to 34 years.

Piramal Finance’s retail lending portfolio includes home loans, small business loans, used car loans, and unsecured loans. Through a combination of innovation and ‘Technology-Backed Lending’—a strategy that blends physical distribution with digital enablement—Piramal Finance has developed a multi-product retail lending platform to serve Bharat. The company offers over 13 loan products, tailored to meet the diverse needs of its customers. From Q1 FY24 to Q1 FY25, Piramal Finance added over 11 lakh customers to its base, bringing its total customer franchise to 40 lakh.

Jairam Sridharan, MD, Piramal Finance, said, “At Piramal Finance, we are delighted with the strong growth in retail lending in Q1 FY25 and are committed to sustaining this momentum. We will continue to serve budget-conscious customers in Bharat, particularly in Tier 2 and Tier 3 cities, by investing in technology and expanding our branch network. We aim to penetrate deeper into non-metro markets, driving economic progress and unlocking value for our customers.”

Piramal Finance is one of the largest national NBFCs in India and plans to expand its retail business to constitute 75% of its total book, with the remaining 25% in wholesale lending. As of Q1 FY25, the retail book accounted for 72%, or around INR 50,530 crore, while the wholesale book comprised 28%. The company aims to grow its AUM to INR 1.5 lakh crore by FY28 from the current level.

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