ICL Fincorp Ltd, a non-banking financial company with roots in South India, is making headlines with its ambitious plan to open 50 new branches across West Bengal. This move marks a significant chapter in the company’s journey as it sets its sights on expanding its footprint in eastern India, starting with the inauguration of its first branch in Kolkata’s Chinar Park.
The company, which has built a reputation over three decades for its gold loan offerings, is now aiming to bring its financial services closer to the people of Bengal. Out of the planned 50 branches, 10 will be located in Kolkata, reflecting the city’s importance as a financial hub. The expansion doesn’t stop there—ICL Fincorp has also announced intentions to enter neighbouring states like Jharkhand and Bihar within this financial year, underlining its commitment to making financial inclusion a reality for more communities in eastern India.
With over 300 branches, ICL Fincorp already operates across nine states. The company offers a range of services from gold loans to property and business loans, as well as investment opportunities. Its recent recognition as a lending partner by the National Industries Development Council Committee (NIDCC) highlights its growing role in supporting micro, small, and medium enterprises (MSMEs) through various government schemes.
Chairman and Managing Director K.G. Anilkumar has emphasised that this expansion is not just about numbers but about empowering people and supporting local economies. The company’s focus on transparent, accessible financial solutions has earned it trust among customers seeking short-term financing secured by gold assets. The acquisition of Salem Erode Investments (SEIL), a BSE-listed NBFC with a 94-year legacy, has further strengthened ICL Fincorp’s expertise and reach, especially in Tamil Nadu and Odisha.
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As regulatory changes by the Reserve Bank of India create a more level playing field for NBFCs, ICL Fincorp is also looking to diversify its loan book and double its assets under management. Plans to raise ₹1,000 crore through non-convertible debentures in 2025-26 reflect the company’s confidence in its growth trajectory.
