IIFL Finance has received the crucial approval from the Reserve Bank of India (RBI) to open branches and extend its suite of credit services in the Union Territory of Jammu & Kashmir. This regulatory green light marks a significant milestone in the company’s mission to foster financial inclusion and economic revival in regions that formal banking channels have long underserved.
The RBI’s approval empowers IIFL Finance to establish a physical presence in Jammu & Kashmir, a region where access to formal credit and essential financial services has historically been limited. By setting up new branches, the NBFC aims to bridge the financial gap for unbanked and underbanked populations, providing them with tailored credit solutions that address their unique needs. This move is particularly timely, as many communities in the region have faced disruptions to their livelihoods and require reliable financial support to rebuild and grow their businesses and households.
Nirmal Jain, Founder and Managing Director of IIFL Finance, emphasised that the decision to commence operations in Jammu & Kashmir reflects the company’s unwavering commitment to bringing financial access to unserved and underserved communities. He highlighted that the new branches will offer credit and play a pivotal role in supporting the revival of small enterprises and empowering local families. Jain noted that the company’s approach involves designing credit products that are sensitive to the local context, ensuring that financial solutions are both relevant and impactful.
The expansion into Jammu & Kashmir is also closely aligned with IIFL Finance’s ongoing Corporate Social Responsibility (CSR) initiatives. The company has an established presence in the region through the IIFL Foundation, which has been active for over a decade.
Industry observers see this development as a positive step toward deepening financial inclusion in Jammu & Kashmir. By leveraging its expertise in lending and its strong CSR framework, IIFL Finance is poised to make a meaningful difference in the region’s economic landscape. The company’s entry is expected to catalyse the growth of small businesses, enhance access to credit, and contribute to the overall socio-economic upliftment of the Union Territory.
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With the RBI’s approval, IIFL Finance is set to play a transformative role in Jammu & Kashmir’s financial ecosystem, reinforcing its position as a key player in India’s NBFC sector and a champion of inclusive growth.
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