Piramal Capital & Housing Finance Ltd. (Piramal Finance), a wholly-owned subsidiary of Piramal Enterprises Ltd., has collaborated with Digital India’s Common Service Centres (CSCs) to satisfy Bharat’s lending needs by expanding access to formal credit for underserved persons and MSMEs.
This agreement successfully disbursed approximately Rs. 100 crore in August 2024 to increase credit availability in semi-urban areas, offering vital financial products such as house and business loans. Using CSC’s wide network of over 6 lakh centres, this project intends to assist budget clients in tier 2 and tier 3 cities, successfully addressing the financial requirements of underserved regions and expanding financial inclusion.
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.”
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.”
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Piramal Finance will increase its loan offers via CSCs, focussing on underserved areas to better serve individuals and MSMEs in tier 2 and tier 3 cities. This relationship promotes first-time borrowers and underprivileged communities by integrating technology and local engagement, helping to achieve financial inclusion goals and supporting long-term loan growth. Customers can quickly apply for loans at their local CSC using minimum documentation, increasing access to financial services.
