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Piramal Finance Limited, a leading NBFC, has announced a strategic co-lending partnership with ICICI Bank to enhance access to credit for middle and low-income borrowers, particularly across semi-urban and rural India. The alliance focuses on Home Loans and Loans Against Property (LAP), supporting financial inclusion and driving equitable economic development.
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Context:
Key Highlights of the Partnership
Objective
- To deepen formal credit penetration in Tier 2 and Tier 3 cities.
- Facilitate affordable mortgage solutions for MSMEs and individual borrowers.
Strategic Advantages
- Combines Piramal Finance’s ‘High Tech + High Touch’ approach with ICICI Bank’s banking expertise.
- Leverages Piramal’s extensive rural network:
- 510+ branches
- Coverage across 13,000+ PIN codes
- Presence in 26 states
- Over 4.5 million customers
Implications for India’s Credit Ecosystem
- Increased affordability and reach of mortgage financing in underserved regions.
- Supports economic growth through formalised lending to small businesses and self-employed individuals.
- Aligns with national objectives of:
- Financial inclusion
- Rural empowerment
- Housing for All
About Piramal Finance Limited
- A wholly owned subsidiary of Piramal Enterprises Ltd., Piramal Finance is a major NBFC serving underserved Bharat markets.
- Retail lending focus:
- Home Loans
- Loans Against Property
- Used Car Loans
- Small Business Loans
- 1.3 million+ active customers (as of Dec 2024)
About ICICI Bank
- One of India’s top private banks, listed on BSE, NSE, and NYSE.
- Total assets of ₹20.13 lakh crore (as of December 31, 2024).
- Strong presence in retail and corporate banking.
