IIFL Finance, a non-banking financial company (NBFC), has received regulatory approvals to open branches and expand its credit services in the Union Territory of Jammu & Kashmir. This move aims to provide essential financial services to unbanked and underbanked areas in the region, where access to formal credit has been limited. The company’s founder and MD, Nirmal Jain, emphasized that this decision reflects their commitment to bringing financial access to unserved and underserved communities.
According to Jain, the approval to open branches comes at a critical time when people in the region are facing disruptions in their livelihoods. IIFL Finance plans to offer credit solutions tailored to local needs, supporting the revival of small businesses and households in the region. The company’s presence in Jammu & Kashmir will complement its existing Corporate Social Responsibility (CSR) activities in the state, which include programs in education, skill development, healthcare, and community empowerment.
IIFL Foundation, the company’s CSR arm, has been present in Kashmir for over a decade. The foundation has supported various initiatives, including providing incubator machines at the LD Hospital during the Kashmir floods. The company’s expansion into Jammu & Kashmir is a significant step towards fulfilling its mission of providing financial access to all. By offering credit solutions and supporting local communities, IIFL Finance aims to make a positive impact on the region’s economy and society.
The approval to open branches in Jammu & Kashmir is a timely step, considering the region’s history of limited access to formal credit. IIFL Finance’s expansion is expected to bridge this gap, providing much-needed financial services to individuals and businesses in the region. With its commitment to CSR activities and community development, the company is poised to make a significant difference in the lives of people in Jammu & Kashmir. Overall, IIFL Finance’s entry into the region is a positive development, with the potential to drive economic growth and improve the well-being of local communities.