CSB Bank partners with IIFL Finance

by Psu Connect
Date: 27-10-20

“This is a win-win partnership, which combines the strengths of the bank's balance sheet and NBFC’s last-mile connect with the customers, to help financial inclusion of the underprivileged customers in need of credit on reasonable terms. CSB Bank’s strong financial position, institutional ownership and focus on governance, makes us excited about the partnership’s potential," said Nirmal Jain, Chairman of IIFL Finance.

New Delhi: One of the oldest Private-sector lender CSB Bank (Catholic Syrian Bank) entered into the partnership with IIFL Finance, a non-banking finance company for sourcing and managing retail gold loan assets.

C.V.R. Rajendran, Managing Director & CEO of CSB Bank, while speaking on the signing of the agreement, “CSB Bank endeavors to serve individuals who are either under-banked or unbanked. A gold loan is the core business driver for the bank. IIFL Finance with its extensive branch network, robust technology, and more than a decade’s experience in Gold Loan business, is the ideal long term partner, to help the Bank penetrate the under-served segments of the customers in under-covered geographies of the country."

This agreement will be the source of new business from markets where CSB Bank does not have an adequate branch network. IIFL will help because it has a vast branch network, which would help CSB Bank penetrate the lower strata of customers and rural areas resulting in scaling up the customer base.

“This is a win-win partnership, which combines the strengths of the bank's balance sheet and NBFC’s last-mile connect with the customers, to help financial inclusion of the underprivileged customers in need of credit on reasonable terms. CSB Bank’s strong financial position, institutional ownership and focus on governance, makes us excited about the partnership’s potential," said Nirmal Jain, Chairman of IIFL Finance.

CSB Bank Limited, an Indian private sector bank with its headquarters at Thrissur, Kerala, India. It is one of the oldest banks in India. The bank has a network of over 450 branches and more than 257 ATMs across India.

IIFL Finance is an Indian diversified financial services company with over ?38,300 crores of assets under management (AUM) is present across India through an extensive network of 2,372 branches in over 600 cities across 25 states and cater to about 4 million customers. About 90% of its loans are retail and more than 40% are priority sector lending compliant. Gold loans account for about 25% of IIFL’s loan assets under management.

CSB Bank partners with IIFL Finance

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