Mumbai, Oct 27 ( UNI) Private-sector lender CSB Bank (formerly Catholic Syrian Bank) said that it has entered into a partnership with non-banking finance company, IIFL Finance (IIFL) for sourcing and managing retail gold loan assets.
IIFL, acting as Business Correspondent (BC) of the Bank, will source new business from markets where CSB Bank does not have adequate branch network. IIFL, with its vast branch network, would help CSB Bank penetrate the lower strata of customers and rural areas, where the Bank currently does not have adequate reach. This arrangement would result in scaling up of the customer base.
Commenting on signing of the agreement, Mr. C.VR. Rajendran, Managing Director & CEO of CSB Bank said, “CSB Bank endeavours to serve individuals who are either under-banked or un-banked. 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.”
Mr. Nirmal Jain, Chairman of IIFL Finance said, “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 under privileged 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.”
