Money & Banking

CSB Bank partners IIFL Fin for sourcing retail gold-loan assets

Our Bureau. Mumbai | Updated on October 27, 2020

CSB Bank (formerly Catholic Syrian Bank) has entered into a partnership with 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 the Thrissur-based CSB Bank does not have an 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,” said the Fairfax-backed private sector bank and the non-banking finance company in a joint statement

Emphasising that gold loan is the core business driver for the Bank, C.VR. Rajendran, Managing Director and CEO, CSB Bank, said: “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.”

Nirmal Jain, Chairman, IIFL Finance, saidthis partnership, which combines the strengths of the bank’s balance sheet and NBFC’s last-mile connect with customers, will enable the financial inclusion of under privileged customers in need of credit on reasonable terms.

Published on October 27, 2020

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