Excelsior Correspondent
JAMMU, Mar 7: J&K Bank has entered into co-lending partnerships with two leading Non-Banking Financial Companies (NBFC) to expand its retail lending, particularly in the home and gold loan segments across markets outside Jammu and Kashmir.
As per a statement, the Bank signed Memorandums of Understanding (MoU) with Home First Finance Company India Limited for home loans and IIFL Finance for gold loans during a function held at its Jammu Zonal Office.
The MoU signing ceremony was presided over by the Bank’s Managing Director and Chief Executive Officer Amitava Chatterjee and attended by Executive Director Sudhir Gupta along with senior officers of the Bank.
The agreements were signed on behalf of the Bank by General Manager Rakesh Magotra, while the representatives of the partner NBFCs signed on behalf of their respective organisations.
Speaking on the occasion, MD & CEO Amitava Chatterjee said the initiative marks an important step in strengthening the Bank’s retail lending business and expanding its presence in the rest of India markets.
He said the co-lending model will combine the Bank’s strong deposit base and branch network with the specialised lending expertise of the NBFCs to deliver faster and more accessible credit to customers.
He added that partnerships with established institutions will help the Bank reach new customer segments, especially in emerging markets, while improving technology-driven lending solutions.
Executive Director Sudhir Gupta expressed confidence that the collaboration would create strong synergies and help expand responsible credit delivery.
Earlier, General Manager Rakesh Magotra briefed the leadership about the strategic importance of the collaboration and said the partnerships will help the Bank expand credit outreach in the housing sector and gold loan segment, particularly for small enterprises.
Representatives of both NBFCs welcomed the partnership and said the Bank’s strong credibility and growing presence across business centres make it an ideal partner for expanding retail lending under the co-lending framework.
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