logo
IIFL Finance gets RBI approval to open branches in Jammu & Kashmir

IIFL Finance gets RBI approval to open branches in Jammu & Kashmir

Time of India25-05-2025
IIFL Finance has secured regulatory approvals to open branches and extend credit services in Jammu & Kashmir, aiming to provide crucial financial access to underserved communities. This initiative supports the revival of small businesses and households, complementing IIFL's existing CSR activities in the region focused on education, healthcare, and community empowerment.
Tired of too many ads?
Remove Ads
NBFC firm IIFL Finance has said it has received the necessary regulatory approvals for opening branches and expanding its credit services to the Union Territory of Jammu & Kashmir . This approval is a timely step towards delivering essential financial services in unbanked and underbanked areas, where access to formal credit has historically been limited, IIFL Finance said in a statement.Commenting on the development, IIFL Finance founder and MD Nirmal Jain said, "The management decision to commence operations in Jammu & Kashmir reflects our long-standing commitment to bringing financial access to unserved and underserved communities. The approval to open branches comes at a critical time when people in the region have been facing disruptions in their livelihoods."By offering credit solutions tailored to local needs, he said, IIFL Finance aims to support the revival of small businesses and support households in the region.IIFL's presence in Jammu & Kashmir complements its Corporate Social Responsibility activities in the state, including ongoing programs in Kupwara, Baramulla, Srinagar, and other areas that focus on education, skill development, healthcare and community empowerment. IIFL Foundation has been present in Kashmir for over a decade. It initially supported with incubator machines at the LD Hospital during the Kashmir floods, it added.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Capital SFB Q1 profit rises 7% despite higher bad loan provisions
Capital SFB Q1 profit rises 7% despite higher bad loan provisions

Time of India

time3 hours ago

  • Time of India

Capital SFB Q1 profit rises 7% despite higher bad loan provisions

Capital Small Finance Bank reported a 7% rise in net profit at Rs 32 crore for the first quarter of the fiscal as compared with Rs 30 crore in the year ago period even as its provision to cover bad loans rose nearly four-fold. Its operating profit was 21% higher at Rs 51.4 crore. Explore courses from Top Institutes in Please select course: Select a Course Category Public Policy Data Science Artificial Intelligence others Operations Management Data Science Project Management Data Analytics healthcare MBA Finance Cybersecurity CXO Management MCA PGDM Leadership Digital Marketing Degree Healthcare Product Management Others Technology Design Thinking Skills you'll gain: Economics for Public Policy Making Quantitative Techniques Public & Project Finance Law, Health & Urban Development Policy Duration: 12 Months IIM Kozhikode Professional Certificate Programme in Public Policy Management Starts on Mar 3, 2024 Get Details Skills you'll gain: Duration: 12 Months IIM Calcutta Executive Programme in Public Policy and Management Starts on undefined Get Details by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Remember Him? Sit Down Before You See What He Looks Like Now 33 Bridges Undo Total provisions for the quarter stood at Rs 8.8 crore as against Rs 2.4 crore earlier. The bank's gross non-performing assets ratio rose marginally to 2.74% at the end of June from 2.69% a year back. Net NPA was at 1.39% against 1.35%. Defaults by two NBFC-MFIs with a total Rs 15 crore outstanding led to the rise in NPA, executive director Munish Jain said. The bank has no direct exposure to the microfinance sector while it lends to NBFC-MFIs. "We intend to keep gross NPA below 2.6%," Jain told ET. "On the net interest margin front, our aim is to maintain it at 4.1%," he said. Live Events The bank's gross advances rose 16.4% year-on-year to Rs 7,437 crore while Deposits were up 17% Rs 9,110 crore.

LIC-owned NBFC stock Paisalo Digital jumps 10% despite weak Indian stock market. Do you own?
LIC-owned NBFC stock Paisalo Digital jumps 10% despite weak Indian stock market. Do you own?

Mint

time4 hours ago

  • Mint

LIC-owned NBFC stock Paisalo Digital jumps 10% despite weak Indian stock market. Do you own?

Shares of Paisalo Digital jumped over 10% in intraday trade on Thursday, extending their winning streak to the third straight session. The LIC-owned non-banking finance company (NBFC) defied the weak Indian stock market trend and surged following the announcement of the record date for the final dividend. The small-cap stock also remains in focus following the announcement of its Q1 results for the quarter ended June 30 earlier this week. The small-cap NBFC on Thursday announced that the company has fixed Monday, September 22, 2025, as the record date for determining the entitlement of members to the final dividend for the financial year ended March 31, 2025. The company, along with its March quarter earnings, in May had announced a dividend@10% of ₹ 0.10 apiece for fully paid equity share of ₹ 1/- each. The payment of the final dividend as recommended by the Board of Directors is subject to the approval of the shareholders in the ensuing 33rd Annual General Meeting scheduled to be held on Monday, September 29, 2025. Paisalo Digital, meanwhile, on Monday, July 21, announced a 13.5% year-on-year jump in its net profit to ₹ 47 crore for the first quarter of FY26, as against ₹ 41.5 crore in the same period last year. The company also posted a 17.2% YoY rise in total income at ₹ 218.71 crore, compared to ₹ 186.55 crore in Q1FY25. Interest income stood at ₹ 200.88 crore, marking a 21.7% growth from the year-ago figure of ₹ 165.09 crore. However, fee and commission income declined slightly to ₹ 17.37 crore from ₹ 20.06 crore. Small-cap stock below ₹ 50 – Paisalo Digital – jumped as much as 10.30% to ₹ 35.10 on the BSE. At the same time, the BSE Sensex was down almost 0.60%. This is the third straight session of gains for the LIC-owned NBFC stock, with the scrip rallying nearly 15% during this period. Paisalo Digital share price has gained in seven out of the last eight trading sessions, resulting in an 11% rise in July so far. LIC owns 77,59,511 shares of Paisalo Digital, representing a 1.12% stake as of the June 2025 quarter.

Bajaj Finance Q1 Results: Net Profit Jumps 21.8% To Rs 4,765.3 Crore, Revenue Up 21.3%
Bajaj Finance Q1 Results: Net Profit Jumps 21.8% To Rs 4,765.3 Crore, Revenue Up 21.3%

News18

time5 hours ago

  • News18

Bajaj Finance Q1 Results: Net Profit Jumps 21.8% To Rs 4,765.3 Crore, Revenue Up 21.3%

Last Updated: Bajaj Finance Q1 Results: Its revenue from operations increases 21.3 per cent to Rs 19,523.88 crore, compared with Rs 16,100.05 crore in the year-ago period. Bajaj Finance Q1 Results. Bajaj Finance Q1 Results: Non-banking financial company (NBFC) Bajaj Finance on Thursday reported a 21.81 per cent year-on-year (YoY) jump in its consolidated net profit to Rs 4,765.29 crore for the first quarter ended June 30, 2025. Its revenue from operations during April-June 2025 increased 21.3 per cent to Rs 19,523.88 crore, compared with Rs 16,100.05 crore in the year-ago period. Its net profit had stood at Rs 3,911.98 crore in the corresponding quarter last year. Bajaj Finance's net interest income (NII) in Q1FY26 jumped 22 per cent to Rs 10,227 crore, against Rs 8,365 crore a year ago. The company's pre-provisioning operating profit rose 22 per cent to Rs 8,487 crore from Rs 6,947 crore YoY. Its consolidated assets under management (AUM) grew 25 per cent to Rs 4,41,450 crore as of June 30, 2025, compared with Rs 3,54,192 crore a year ago. Its AUM grew Rs 24,789 crore in Q1FY26. The NBFC's gross NPA and net NPA saw an increase. Bajaj Finance's non-performing assets (NPA) stood at 1.03 per cent as of June 30, 2025, higher than the 0.86 per cent recorded a year ago. Its net NPA stood at 0.50 per cent, up from 0.38 per cent a year ago. Bajaj Finance's loan losses and provisions increased 26 per cent to Rs 2,120 crore during the quarter, from Rs 1,685 crore YoY. The number of new loans booked grew 23 per cent YoY to 1.35 crore by the end of Q1FY26 from 1.1 crore by the end of Q1FY25. Customer franchise rose by 21 per cent YoY to 10.65 crore as of 30 June 2025, compared to 8.81 crore as of 30 June 2024. Customer franchise grew by 46.9 lakh in Q1FY26. Number of new loans booked in Q1FY26 was 13.49 million as against 10.97 million in Q1 FY25, a growth of 23 percent, said the company. Customer franchise stood at 106.51 million as of June 30, 2025, compared to 88.11 million as of June 30, 2024, a growth of 21 percent. Customer franchise grew by 4.69 million in Q1FY26. Ahead of the results, shares of Bajaj Finance on Thursday declined by 1.2% to Rs 956.5 apiece on the BSE. view comments First Published: July 24, 2025, 17:05 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store