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

Top stocks to buy today: Stock recommendations for July 28, 2025
Top stocks to buy today: Stock recommendations for July 28, 2025

Time of India

timean hour ago

  • Time of India

Top stocks to buy today: Stock recommendations for July 28, 2025

JP Morgan downgraded Bajaj Finance to neutral from overweight with the target price of Rs 970. Analysts feel the NBFC remains the best in quality among peers with the rare combination of high growth and quality. Yet, a pick-up in mortgage attrition, weakness in MSMEs and the continued weakness in some parts of the loan quality suggest possibility of negative revisions of the NBFC's estimates. Morgan Stanley maintained its overweight rating on SBI Life Insurance with the target price at Rs 2,115. Analysts said the company's April-June quarterly numbers showed a good performance by the life insurer. They believe the company is a preferred large cap stock with an attractive risk-reward profile. The stock has limited downside across most large caps in non-bank financials space. Macquarie maintained its neutral rating on Nestle but cut target price to Rs 2,250 from Rs 2,375. Analysts said that the company's April-June numbers missed estimates and they see near term growth headwinds for it. According to analysts the company missed to meet its gross margin estimates and higher other expenses offset largely inline sales. Commentary suggests milk and nutrition sales are yet to recover. They see benign coffee prices hurting pricing growth in beverages going forward. Investec upgraded Torrent Pharma to buy from sell and hiked target price to Rs 4,100 from Rs 2,930. Analysts feel the company is doubling up to multi-faceted opportunities. They feel Torrent Pharma's recent acquisition of JB Chemicals & Pharmaceuticals strengthens its position in chronic, probiotics and GI spaces in India. They expect this acquisition to be EPS accretive by FY28. Axis Capital maintained a reduce rating on Canara Bank with the target price at Rs 110. Analysts feel that the bank's net interest margin (NIM) would continue to remain under pressure in FY26. During the past quarter, the lender's CASA (current account, savings account) CASA ratio dipped, loan growth was driven by retail and MSMEs while its fee income was stable. They said prolonged NIM and ROA (return on assets) decay can keep valuations at risk. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now

Poonawalla Fincorp aims AUM growth upwards of 40% in FY26, says CEO
Poonawalla Fincorp aims AUM growth upwards of 40% in FY26, says CEO

Business Standard

time19 hours ago

  • Business Standard

Poonawalla Fincorp aims AUM growth upwards of 40% in FY26, says CEO

Financial Services firm Poonawalla Fincorp is targeting above 40 per cent growth in its asset book on the back of expansion in products portfolio including gold loans. "We have given Asset Under Management growth guidance of 35-40 per cent this year. We hope to exceed our target as new product lines are gaining good traction," Poonawalla Fincorp MD and CEO Arvind Kapil told PTI. Poonawalla Fincorp registered a 53 per cent robust growth on annual basis in AUM at Rs 41,273 crore at the end of first quarter ended June 30, 2025. "We have close to 13 businesses and there are two noteworthy items that we have and we gave a declaration that we will be building AUM for the first four quarters and we will look at a guidance of sustained business profits thereafter which is a little different than how NBFC's have normally built," he said. The company's offerings include pre-owned car finance, personal loans, loans for professionals, business loans, loans against property, machinery loans, education loans, commercial vehicle loans, shopkeeper loans, gold loans, and consumer durable loans. In a bid to grow the business, he said, the promoter will soon infuse Rs 1,500 crore via the issuance of equity shares on a preferential basis for which board approval is already in place. "This strategic move underscores the promoter's continued confidence in the company's long-term growth trajectory and will further strengthen the capital base to support its business growth," he said, adding, a Rs 1,500 crore growth capital by promoter - among the largest in recent times - will push net worth of the company to approx Rs 10,000 crore. The proposed capital infusion would sustain high growth for this financial year and the NBFC would look at another round of equity raise may be early next financial year, he said. As far as the gold loan business is concerned, he said, it was launched in April and since then the company has opened 80 branches dedicated to this business across Gujarat, Haryana, Rajasthan and Maharashtra. Another 320 branches would be opened in the span of 7-8 months to take total branches to 400 by year end, he added. Other two businesses launched in April this year -- shopkeeper loan and consumer durable loan, while commercial vehicle loan and education loan introduced in March are also getting good response, he said. In all, the Cyrus Poonawalla group promoted non-deposit taking systemically important non-banking finance company (ND-SI-NBFC) launched 5 products in 2025. As regards commercial vehicle loan, he said the company has commenced business across 27 locations in 10 states and completed on-boarding of 200 plus distribution partners while on the education loan side there will be a network to over 500 education consultants by March 2026 apart from a dedicated sales team. Talking about cost borrowing, he said, it has come down to 8.04 per cent during the first quarter as against 8.07 per cent in the March quarter. The credit cost is 1.43 per cent, among the best in the industry and fund raise is well diversified. During Q1FY26, the Pune-based NBFC raised Rs 5,458 crore through NCD (including sub-debt) to increase the proportion of long-term borrowings. This has increased NCD contribution to about 24 per cent of total borrowings against about 7 per cent as on March 2025. As far as asset acquisitions are concerned, he said, the priority would be on the secured lending business. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Poonawalla Fincorp aims AUM growth upwards of 40 pc in FY26
Poonawalla Fincorp aims AUM growth upwards of 40 pc in FY26

Time of India

time19 hours ago

  • Time of India

Poonawalla Fincorp aims AUM growth upwards of 40 pc in FY26

Financial Services firm Poonawalla Fincorp is targeting above 40 per cent growth in its asset book on the back of expansion in products portfolio including gold loans . "We have given Asset Under Management growth guidance of 35-40 per cent this year. We hope to exceed our target as new product lines are gaining good traction," Poonawalla Fincorp MD and CEO Arvind Kapil told PTI. Explore courses from Top Institutes in Please select course: Select a Course Category Degree Public Policy MBA Leadership PGDM Data Analytics Cybersecurity Technology others CXO Product Management Management healthcare Healthcare Design Thinking Digital Marketing Data Science MCA Others Data Science Finance Operations Management Artificial Intelligence Project Management Skills you'll gain: Data-Driven Decision-Making Strategic Leadership and Transformation Global Business Acumen Comprehensive Business Expertise Duration: 2 Years University of Western Australia UWA Global MBA Starts on Jun 28, 2024 Get Details Poonawalla Fincorp registered a 53 per cent robust growth on annual basis in AUM at Rs 41,273 crore at the end of first quarter ended June 30, 2025. "We have close to 13 businesses and there are two noteworthy items that we have and we gave a declaration that we will be building AUM for the first four quarters and we will look at a guidance of sustained business profits thereafter which is a little different than how NBFC 's have normally built," he said. The company's offerings include pre-owned car finance, personal loans, loans for professionals, business loans, loans against property, machinery loans, education loans, commercial vehicle loans, shopkeeper loans, gold loans, and consumer durable loans. Live Events In a bid to grow the business, he said, the promoter will soon infuse Rs 1,500 crore via the issuance of equity shares on a preferential basis for which board approval is already in place. "This strategic move underscores the promoter's continued confidence in the company's long-term growth trajectory and will further strengthen the capital base to support its business growth," he said, adding, a Rs 1,500 crore growth capital by promoter - among the largest in recent times - will push net worth of the company to approx Rs 10,000 crore. The proposed capital infusion would sustain high growth for this financial year and the NBFC would look at another round of equity raise may be early next financial year, he said. As far as the gold loan business is concerned, he said, it was launched in April and since then the company has opened 80 branches dedicated to this business across Gujarat, Haryana, Rajasthan and Maharashtra. Another 320 branches would be opened in the span of 7-8 months to take total branches to 400 by year end, he added. Other two businesses launched in April this year -- shopkeeper loan and consumer durable loan, while commercial vehicle loan and education loan introduced in March are also getting good response, he said. In all, the Cyrus Poonawalla group promoted non-deposit taking systemically important non-banking finance company (ND-SI-NBFC) launched 5 products in 2025. As regards commercial vehicle loan, he said the company has commenced business across 27 locations in 10 states and completed on-boarding of 200 plus distribution partners while on the education loan side there will be a network to over 500 education consultants by March 2026 apart from a dedicated sales team. Talking about cost borrowing, he said, it has come down to 8.04 per cent during the first quarter as against 8.07 per cent in the March quarter. The credit cost is 1.43 per cent, among the best in the industry and fund raise is well diversified. During Q1FY26, the Pune-based NBFC raised Rs 5,458 crore through NCD (including sub-debt) to increase the proportion of long-term borrowings. This has increased NCD contribution to about 24 per cent of total borrowings against about 7 per cent as on March 2025. As far as asset acquisitions are concerned, he said, the priority would be on the secured lending business. Economic Times WhatsApp channel )

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