Non-Banking Financial Company (NBFC) Piramal Finance has partnered with BLS E-Services, a digital service provider, to enhance access to formal credit for individuals and MSMEs across rural and semi-urban India.
Through this collaboration, customers in Tier 2, 3, and 4 locations will be able to access a range of financial products–including home loans, unsecured business loans, used car loans, and personal loans, via BLS E-Services’ trusted network of more than 144,000 touchpoints nationwide.
Partnership Aims to Support MSMEs and Empower Village Entrepreneurs
Our partnership with BLS E-Services allows us to tap into their strong nationwide network across regions and open new financial opportunities. We’re excited to take this initiative forward, support more families and small businesses in achieving their goals, and contribute meaningfully to the economic growth of Bharat
– Jairam Sridharan, Managing Director, Piramal Finance Ltd
Partnership Aims to Serve 1 Million Rural Borrowers by 2030
Piramal Finance will leverage the ‘phygital’ model and the local presence of BLS E-Services centres. This partnership will help new borrowers and marginalised groups, promote financial inclusion, and drive steady growth in credit provision.
Customers can conveniently submit loan applications at nearby centres with minimal paperwork, enhancing access to financial services. With this partnership, we aim to reach over 1 million of the unserved rural population by 2030, added Aggarwal.
The report also highlights a notable shift in banking expansion trends. Private sector banks, which were traditionally focused on metropolitan markets, are now increasingly establishing a presence in rural India. In FY24 alone, private banks opened 66 per cent of all new branches, with 44 per cent of these located in rural and semi-urban areas.
The RBI noted that this expansion is being supported through a growing network of physical bank branches and banking correspondents, further strengthening financial inclusion in underserved geographies. (Input from ANI)
Also Read: RBI’s FREE-AI Guidelines: How Will They Transform India’s Financial Future?
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