On October 27, 2020 CSB Bank Ltd (formerly Catholic Syrian Bank Ltd) entered into partnership with IIFL finance Ltd, a NBFC(Non-Banking Financial Company)to source and manage retail gold loan assets in untapped locations, including rural areas.Under the partnership, IIFL will act as a Business Correspondent (BC) of the Bank.
i.IIFL with its vast branch network will source new business from markets where CSB Bank does not have an adequate branch network.
ii.This helps the bank to penetrate the lower strata of customers and rural areas.
Note– The partnership will scale up the customer base.
It is a win-win partnership that combines the strengths of the balance sheet of the bank and the NBFCs last mile connectivity with the customers, helping financial inclusion of the under privileged customers who need credit on reasonable terms.
CSB Bank, one of the oldest private sector banks in India has an overall customer base of 1.5 million in SME, retail, and NRI segments and 432 branches.
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About CSB Bank Ltd :
Head Office– Thrissur, Kerala
Managing Director(MD) & Chief Executive Officer(CEO)– C. VR. Rajendran
About IIFL Finance Ltd:
HeadQuarters- Mumbai, Maharashtra
MD– R Venkataraman