IIFL Finance has received regulatory approval from the Reserve Bank of India (RBI) to open branches in the Union Territory of Jammu & Kashmir.
This strategic move is aimed at expanding credit access in the region’s unbanked and underbanked areas, where formal lending channels have historically been limited.
The company’s management emphasised that the initiative aligns with IIFL’s long-standing commitment to financial inclusion, especially in regions facing socio-economic challenges.
Nirmal Jain, Founder and Managing Director, IIFL Finance, stated, “The management decision to commence operations in Jammu & Kashmir reflects our 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, we aim to support the revival of small businesses and support households in the region.”
Shivalingam Pillai, Chief Compliance Officer, IIFL Finance, added, “We are thankful to the regulator for this approval and remain committed to aligning our operations fully with regulatory expectations and best practices. Compliance remains the cornerstone of our business.”
IIFL’s expansion into Jammu & Kashmir also complements its Corporate Social Responsibility initiatives in the region, including programs in Kupwara, Baramulla, Srinagar, and other areas. The IIFL Foundation has been active in the state for over a decade, supporting initiatives such as healthcare, skill development, and community empowerment.
Notably, the foundation collaborated with the Indian Army to implement skill development programs benefiting over 300 local youth, offering training and placements in diverse fields like retail, hospitality, coding, and the beauty industry. The foundation also recently donated an ambulance to the remote Lolab Valley to strengthen healthcare infrastructure.
IIFL Finance, along with its subsidiaries IIFL Home Finance and IIFL Samasta Finance, serves over eight million customers through a pan-India network of over 4,900 branches and digital platforms.
The company offers a diverse range of products, including home loans, gold loans, business loans, microfinance, capital market finance, and developer and construction finance.
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