J&K Bank to expand Home, Gold Loan Portfolio
JAMMU: Jammu and Kashmir Bank has entered into co-lending partnerships with Home First Finance Company India Limited and IIFL Finance to expand its retail lending operations, particularly outside the Union Territory, with a focus on home loans and gold loans.
The agreements were formalised during a signing ceremony held at the bank’s Jammu Zonal Office on Saturday. The event was presided over by the bank’s Managing Director and Chief Executive Officer, Amitava Chatterjee, in the presence of Executive Director Sudhir Gupta and other senior officials.
The collaboration marks the formal launch of the bank’s co-lending arrangements with the two non-banking financial companies. Under the arrangement, the bank will collaborate with Home First Finance Company India Limited for the home loan segment and with IIFL Finance for gold loans.
The MoUs were signed on behalf of the bank by General Manager (RAM) Rakesh Magotra, while Home First Finance Company India Limited was represented by its MD and CEO Manoj Viswanathan. IIFL Finance was represented by Senior Vice President and Head – Strategic Alliances Kirti Timmanagoudar.
Among those present at the ceremony were Chief General Managers Sunit Kumar, Imtiyaz Ahmad Bhat and Rajesh Malla Tickoo, Deputy General Manager Aneet Kanwal Singh and other senior officers. General Manager (S & IT) Mohammad Muzaffar Wani and General Manager and Divisional Head (RoI) Khursheed Muzaffar attended the event virtually.
Representatives from Home First Finance Company India Limited, including Deputy CEO and CBO Ajay Khetan, Head – Treasury and Investor Relations Sunil Anjana, and Product Lead – Co-lending Ajinkya Chandorkar, were also present.
Speaking on the occasion, Chatterjee said the co-lending framework would combine the bank’s deposit base and branch network with the specialised credit delivery systems of non-banking finance companies.
“Co-lending is a powerful model that blends the strength of our strong deposit franchise and wide branch network with the domain expertise and agile credit delivery mechanisms of the leading NBFCs,” he said.
He added that the partnerships would help accelerate credit delivery, deepen financial inclusion and reach customer segments requiring customised and timely financial solutions.
Highlighting the bank’s focus on expanding retail lending across the rest of India, Chatterjee said the partnerships with established financial institutions would help the bank tap new customer segments and strengthen its presence in emerging business centres.
“This collaboration will enable us to expand our presence in emerging markets and deliver faster, technology-driven lending solutions,” he said.
Executive Director Sudhir Gupta expressed confidence that the partnerships would create operational synergies and help expand responsible credit delivery while opening new growth opportunities for all stakeholders.
“As we embark on this collaborative journey, these partnerships under the co-lending framework will help expand responsible credit delivery while unlocking new growth avenues,” Gupta said.
Earlier, General Manager Rakesh Magotra briefed the bank’s leadership on the strategic importance of the collaboration and its role in strengthening credit outreach in housing finance and gold-backed lending.
“In today’s evolving financial landscape, collaboration is a strategic imperative,” he said, adding that the co-lending structure would help expand the bank’s credit outreach in the housing sector and in gold loans for small enterprises.
Magotra expressed hope that the partnerships would not only strengthen the institutions involved but also improve financial access for borrowers.
Representatives of both partner institutions welcomed the partnership and noted that the bank’s credibility and expanding presence across emerging business centres make it a suitable collaborator for responsible credit delivery in retail lending.
Through these arrangements, the bank aims to reinforce its retail lending ecosystem while advancing its growth strategy across markets in the rest of India.
