Kolkata, Oct 27 (UNI) Fairfax backed private-sector lender CSB Bank (formerly Catholic Syrian Bank) today said it has entered into a partnership with non-banking finance company IIFL Finance (IIFL) for sourcing and managing retail gold loan assets.
IIFL, acting as Business Correspondent (BC) of the Bank, will source new business from markets where CSB Bank does not have adequate branch network. IIFL, with its vast branch network, would help CSB Bank penetrate the lower strata of customers and rural areas, where the Bank currently does not have adequate reach. This arrangement would result in scaling up of the customer base.
Speaking on signing of the agreement, C.VR. Rajendran, Managing Director & CEO of CSB Bank said, “CSB Bank endeavours to serve individuals who are either under-banked or un-banked. Gold loan is the core business driver for the Bank. IIFL Finance with its extensive branch network, robust technology and more than a decade’s experience in Gold Loan business, is the ideal long term partner, to help the Bank penetrate the under-served segments of the customers in under covered geographies of the country.”