Jammu, Mar 7: In a significant move to expand its retail lending footprint, particularly outside the Union Territory, J&K Bank has launched co-lending arrangements with leading non-banking financial companies (NBFCs) to strengthen its presence in the home loan and gold loan segments.
Under the partnership, the bank has joined hands with Home First Finance Company India Limited (HFFC) for home loans and IIFL Finance for gold loans. The initiative aims to enhance credit access and accelerate the bank’s retail lending growth.
The MoU signing ceremony was held at the bank’s Jammu Zonal Office and was presided over by MD and CEO Amitava Chatterjee. The event was attended by Executive Director Sudhir Gupta, Chief General Managers Sunit Kumar, Imtiyaz Ahmad Bhat and Rajesh Malla Tickoo, General Manager (RAM) Rakesh Magotra, DGM Aneet Kanwal Singh and other senior officials.
General Manager (S&IT) Mohammad Muzaffar Wani and General Manager and Divisional Head (RoI) Khursheed Muzaffar also participated in the ceremony virtually.
General Manager Rakesh Magotra signed the MoUs on behalf of the bank, while HFFC MD and CEO Manoj Viswanathan and IIFL Finance Senior Vice President and Head – Strategic Alliances Kirti Timmanagoudar signed on behalf of their respective institutions.
Senior officials from HFFC, including Deputy CEO and Chief Business Officer Ajay Khetan, Head – Treasury and Investor Relations Sunil Anjana and Product Lead – Co-lending Ajinkya Chandorkar, were also present on the occasion.
Speaking at the event, MD and CEO Amitava Chatterjee described the collaboration as an important milestone in the bank’s retail growth journey.
“Co-lending is a powerful model that combines the strength of our robust deposit franchise and extensive branch network with the domain expertise and agile credit delivery systems of leading NBFCs. Through these partnerships, we aim to accelerate credit delivery, deepen financial inclusion and reach customer segments requiring customised and timely financial solutions,” he said.
Highlighting the bank’s focus on expanding its presence in the rest of India, Chatterjee said the partnerships with established NBFCs would help drive growth in key retail segments.
“As we sharpen our strategic focus on RoI markets, collaborations with Home First Finance Company India Limited and IIFL Finance will help us tap new customer segments, strengthen our presence in emerging markets and deliver faster, technology-driven lending solutions,” he added
Executive Director Sudhir Gupta expressed confidence that the partnerships would create strong synergies and open new growth opportunities.
“As we embark on this collaborative journey, these partnerships under the co-lending framework will enable us to expand responsible credit delivery while unlocking new growth opportunities for all stakeholders,” he said.
Earlier, General Manager Rakesh Magotra briefed the bank’s leadership about the strategic importance of the collaboration, noting that partnerships have become a key driver in the evolving financial landscape.
He said the co-lending arrangements would help expand the bank’s credit outreach in housing and gold loan segments across the rest of India.
Magotra also expressed hope that the collaboration would strengthen institutions and enhance financial access for customers.
Representatives of both NBFCs welcomed the partnership, stating that J&K Bank’s strong credibility and expanding presence across emerging business centres in the country make it an ideal partner for responsible credit delivery in key retail loan segments.
Through these arrangements, the bank aims to further strengthen its retail lending ecosystem while advancing its growth strategy across RoI markets.
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