IIFL Finance receives approval to open branches in Jammu & Kashmir

IIFL Finance, a leading non-banking financial company (NBFC) today said that it has received the necessary regulatory approvals for opening branches and expanding its credit services to the Union Territory of Jammu & Kashmir. This approval is a timely step towards delivering essential financial services in unbanked and underbanked areas, where access to formal credit has historically been limited.

Commenting on the development, Mr. Nirmal Jain, Founder and Managing Director, IIFL Finance, said, "The management decision to commence operations in Jammu & Kashmir reflects our long-standing 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."

Mr. Shivalingam Pillai, Chief Compliance Officer, IIFL Finance, added, "We are thankful to the regulator for this approval, and remain committed to reinforcing our efforts to continually align our operations fully with regulatory expectations and best practices. We remain steadfast in our commitment to compliance as a cornerstone of our business."

IIFL's presence in Jammu & Kashmir complements its Corporate Social Responsibility activities in the state, including ongoing programs in Kupwara, Baramulla, Srinagar, and other areas that focus on education, skill development, healthcare and community empowerment. IIFL Foundation has been present in Kashmir since over a decade, when it initially supported with incubator machines at the LD Hospital during Kashmir floods. The foundation has also collaborated with the Indian Army to run a successful skill development program that has created job and entrepreneurship opportunities for over 300 young locals in areas of retail, hospitality, coding, and beautician trade areas with placements across India. The foundation recently donated an ambulance in the inaccessible Lolab Valley for local healthcare support.

Shares of IIFL Finance Limited was last trading in BSE at Rs. 415.10 as compared to the previous close of Rs. 413.80. The total number of shares traded during the day was 22868 in over 853 trades.

The stock hit an intraday high of Rs. 417.50 and intraday low of 410.80. The net turnover during the day was Rs. 9473704.00.

Source : Equity Bulls

Keywords

IIFLFinance INE530B01024 NBFC RegulatoryApprovals Branches Opening JammuandKashmir