J&K Bank has entered into co-lending partnerships with two leading Non-Banking Financial Companies to expand its retail lending business, particularly in the home and gold loan segments across markets outside Jammu and Kashmir. According to a statement from the bank, the agreements were signed during a function held at its Jammu Zonal Office on March 7. The bank signed Memorandums of Understanding (MoU) with Home First Finance Company India Limited for home loans and IIFL Finance for gold loans. The MoU signing ceremony was presided over by the bank's Managing Director and Chief Executive Officer Amitava Chatterjee and attended by Executive Director Sudhir Gupta along with 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 participated in the ceremony virtually.
Under the co-lending model, banks and NBFCs jointly finance loans, combining the bank's deposit base and branch network with the NBFCs' credit delivery mechanisms. As reported by the bank's statement, the agreements were signed on behalf of J&K Bank by General Manager Rakesh Magotra, while the representatives of the partner NBFCs signed on behalf of their respective organisations. 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. Bank officials indicated that the partnerships would help expand lending in housing and gold loan segments, particularly for small enterprises, with the co-lending model combining the bank's strong deposit base and branch network with the specialised lending expertise of the NBFCs to deliver faster and more accessible credit to customers. General Manager (RAM) 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, expressing hope that the partnerships would not only strengthen the institutions involved but also improve financial access for borrowers.
According to the bank's statement, Amitava Chatterjee stated that the initiative marks an important milestone in the bank's retail growth journey, describing co-lending as a powerful model that combines the strength of their robust deposit franchise and extensive branch network with the domain expertise and agile credit delivery systems of leading NBFCs. He emphasized that through these partnerships, they aim to accelerate credit delivery, deepen financial inclusion and reach customer segments requiring customised and timely financial solutions. Sudhir Gupta expressed confidence that the partnerships would create strong synergies and open new growth opportunities, stating that as they embark on this collaborative journey, these partnerships under the co-lending framework will enable them to expand responsible credit delivery while unlocking new growth opportunities for all stakeholders. Chatterjee highlighted the bank's focus on expanding retail lending across the rest of India, noting that the partnerships with established financial institutions would help the bank tap new customer segments and strengthen its presence in emerging business centres, enabling them to expand their presence in emerging markets and deliver faster, technology-driven lending solutions.
As reported by the bank's statement, representatives of both NBFCs welcomed the partnership and said the bank's strong credibility and growing presence across emerging business centres make it an ideal partner for expanding retail lending under the co-lending framework. HFFC's 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 at the ceremony. The partnerships are specifically designed to help the bank expand its retail lending business, particularly focusing on home and gold loan segments outside Jammu and Kashmir, marking a strategic move to diversify its geographical reach and product portfolio while improving technology-driven lending solutions in emerging markets. Through these arrangements, the bank aims to further strengthen its retail lending ecosystem while advancing its growth strategy across RoI markets, with the collaboration enabling them to expand their presence in emerging markets and deliver faster, technology-driven lending solutions.
