Piramal Finance, a leading housing finance company, has taken a significant step towards empowering women by opening its first all-women branch called “Maitreyi” in Tripunithura, a suburban area in Kochi. This strategic expansion initiative aims to cater to the unique needs of female customers and tap into the growing market potential. With plans to open branches in Jaipur, Mumbai, Mohali, and New Delhi, Piramal Finance is reinforcing its commitment to providing financial services to women across India.
Why Kerala as the First Branch
Kerala was selected as the location for the inaugural branch due to the state’s demographics and market dynamics. Kerala stands out with 50 percent of its customers being women, compared to the national average of 20 percent. Additionally, 70 percent of customers in Kerala are self-employed, highlighting the entrepreneurial spirit of the state’s population. In contrast, the rest of the country comprises 40 percent salaried individuals and 60 percent self-employed. By launching the Maitreyi branch in Kerala, Piramal Finance aims to capitalize on the state’s unique customer base and foster financial inclusion for women.
Tailored Services for Customers
Each Maitreyi branch will be staffed with a dedicated team of 7-15 women employees who will cater to the specific needs of customers. The branch will offer a comprehensive range of services, including home loans, MSME loans, and more. Notably, the most sought-after product category is house construction and property loans, with average ticket sizes of ₹12 lakh and ₹15-17 lakh, respectively. By providing specialized services and support, Piramal Finance aims to ensure that women have convenient access to financial solutions that meet their requirements.
With the successful launch of the Maitreyi branch, Piramal Finance’s branch network in Kerala now totals 18 full-service branches. Looking ahead, the company has ambitious plans to establish a strong presence across the country, aiming for a 500-strong branch network across 1,000 locations by the end of this year. Such widespread expansion demonstrates Piramal Finance’s commitment to providing financial services to diverse communities and meeting the evolving needs of customers nationwide.
Key takeaways for competitive examinations
- Managing Director of Piramal Finance is: Jairam Sridharan
- Headquarters of Piramal Finance: Mumbai
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