SMFG India Credit Co. Ltd (formerly Fullerton India Credit Ltd), an arm of Sumitomo Mitsui Financial Group and a leading player in India's Non-Banking Financial Company (NBFC) sector, is on a high growth path. The company, which has recently opened its 1000th branch at Vashi in Mumbai, seems well set to expand its footprint across the country and bring financial services to underpenetrated markets. At present, it has a pan-India presence - across 670 towns and 70,000+ villages and 23,000+ employees, offering lending products to underserved and unserved retail and small business borrowers. Over the past two years, SMFG India Credit has added nearly 300 new branches, with a significant 95 percent of these branches established in Tier-2+ cities and semi-rural areas. This expansion aligns with the company's mission to extend formal credit access to diverse populations across India, empowering them to achieve financial independence.
Speaking to The Statesman, exclusively, Ajay Pareek, Chief Business Officer, SMFG India Credit, explains the company's strategies, growth plans, technology adoption plans, regulatory focus and much more. Excerpts:
Q: Can you shed light on the strategies SMFG India is using to fuel its growth, particularly in its efforts to expand into Tier-2 and smaller markets?
A: SMFG India Credit is a well-established brand with an extensive distribution network. We offer our financial products to a varied set of customers through our well-diversified product suite. Our primary focus is on Tier-2+ locations, with nearly 90% of our branches strategically positioned in these regions. In fact, over the last 2 years, we've added around 300 branches, all of them in Tier-2+ geographies.
We have ambitious growth plans for both our company and our customers and we are implementing the following strategies to expand into Tier-2+ cities and beyond, across the country.
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