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Piramal Finance Inaugurates First All-Women Branch in Kochi

Piramal Finance, a prominent housing finance company, has taken a significant stride towards empowering women by opening its first-ever all-women branch named "Maitreyi" in Tripunithura, a suburban area of Kochi. This strategic expansion initiative aims to cater specifically to the needs of female customers and tap into the potential of a growing market. Piramal Finance further plans to establish branches in Jaipur, Mumbai, Mohali, and New Delhi, solidifying its commitment to providing financial services to women across India.

Reasons for Choosing Kerala as the First Branch

Kerala was selected as the inaugural branch location due to its unique demographics and market dynamics. Notably, 50 percent of customers in Kerala are women, surpassing the national average of 20 percent. Moreover, the state boasts a vibrant entrepreneurial spirit, with 70 percent of customers being self-employed, while the rest of the country consists of 40 percent salaried individuals and 60 percent self-employed. By launching the Maitreyi branch in Kerala, Piramal Finance seeks to leverage this distinct customer base and promote financial inclusion for women in the state.

Services that would be provided

At each Maitreyi branch, a team of 7-15 dedicated women employees will be available to provide tailored services to customers. These branches will offer a wide range of services, including home loans, MSME loans, and more. Notably, the most popular category of products is house construction and property loans, with average loan amounts of ₹12 lakh and ₹15-17 lakh respectively. By offering specialized support and services, Piramal Finance aims to ensure that women have convenient access to financial solutions that cater to their specific needs.

Expansion

Following the successful inauguration of the Maitreyi branch, Piramal Finance has expanded its branch network in Kerala, reaching a total of 18 full-service branches in the state. With an eye towards the future, the company has set ambitious goals to establish a nationwide presence. By the end of this year, they aim to have a remarkable network of 500 branches across 1,000 locations throughout the country. This extensive expansion showcases Piramal Finance's unwavering dedication to offering financial services to a wide range of communities and meeting the ever-changing needs of customers across India.