Piramal Finance Partners with BLS E-Services to Expand Credit Access in Rural and Semi-Urban India

Piramal Finance, a leading NBFC, has joined hands with BLS E-Services to extend formal credit access to underserved individuals and MSMEs in rural and semi-urban India. This strategic collaboration aims to deliver financial solutions through BLS E-Services’ robust network of over 144,000 digital service touchpoints across Tier 2, 3, and 4 cities.

Under this partnership, customers will be able to conveniently apply for a variety of loan products, including home loans, personal loans, used car loans, and unsecured business loans, through nearby BLS centres. These centres will follow a 'phygital' model that combines physical accessibility with digital convenience, allowing for minimal paperwork and faster loan processing.

Jairam Sridharan, Managing Director of Piramal Finance, said, “This collaboration enables us to tap into BLS E-Services’ extensive grassroots network and support more families and small businesses in meeting their financial goals, while contributing to the economic development of Bharat.”

Echoing this vision, Shikhar Aggarwal, Chairman of BLS E-Services, added, “We aim to reach the most remote corners of India, empower village-level entrepreneurs, and foster greater financial inclusion in line with the government’s inclusivity goals.”

The initiative targets reaching over 1 million previously unserved individuals by 2030, supporting the broader agenda of economic empowerment.

According to the RBI’s latest report, credit growth in rural India continues to rise, with rural and semi-urban areas witnessing a notable increase in their share of outstanding credit. Private banks are also expanding aggressively in these areas, with 44 percent of all new bank branches opened in FY24 located in rural and semi-urban regions.

This partnership marks a significant step toward bridging the credit gap and building a more financially inclusive India.