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Piramal Finance has entered into a co-lending partnership with Muthoot Fincorp to improve access to affordable housing finance and loan-against-property products across India, with a focus on Tier 2 and Tier 3 cities, semi-urban and rural markets. Alongside this development, Axis Finance has introduced a new data-driven credit initiative to improve loan processing and risk management, Standard Chartered Bank has appointed a new technology and operations head for India and South Asia, and AU Small Finance Bank has revised interest rates on select FCNR and NRE deposit schemes.
Piramal Finance has entered into a co-lending partnership with Muthoot Fincorp to expand the availability of affordable housing finance and loan-against-property (LAP) solutions for small businesses. The collaboration is aimed at improving access to formal credit for aspiring homebuyers, self-employed professionals and small business owners, particularly in Tier 2 and Tier 3 cities as well as semi-urban and rural areas.
The partnership brings together Piramal Finance's lending expertise and Muthoot Fincorp's wide customer network and branch presence. The companies expect the arrangement to help bridge the credit gap in underserved markets where access to organised housing finance and secured business loans remains limited. Co-lending models have increasingly gained traction in the financial sector as lenders seek to improve credit penetration while sharing lending risks and expanding their reach.
In a separate development, non-banking financial company Axis Finance launched 'Drishti', a new initiative designed to strengthen data-led credit decision-making. The company said the platform is expected to reduce loan processing timelines while enhancing risk oversight across its retail and small business lending portfolio. The move reflects the growing adoption of technology and data analytics by financial institutions to improve operational efficiency and customer experience.
Meanwhile, Standard Chartered Bank appointed Kavita Kulkarni as its Chief Technology and Operations Officer for India and South Asia. She previously served as Managing Director and Chief Information Officer for Private Banking and Wealth Management at Barclays Bank. Based in Mumbai, she will also be part of Standard Chartered's India country management team and will oversee the bank's technology and operations functions across the region.
Separately, AU Small Finance Bank revised its interest rate offerings on select foreign currency and non-resident deposit schemes. The bank increased the interest rate on FCNR (B) deposits with a tenure of three to four years by 0.50 percentage points, taking the highest rate to 7.40 per cent. It also revised the maximum interest rate on NRE fixed deposits to 7.60 per cent per annum, up from 7 per cent, for deposits with a tenure of 36 months and one day to 45 months.
The announcements come at a time when financial institutions are increasingly focusing on expanding credit access, improving digital lending capabilities and strengthening specialised banking services. Affordable housing finance, technology-led underwriting and competitive deposit offerings continue to remain key areas of focus as lenders look to serve a wider customer base across different segments of the market.
Source PTI
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