Piramal Finance, a leading housing finance company, has made a significant move to empower women with the opening of its first all-women branch named “Maitreyi” in Tripunithura, a suburban area in Kochi. This strategic expansion initiative aims to cater specifically to the financial requirements of female customers and seize the immense market potential. By planning to open additional branches in Jaipur, Mumbai, Mohali, and New Delhi, Piramal Finance underscores its dedication to extending financial services to women across the country.
The choice of Kerala as the inaugural branch location is driven by the state’s demographics and market dynamics. Kerala stands out with 50 percent of its customers being women, in contrast 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. This distinct customer base positions Kerala as an ideal location for the Maitreyi branch, allowing Piramal Finance to leverage the state’s unique market dynamics and promote financial inclusion for women.
Each Maitreyi branch will have 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 categories are house construction loans 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 convenient access to financial solutions that meet the requirements of women.
With the successful launch of the Maitreyi branch, Piramal Finance’s branch network in Kerala now comprises a total of 18 full-service branches. Looking ahead, the company has ambitious plans to establish a robust presence across the country, with a goal of reaching a 500-branch network across 1,000 locations by the end of this year. This extensive expansion demonstrates Piramal Finance’s steadfast commitment to providing financial services to diverse communities and addressing the evolving needs of customers nationwide.
Jairam Sridharan serves as the Managing Director of Piramal Finance, and the company is headquartered in Mumbai.