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Godrej group and SBI sign a strategic MoU to deepen partnership

"Together, we aim to unlock opportunities for financial inclusion and build a long-term, sustainable franchise, helping drive India's growth story forward"

Godrej

Karthik Jerome New Delhi

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Godrej Capital, the financial services arm of the Godrej Group has signed a strategic memorandum of understanding (MOU) with the State Bank of India (SBI) to deepen their partnership, wherein the latter would provide various financial products and offerings.

Speaking on the development, Pirojsha Godrej, chairperson of Godrej Capital, said, "This partnership is a big step forward in making financial solutions more accessible and affordable. Together, we aim to unlock opportunities for financial inclusion and build a long-term, sustainable franchise, helping drive India's growth story forward."

This association leverages the strengths of both groups by facilitating a gamut of financial services provided by the bank, including, and not limited to, banking products, credit cards, wealth management, Life Insurance, and General Insurance as preferred partners.

Dinesh Khara, chairman of SBI, speaking on the announcement, said, "We are happy to embark on this exciting partnership with Godrej Capital. We aim to capitalize on synergies that will empower our customers and accelerate the growth of our economy. In addition, we will focus on delivering financial solutions to the Godrej group."

Godrej Capital has, so far, disbursed over INR 5000 crores since inception in November 2020 across housing, SME, and MSME loans. It has expanded its presence across 11 cities in India and aims to expand its footprint to 30 cities across India in the next 12 months.

Godrej Capital is a subsidiary of Godrej Industries and is the holding company for Godrej Housing Finance & Godrej Finance. With a digital-first approach and a keen focus on customer-centric product innovation, Godrej Capital offers home loans and Loans Against Property. It is positioned to diversify into other customer segments and products.

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First Published: Mar 30 2023 | 9:35 PM IST

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