SMFG India Credit Opens 1,000th Branch, Launches Special Cover And My Stamp

SMFG India Credit Opens 1,000th Branch, Launches Special Cover And My Stamp

SMFG India Credit Co. Ltd, a leading player in the Non-Banking Financial Company (NBFC) sector, recently opened its 1000th branch in Vashi, Navi Mumbai, underscoring its commitment to establishing a pan-India presence and bringing financial products to under-served markets.

PNNUpdated: Tuesday, October 01, 2024, 08:02 PM IST
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Mr. Shantanu Mitra, CEO & MD, SMFG India Credit, Mr. YAGI Koji, Consul-General of Japan in Mumbai, with Mr. Abhijeet Bansode, Director of Postal Services (Headquarters) for the Maharashtra Circle, at the release of the Special Cover with My Stamp to commemorate the launch of SMFG India Credit's 1000th branch in India | File Photo

Mumbai (Maharashtra) [India], October 1: SMFG India Credit Co. Ltd, a leading player in the Non-Banking Financial Company (NBFC) sector, recently opened its 1000th branch in Vashi, Navi Mumbai, underscoring its commitment to establishing a pan-India presence and bringing financial products to under-served markets.

SMFG India Credit collaborated with India Post to release a Special Cover & My Stamp to mark the major milestone. Yagi Koji, Consul-General of Japan in Mumbai, Abhijeet Bansode, Director of Postal Services (HQ) Maharashtra Circle, and Shantanu Mitra, CEO & MD of SMFG India Credit, graced the special occasion.

Reflecting on the milestone, Mr. Mitra said, “The inauguration of our 1000th branch demonstrates our deep commitment to providing formal credit access to people across the country and helping them achieve financial independence. As we celebrate this achievement, we are proud to release a Special Cover with My Stamp in association with the Department of Post, symbolising the growth achieved by us so far and our contributions to the financial services sector.”

The launch of the 1,000th branch showcases SMFG India Credit’s strategic vision of deepening its presence. Since its inception in 2007, the company has consistently pursued growth, evolving into a pan-India institution that now operates in over 670 towns and 70,000+ villages, supported by a workforce exceeding 23,000 employees. Over the last two years, the company has added approximately 300 branches, of which 95% have come up in Tier-2+ cities and semi-rural areas, aligning with its mission to extend formal credit access to under-served populations.

“Our journey has been one of continuous evolution, adapting to the changing needs of our customers while staying true to our mission of enabling access to financial services to all. The 1,000th branch sets the stage for furthering our achievements in our pursuit of becoming the financial partner of choice for every Indian,” Mr. Mitra added.

About SMFG India Credit Co. Ltd. (Formerly Fullerton India Credit Co. Ltd.)

SMICC is registered as an NBFC - Investment and Credit Company (NBFC-ICC) with the Reserve Bank of India and is a wholly owned subsidiary of SMFG. SMICC started its India operations in 2007 and has established a pan India presence, across 670+ towns and 70,000+ villages through 820+ branches and 20,000+ employees offering lending products to underserved & unserved retail and small business borrowers. By doing so, it has introduced people to formal credit. SMICC’s primary services constitute financing of SMEs for working capital and growth, loans for commercial vehicles and two-wheelers, home improvement loans, loans against property, loans against shares, personal loans, loans for rural livelihood advancement and financing of various rural micro-enterprises.

About SMFG India Home Finance Co. Ltd. (Formerly Fullerton India Home Finance Co. Ltd.)

SMFG Grihashakti is a wholly owned subsidiary of SMFG India Credit. SMFG Grihashakti offers housing loans to salaried and self-employed individuals along with finance to mid-tier developers. Launched in December 2015 and with its corporate office in Mumbai, SMFG Grihashakti caters to housing finance needs in the affordable housing spaces across India, operating in 175+ locations with over 3000+ employees, having served over 56,000+ customers to date.

About Sumitomo Mitsui Financial Group (SMFG)

SMFG is one of the largest global banking and financial service groups, offering a diverse range of financial services including commercial banking, leasing, securities and consumer finance and is headquartered in Japan. SMFG is listed on the Tokyo and New York (via ADR) Stock Exchanges and has a market capitalization of approximately US$77.5 billion (as of 29th March 2024). SMFG is one of the global systemically important banks (G-SIBs) and has high credit ratings of A1 by Moody’s Investors Service and A- by Standard & Poor’s.

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