NEW DELHI: NBFC firm IIFL Finance has said it has received the necessary regulatory approvals for opening branches and expanding its credit services to the Union Territory of Jammu & Kashmir.

This approval is a timely step towards delivering essential financial services in unbanked and underbanked areas, where access to formal credit has historically been limited, IIFL Finance said in a statement.

Commenting on the development, IIFL Finance founder and MD Nirmal Jain said, "The management decision to commence operations in Jammu & Kashmir reflects our long-standing commitment to bringing financial access to unserved and underserved communities. The approval to open branches comes at a critical time when people in the region have been facing disruptions in their livelihoods." By offering credit solutions tailored to local needs, he said, IIFL Finance aims to support the revival of small businesses and support households in the region.

IIFL's presence in Jammu & Kashmir complements its Corporate Social Responsibility activities in the state, including ongoing programs in Kupwara, Baramulla, Srinagar, and other areas that focus on education, skill development, healthcare and community empowerment.

IIFL Foundation has been present in Kashmir for over a decade. It initially supported with incubator machines at the LD Hospital during the Kashmir floods, it added.