Piramal Enterprises Ltd's commitment to financial inclusion touches 1.27 lakh women borrowers in FY2023
MUMBAI, India, Nov. 30, 2023 /PRNewswire/ — Piramal Enterprises Limited (‘PEL’) (NSE: PEL) (BSE: 500302) has marked a substantial stride in its dedication to sustainability with the unveiling of its inaugural Sustainability Report, ‘Doing well and Doing Good”, for the fiscal year 2023. Underlining its commitment to financial inclusion, PEL disbursed ₹6,518 Cr., empowering 1,27,258 women borrowers in FY2023. The report not only demonstrates the company’s endeavour to creating a lasting impact on its customers, society, and the nation, but also emphasizes its role in advancing the broader mission of a sustainable and inclusive Bharat.
In line with its dedication to promoting financial inclusion, PEL offers a diverse range of products tailored to underserved individuals while actively promoting financial literacy. This commitment aligns seamlessly with the aspirations of the people of ‘Bharat,’ helping India grow with alternative investments and making medium-scale enterprises truly scalable in the country. At its core is the empowerment of women—an essential catalyst for the nation’s progress.
PEL remains steadfast in its support for women’s aspirations, fostering self-reliance and social equity through lending activities. Currently, women borrowers constitute 31% of the loan portfolio. To further accelerate women’s development and empowerment in Tier II and III cities, the company has implemented a range of initiatives, including financial literacy programs and targeted loan disbursement efforts.
Speaking on the launch, Ajay Piramal, Chairman, Piramal Enterprises Ltd., said, “At Piramal, our commitment lies in our sustainability strategy, anchored by four vital pillars: impactful growth, social stewardship, resilient technology, and governance excellence. Our primary goal is to create a positive impact through all our initiatives. We strive to build a lasting impact that resonates with both the current and future generations. Our fundamental purpose is to bring about substantial and quantifiable improvements in the lives of those we serve, guiding our every choice and endeavour. We will continue to actively collaborate with communities and governments to work towards achieving the Sustainable Development Goals by 2030.”
Piramal Capital and Housing Finance Limited (referred to as Piramal Finance) is making significant strides across various sectors, with 31% of its borrowers being women and approximately 22 lakh pages saved through efficient digital loan processing. The company has disbursed loans totalling ₹19,000 crores for affordable housing, serving 1,98,000 new customers. Additionally, Piramal Finance is actively contributing to social development, facilitating 9 Griha Utsavs across Bharat with 113 builders and providing 2,700+ individuals with financial literacy sessions.
In terms of community engagement, Piramal Foundation is the philanthropic arm of Piramal Group. Aligned to the Sustainable Development Goals, the Foundation is committed to improving the lives of marginalized communities, by leveraging the power of youth and strengthening Government systems. With operations supported by 5,000+ employees, and spread across 27 States and 2 Union Territories, over the last 16 years, it has touched the lives of more than 11.3 crore Indians.
One of the powerful demonstration of Piramal Foundation is The Karuna Fellowship programme, dedicated at fostering the next generation of Bharat through women-led development. Embracing the potential of Rural women, the Karuna Fellowship programme encourages aspiring women to embrace and develop their abilities by providing them with technology and other employable skills, e.g.-Leadership & livelihood skills. The program is designed to build cadre / network of financially independent, tech-savvy, future-ready and compassionate women who can constructively contribute to the country.
Access the full report here: PEL Sustainability Report 2022 – 23
About Piramal Enterprises Ltd:
Piramal Enterprises Ltd. (PEL) is a leading diversified Non-Banking Financial Company (NBFC) registered with Reserve Bank of India (RBI), with presence across retail lending, wholesale lending, and fund-based platforms. The company has investments and assets worth ~$10 billion, with a network of branches across 25 states/UTs.
PEL has built a technology platform, which is driven by artificial intelligence (AI), with innovative financial solutions that cater to the needs of varied industry verticals. PEL has steered dynamic business growth over the three decades of its existence, staying focused on both organic as well as inorganic growth strategy.
PEL made its foray into the financial services sector with Piramal Capital & Housing Finance Ltd., a housing finance company registered with the Reserve Bank of India that is engaged in various financial services businesses. The company provides end-to-end financing solutions in both wholesale and retail funding opportunities across sectors such as real estate and infrastructure, renewable energy, hospitality, logistics, industrials, and auto components.
Within retail lending, through its multi-product platform, the Company offers home loans, loans for small businesses and loans for working capital to customers in affordable housing and mass affluent segments across tier I, II and III cities. Wholesale lending spans real estate and non-real estate sectors, offering a variety of products to diverse corporate clients.
PEL has also formed strategic partnerships with leading financial institutions such as CPPIB, APG and Ivanhoe Cambridge (CDPQ) across various investment platforms. Piramal Alternatives, the fund management business, provides customised financing solutions to high-quality corporates through – ‘Piramal Credit Fund’, a performing, sector-agnostic Credit fund with capital commitment from CDPQ; and ‘IndiaRF’, a distressed asset investing platform with Bain Capital Credit, which invests in equity and/or debt across non-real estate sectors. The Company also has a 50% stake in Pramerica Life Insurance – a joint venture with Prudential International Insurance Holdings.
For more information visit: www.piramal.com, Facebook, Twitter, LinkedIn
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Group Head – Corporate Communications
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Ravi Singh
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