Bangalore, March 30, 2023: Godrej Group, through its financial services arm, Godrej Capital and State Bank of India (SBI) today signed a strategic MOU to deepen their partnership wherein State Bank of India would provide various financial products and offerings.
For decades, both SBI, its group companies, and the Godrej Group have played an important role in the growth of our country's economy. With this partnership, they hope to continue their contributions to building the nation.
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.”
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."
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.
Manish Shah, MD and CEO of Godrej Capital added, "We are excited about this partnership between two of the most reputed brands in the country. Financial services have always been the leading indicators of growth of the economy, and the two groups coming together is a milestone we want to leverage in building a sustainable organization."
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.
About Godrej Capital
Godrej Capital is the financial services arm of the Godrej Group. It 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. The company is focused on building a long-term, sustainable retail financial services business in India, anchored on the Godrej Group's 125- year legacy of trust and excellence. Godrej Capital focuses on learning and development across its employee base and is committed to diversity, equity, and inclusion as a guiding principle. Its entity, GHF, is Great Place to Work®- Certified and was recognized by Economic Times as the Best Organization for Women for 2022. Godrej Capital currently has its footprint across Mumbai, Bengaluru, Delhi NCR, Ahmedabad, Pune, Chandigarh, Hyderabad, Chennai, Indore, Surat, and Jaipur.
About SBI: State Bank of India (SBI) a Fortune 500 company, is an Indian Multinational, Public Sector Banking and Financial services statutory body headquartered in Mumbai. The rich heritage and legacy of over 200 years, accredits SBI as the most trusted Bank by Indians through generations. SBI, the largest Indian Bank with 1/4th market share, serves over 45 crore customers through its vast network of over 22,000 branches, 62617 ATMs/ADWMs, 71,968 BC outlets, with an undeterred focus on innovation, and customer centricity, which stems from the core values of the Bank - Service, Transparency, Ethics, Politeness and Sustainability. The Bank has successfully diversified businesses through its various subsidiaries i.e SBI General Insurance, SBI Life Insurance, SBI Mutual Fund, SBI Card, etc. It has spread its presence globally and operates across time zones through 229 offices in 31 foreign countries. Growing with times, SBI continues to redefine banking in India, as it aims to offer responsible and sustainable Banking solutions.
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