Only about 30 percent of all bank branches are in rural areas where over 60 per cent of India’s population lives. This one data point shows the major gap in access to formal sources of credit and dependence on informal money lenders in the country’s rural markets and even in tier 2 and 3 markets. Piramal Finance is attempting to bridge this divide through its products, media strategies and marketing initiatives that break conventional perceptions about credit access.
In an exclusive conversation with Storyboard18’s editor Delshad Irani, Jairam Sridharan, managing director of Piramal Finance and the company’s chief marketing officer Arvind Iyer, unravel the mindset of the “budget customers of Bharat”. They share what financial services organizations have failed to do and how Piramal Finance is building a “scalable model of empathy” to meet the diverse financing needs of the under-served and unserved people of ‘Bharat’ market. Plus, the financial services brand’s MD sheds light on the IPL advantage as viewership gets democratized in a digital age.
Watch.