Indel Money expands into Andaman Islands with six new branches
Indel Money, a prominent Non-Banking Finance Company (NBFC) specializing in gold loans, has launched its operations in the Andaman Islands with the inauguration of six new branches. These branches, strategically located at Garacharama, Junglighat, Wimberligunj, Haddo, Aberdeen Bazaar, and Protharapur, aim to cater to the growing demand for financial services in the region.Mr. Mohanan Gopalakrishnan, Chairman of Indel Money, presided over the inauguration ceremony, marking a significant milestone for the company’s expansion strategy. The move underscores Indel Money’s commitment to enhancing financial inclusion in underserved regions like the Andaman Islands.
Speaking on the occasion, Mr. Umesh Mohanan, Executive Director and CEO of Indel Money, highlighted the importance of these new branches in meeting the local community’s financial needs. “The Andaman Islands have witnessed rapid economic growth, particularly in sectors like tourism. However, access to timely credit facilities has been limited,” he stated. “Our presence here aims to bridge this gap by offering quick and convenient financial solutions tailored to the island’s unique requirements.”Indel Money, known for its extensive network across various states including Gujarat, Maharashtra, Kerala, and now Andaman Islands, aims to further expand into Rajasthan and West Bengal in the coming quarters. The company specializes in gold loans but also offers a range of other financial products such as loans against property, business loans, and personal loans.
Established as part of Indel Corporation, founded by Late Mr. Palliyil Janardhanan Nair, Indel Money has garnered a strong reputation in the financial services sector. With an annual disbursement exceeding Rs 6,000 crore and a robust loan portfolio, primarily comprising gold loans, Indel Money continues to play a pivotal role in driving economic growth through accessible financial solutions.The introduction of Indel Money’s branches is expected to significantly bolster the financial infrastructure in Port Blair, providing locals with easier access to credit facilities, thereby stimulating economic activities in the region.
