CII in collaboration with KPMG in India has released a report titled “Improvisation Driving: How the Financial Services Sector in Kerala Has Grown to Make an Impact and Influence the National Narrative in the Banking and NBFC Summit 2025 in Kochi
Kerala Finance Minister KN Balagopal has called for collaboration between industry and financial institutions to channel capital into the state’s manufacturing sector.
CII can play a crucial role in this area that would boost industrial growth and job creation in the state, the minister said while inaugurating the Banking and NBFC Summit 2025, organized by CII in Kochi with the theme ‘From Kerala to the nation – a hand in shaping India’s BFSI future.’
NBFCs are driving the growth of MSMEs in Kerala
The summit brought together policymakers, banking institutions, NBFCs and financial experts to deliberate on the evolving role of Kerala’s financial ecosystem in driving national growth, innovation and inclusivity.
VKC Razak, Chairman, CII Kerala and Managing Director, VKC Footwear Pvt. Ltd., highlighted the crucial contribution of NBFCs in promoting entrepreneurship. NBFCs play a crucial role in supporting regional entrepreneurs, especially SMEs. With over 1,000 MSMEs contributing ₹100 crore to the mission, the sector continues to be a driving force for local economic growth,” he said.
George Muthoot George, Chairman, CII Kerala Banking & NBFC Panel and Deputy Managing Director, Muthoot Finance Ltd, said the banking and NBFC sectors play a crucial role in credit growth in India, with NBFCs accounting for nearly 20 percent of total lending.
The CII-KPMG report highlights the financial impact of Kerala
CII, in collaboration with KPMG in India, has released a report titled “Improvisation Driving: How the Financial Services Sector in Kerala Has Grown to Make an Impact and Influence the National Narrative. The report tracks the evolution of Indian financial services from a transactional utility to a driver of inclusive growth, technological innovation and societal resilience, and highlights Kerala’s crucial contribution in shaping this transformation.
MP Vijay Kumar, Executive Director and Group CFO of Sify Technologies, who called for responsible and inclusive financing, said Kerala’s gold loan companies are a classic example of converting idle assets into productive assets that generate income and employment. Although several initiatives exist in the field of SME financing, there remains room to improve access to credit.
Vishnu Pillai, Financial Services Technology Leader & Office Managing Partner – Kochi, KPMG in India, spoke about the state’s digital and technological advancements.
Senthil Kumar, Co-Chairman of the CII Kerala Banking & NBFC Panel & Head – Credit Acceptance, South Indian Bank Ltd, shared insights on the joint role of CII and NBFCs in strengthening Kerala’s financial ecosystem, expanding credit reach and supporting the state’s transition to a more inclusive and technology-driven financial future.
Published on October 10, 2025
#Kerala #Banking #NBFC #Summit #Collaboration #industry #finance #boost #MSMEs #credit #growth