Kolkata, June 4 -- ICL Fincorp Ltd is set to accelerate its pan-India expansion with plans to open 500 new branches over the next two years, including 200 in the current financial year, as the gold loan-focused NBFC seeks to broaden its geographic footprint beyond Southern India and double its assets under management (AUM).

The Chennai-headquartered company, which currently operates around 300 branches primarily across Kerala, Tamil Nadu, Andhra Pradesh, and Odisha, formally entered West Bengal on Tuesday with the inauguration of its first branch in Kolkata.

It plans to open 50 branches across the state this year, including 10 in the city.

"We have always been a South India-centric NBFC. But now, with the NIDCC mandate in place, we're ...