SBI signs pact with U Gro Capital for Co-lending to underserved MSMEs
Published By : Chinmaya Dehury | November 17, 2021 5:37 PM
Share
Mumbai, Nov 17: Country’s largest bank, State Bank of India (SBI), has entered into a Co-Lending agreement with U GRO Capital to offer strategic financing solutions to the unserved and underserved MSMEs of the country in line with RBI guidelines. SBI is actively looking at co-lending opportunities with multiple NBFCs through their products for financing the MSMEs and to enhance last mile connect. This initiative will financially empower MSMEs and further drive financial inclusion in the country. Dinesh Khara, Chairman, SBI said, “We are glad to have joined hands with U GRO Capital under the co-lending program. This collaboration will further enhance our distribution network, as we aim to extend our credit reach to more MSMEs. Such partnerships align with our commitment to accelerate effective and affordable credit to MSMEs in India and contribute to the country’s financial inclusion imperative towards building an Atmanirbhar Bharat.” The partnership was signed in the presence of Dinesh Khara, Chairman, SBI, C.S. Setty, MD (Retail & Digital Banking), SBI and Shachindra Nath, Executive Chairman and MD, U GRO Capital. RBI had issued guidelines on co-lending scheme for banks and NBFCs for Priority Sector Lending to improve the flow of credit to unserved and underserved sectors of economy and to make funds available to borrowers at an affordable cost. The co-lending model aims to give the borrower the best interest rate and better reach.
Prameya English Is Now On WhatsApp Join And Get Latest News Updates Delivered To You Via WhatsApp
You Might Also Like
More From Related News
Union Minister Rajiv Ranjan Singh unveils 17 new fisheries clusters at ICAR-CIFA, Bhubaneswar
Odisha honoured by Agriculture Today for best agricultural practices
Over 57% of Odisha Yatri users are women
IBCS Organises FDP on India's Growth and Economic Challenges
Odisha tops in private investments, says Industries Minister Sampad Swain
Google Launches AI Mode in Search Across India, English Only for Now
Google launches AI mode feature for all users in India
JSW Steel’s Narayanposhi Mines honoured with 5-star award
Titan Shares Plunge: Jhunjhunwala Family Loses Rs 900 Crore as Tata Stock Hits 52-Week Low
Jindal (India) gets nod for ₹3,600 Cr greenfield steel plant in Odisha
Odisha govt. revokes restrictions on delinked HDFC, Axis and ICICI Banks
RBI led ' HDFC Bank Currency Chest' floats Mega Coin Mela at Puri Grand Road ahead of Bahuda Yatra
Microsoft Manager Laid Off After 25 Years Shares Bittersweet Farewell in Viral LinkedIn Post
Foxconn Recalls Chinese Engineers from India, Threatens Apple iPhone 17 Production