Capri Global Capital Limited (CGCL), a leading NBFC focused on lending to MSMEs, and affordable housing finance segment has entered into a Co-Lending agreement with the State Bank of India (SBI), country's largest public-sector bank, to offer MSME loans. Through this collaboration, CGCL and SBI aim to disburse MSME loans initially across 100+ touch points pan-India. The loan disbursement under this arrangement would commence from December 2021.
This agreement is signed under the Co-Lending guidelines issued by RBI in November 2020 for Co-Lending to the Priority Sector. The collaboration will help MSMEs to avail customized lending solutions at a competitive rate of interest with a significant reduction in turn-around time. The Co-Lending agreement aims to enhance last-mile finance and drive financial inclusion to MSMEs by offering secured loans between ₹10 lakhs to ₹100 lakhs. The Co-Lending arrangement will entail joint contribution of credit to the prospective MSME customers in Tier II and Tier III markets.
Speaking on the development, Mr. Rajesh Sharma, Managing Director, Capri Global Capital Ltd said, "We are delighted to partner with India's largest bank. Our combined synergies are ideally placed to provide customized financial solutions to the borrowers. SBI's wide reach and trust in the market, coupled with our connection with the underserved borrowers, state-of-the-art IT infrastructure, increasing customer reach and underwriting functions will further enhance our distribution network. This collaboration will create win-win business opportunities for all stakeholders. To the borrowers, it would mean more choice to avail innovative offerings, including attractive loan rates and faster approvals."
Shri Dinesh Khara, Chairman, SBI said, "Banks are the backbone of India's economic growth and as the country pivots to sustainable growth, the banking sector will have to accelerate MSME lending. To improve the credit to the underserved and unserved, we are happy to associate with Capri Global Capital. We believe this collaboration will provide the nimble footedness of NBFC and quality credit to right set of population which will further deepen lending to MSMEs through the last mile connect. We are also confident that, in days to come, co-lending can generate employment opportunities through MSMEs which can translate into the country's GDP growth."
The agreement was exchanged in the presence of Shri Dinesh Khara (Chairman-SBI), Shri C.S. Setty, (MD-Retail and Digital Banking-SBI), Shri S. Salee (DMD-Agri, SME & FI-SBI) and Shri Rajesh Sharma, Managing Director-Capri Global. Under this joint effort, the benefit of low-cost funds from SBI and efficient operations of CGCL would be passed on to the borrowers.
Shares of Capri Global Capital Limited was last trading in BSE at Rs. 513.75 as compared to the previous close of Rs. 522.90. The total number of shares traded during the day was 11170 in over 350 trades.
The stock hit an intraday high of Rs. 525.00 and intraday low of 508.40. The net turnover during the day was Rs. 5784575.00.
Shares of State Bank of India was last trading in BSE at Rs. 470.50 as compared to the previous close of Rs. 490.55. The total number of shares traded during the day was 1058798 in over 25972 trades.
The stock hit an intraday high of Rs. 487.60 and intraday low of 467.25. The net turnover during the day was Rs. 502758140.00.