Karnataka Bank partners with SELCO Solar Light Private Limited

Karnataka Bank has signed Memorandum of Understanding (MOU) with SELCO Solar Light Private Limited, engaged in the business of designing, assembling, selling and servicing of solar energy products for the last 27 years with the main objective of providing energy access to underserved population.

Under this collaborative initiative, Karnataka Bank provides financial support to individuals/ HUF/ Farmers/ Traders/Businessmen / Proprietorship concerns / Professionals / Salaried Persons/Institutions etc to purchase the solar energy products of SELCO Solar Light Private Limited in India. Customers can avail loans from the Bank with a competitive interest rate for installing SELCO Solar energy products for both household and commercial use.

Mahabaleshwara M.S, Managing Director & CEO, Karnataka Bank, said, "This is a collaborative effort between KBL and SELCO for promoting the use of renewable energy products and thereby increasing usage of solar energy and reducing carbon emission. Our bank is providing various finance schemes for the purchase of solar energy products to our customers with attractive rate of interest and speedy sanction of loans through digital platform. Bank's wider presence in rural areas will help customer's to afford these solar energy products by the rural sector which will facilitate them to use the sustainable energy solutions. The partnership offers constant commitment towards providing best in class services to our customers as well as the potential buyers of SELCO products."

Mohan Bhaskar Hegde, CEO, SELCO, said, "Solar Power continues to indispensable in all walks of life today. The development of society in this area of economic cooperation is the key to the prosperity of the individuals and communities. The Karnataka Bank's many steps in the public sphere are also significant. This will help thousands of women live the hopeful life".

Present on the occasion are Shri. Gokuldas Pai, Chief Business Officer, Shri. Vinaya Bhat P J, General Manager, Credit Marketing and other Executives of Karnataka Bank and Mr Jagadeesh Pai, General Manager Operations, Mr Guruprakash Shetty, Deputy General Manager and Other Executives of SELCO Solar Light Private Limited.

Shares of The Karnataka Bank Limited was last trading in BSE at Rs. 57.35 as compared to the previous close of Rs. 56.45. The total number of shares traded during the day was 83989 in over 821 trades.

The stock hit an intraday high of Rs. 57.85 and intraday low of 56.90. The net turnover during the day was Rs. 4816343.00.

Source : Equity Bulls

Keywords

TheKarnatakaBank INE614B01018 KTKBANK MOU SELCOSolarLight Financing