Karnataka Bank partners with Yubi for Co-lending with NBFCs

Karnataka Bank has entered into an arrangement with Yubi for co-lending via the Yubi Co.Lend, India's co-lending platform. This collaboration will allow bank to digitally onboard various NBFCs, to lend significant amount of money and onboard a larger customer base as a result of their better consumer outreach.

Speaking on the occasion, Shri Mahabaleshwara M.S, Managing Director & CEO, Karnataka Bank, said, "The digital Co-lending platform would enable Karnataka Bank and our NBFC partners to effortlessly integrate and lend to borrowers with faster turnaround time. With the Bank focusing on co-lending, we feel that this relationship with Yubi will assist us in onboarding various NBFCs and ensuring last mile connection for Bank in places where we have no reach".

Gaurav Kumar, Founder and CEO, Yubi, said, "At Yubi, our aim has always been to lead the curve when it comes to facilitating the flow of credit to the under-served through technology. Through this parh1ership, Karnataka Bank will gain access to a large number of financial institutions across sectors. We mutually aim to provide credit to the underserved sectors and accelerate financial inclusion in the country through this parh1ership."

Present on the occasion were Shri. Balachandra Y V, Chief Operating Officer, Shri. Gokuldas Pai, Chief Business Officer, General Managers & other Executives of Karnataka Bank and executives of Yubi (formerly known as CredAvenue Pvt Ltd).

Shares of The Karnataka Bank Limited was last trading in BSE at Rs. 71.85 as compared to the previous close of Rs. 72.25. The total number of shares traded during the day was 214111 in over 1731 trades.

The stock hit an intraday high of Rs. 73.10 and intraday low of 71.25. The net turnover during the day was Rs. 15434407.00.

Source : Equity Bulls

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TheKarnatakaBank INE614B01018 Yubi ColendingArrangement