Central Bank of India enters into co-lending partnership with Incred

Central Bank of India has entered into a strategic Co-Lending Partnership with Incred Financial Services Limited to offer loans to MSME Borrowers at competitive rates, subject to compliance with the applicable law(s) including the applicable guidelines issued by Reserve Bank of India (RBI). The participation by both the entities in this Co-Lending arrangement will result in greater expansion of portfolio by Central Bank of India and Incred Financial Services Limited.

Incred Financial Services Limited, the lending business of the Incred group was founded as a new-age, tech-and risk-analytics-focused lending institution. Incred Financial Services Limited is an RBI regulated non-banking financial company with a branch network spread across 9 States. Its business verticals include Consumer Loans, Education Loans and MSME Lending. Incred's lending approach is based on the twin pillars of domain expertise and risk analytics with a cutting-edge tech architecture acting as the backbone for the firm's full suite of functions and processes.

Under this arrangement, Incred Financial Services Limited will originate and process MSME proposals under Priority Sector as' per jt)intly formulated credit parameters and eligibility criteria and Central Bank of India will take into its books 80% of the MSME Priority Sector loans under mutually agreed terms. IFSL will service the loan account throughout the life cycle of the loan. The Co-Lending arrangement is expected to help both the entities to offer cohvenient experience and customer delight as well as help expand reach across India.

Shares of Central Bank of India was last trading in BSE at Rs. 18.45 as compared to the previous close of Rs. 18.10. The total number of shares traded during the day was 556934 in over 1128 trades.

The stock hit an intraday high of Rs. 18.60 and intraday low of 18.05. The net turnover during the day was Rs. 10231379.00.

Source : Equity Bulls

Keywords

CentralBankofIndia INE483A01010 CoLendingPartnership IncredFinancialServices MSMELoans