Rupeek joins hands with Indian Bank

This alliance aims to make gold loans mainstream on the back of Rupeek's PSU-grade compliant technology, access to low-cost capital, and the bank's extensive branch network of 5,700 branches. Indian Bank's value offerings, combined with Rupeek's expertise in safe, transparent, hassle-free doorstep lending service and robust technology, will help meet the expanding credit needs of customers at affordable prices.

According to RBI's circular, the "Co-Lending Model" (CLM) is aimed at improving the flow of credit to the unserved and underserved sector, making available funds to the ultimate beneficiary at an affordable cost, considering the lower cost of funds from banks and the greater reach of the NBFCs.

"We are thrilled to enter into a co-lending agreement with Indian Bank, a large public sector institution having a strong pedigree in understanding and serving the credit needs of the masses. This partnership marks yet another strategic step towards unlocking access to secured credit via disruptive technology for consumers who are currently underserved. With Rupeek's state-of-the-art technology solutions and Indian Bank's strong presence in the market, we aim to introduce millions of customers to the formal credit market.", said Ashish Bansal, SVP - Lender Partnerships, Rupeek.

With a sharp focus on adapting to digital lending and co-lending models with NBFCs under the EASE 4.0 reforms, Indian Bank emerged as the 'Top Improver' across all PSBs on PSB Reforms EASE Agenda 4.0.

"We are delighted to partner with Rupeek to provide a best-in-class, digitally-enabled gold loan journey to our customers.", said Mr. Vikas Kumar, General Manager, Indian Bank.

As India's fastest-growing fintech company, Rupeek has revolutionized asset-backed lending in India through its unique technology-driven products and offerings. As a nation-builder brand, Rupeek's mission is to democratize credit for all by harnessing the power of technology in designing products that monetizes India's idle $2tn household gold.

Shares of Indian Bank was last trading in BSE at Rs. 287.85 as compared to the previous close of Rs. 288.25. The total number of shares traded during the day was 53301 in over 1294 trades.

The stock hit an intraday high of Rs. 292.00 and intraday low of 285.50. The net turnover during the day was Rs. 15360029.00.

Source : Equity Bulls

Keywords

IndianBank INE562A01011 Rupeek Alliance