Central Bank of India enters into co-lending partnership with Mag Finserv Company Ltd

Central Bank of India has entered into a strategic Co-Lending Partnership with M/s. Mag Finserv Company Ltd. to offer Gold Loans to MSME, Agriculture and Individual Borrowers at competitive rates, subject to compliance with the applicable law(s) including the applicable gilidelines issued by Reserve Bank of India (RBI). Tlie participation by both the entities in this Co-Lendiiig arraligement will result in greater expansion of portfolio by Central Bank of India aild M/s. Mag Finserv Company Ltd.

M/s. Mag Finserv Company Ltd. is an RBI regulated non-banking financial company with network of 45 Branches as on date and an AUM of INR 200+ Crore. Catering to Customer base of 40,000 + Customers for more tlian two decades, tliey liave a predominant presence in rural sector of Maharashtra and Karnataka, providiig assistance to the undeserved and unserved people trapped in unorganized sector. Under this arrangement, M/s. Mag Finserv Company Ltd. will originate and process Gold Loan proposals as per jointly formulated credit parameters and eligibility criteria and Central Bank of India will take into its books 80% at the loans under mutually agreed terms. The NBFC 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 convenient experience and customer delight to their customers as well as help expand their reach to the needy and unorganised sector and make available funds at affordable cost.

Shares of Central Bank of India was last trading in BSE at Rs. 28.90 as compared to the previous close of Rs. 29.90. The total number of shares traded during the day was 595409 in over 1983 trades.

The stock hit an intraday high of Rs. 30.60 and intraday low of 28.50. The net turnover during the day was Rs. 17739163.00.

Source : Equity Bulls

Keywords

CentralBankofIndia INE483A01010 CoLendingPartnership MagFinservCompany GoldLoans MSME Agriculture