Stock Report

Central Bank of India enters into Co-Lending Partnership with M/s. DMI Housing Finance Private Limited

Posted On : 2023-08-09 18:03:30( TIMEZONE : IST )

Central Bank of India has entered into a strategic Co-Lending Partnership with M/s. DMI Housing Finance Private Limited to offer Home Loans and MSME Loans 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 M/s. DMI Housing Finance Private Limited.

M/s. DMI Housing Finance Private Limited is registered with National Housing Bank since 20.09.2012. The NBFC is engaged in providing Home Loans and MSME Loans, especially to those in the lower income and economically backward segments. With a present AUM of INR 1100 Cr, DMI Housing Finance Private Limited has its presence in 46 branches in 9 states and constantly focusses on expanding their branch network to reach out to more customers and serve them better.

Under the arrangement, M/s. DMI Housing Finance Private Limited will originate and process Home and MSME Loan proposals as per jointly formulated credit parameters and eligibility criteria and Central Bank of India will take into its books 80% of the Home and MSME Loans under mutually agreed terms. M/s. DMI Housing Finance Private Limited will service the loan accounts 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 across India.

Shares of Central Bank of India was last trading in BSE at Rs. 31.17 as compared to the previous close of Rs. 30.86. The total number of shares traded during the day was 1817493 in over 4291 trades.

The stock hit an intraday high of Rs. 31.54 and intraday low of 30.86. The net turnover during the day was Rs. 56852637.00.