Central Bank of India enters into Co-Lending Partnership with M/s. Ambit Finvest Private Limited for MSME Loans

Central Bank of India has entered into a strategic Co-Lending Partnership with M/s. Ambit Finvest Private Limited to offer 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. Ambit Finvest Private Limited.

M/s. Ambit Finvest Private Limited is registered NBFC with Reserve Bank of India. The NBFC is engaged in providing MSME Loans. Ambit Finvest has disbursed INR 3,500+ crore worth of loans and has grown its AUM at a CAGR of ~50%. It currently has an AUM of INR 2,750+ Crs and a wide footprint across 11 states through its 150+ branches and 1,700+ employees.

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

Shares of Central Bank of India was last trading in BSE at Rs. 30.90 as compared to the previous close of Rs. 31.17. The total number of shares traded during the day was 586719 in over 1460 trades.

The stock hit an intraday high of Rs. 31.69 and intraday low of 30.76. The net turnover during the day was Rs. 18349644.00.

Source : Equity Bulls

Keywords

CentralBankofIndia INE483A01010 CoLendingPartnership AmbitFinvest MSMELoans