Central Bank of India enters into co-lending partnership with IKF Finance Ltd for MSME loans

Central Bank of India has entered into a strategic Co-Lending Partnership with M/s. IKF Finance 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. IKF Finance Limited.

M/s. IKF Finance Limited is registered NBFC with Reserve Bank of India. The NBFC is engaged in providing MSME Loans. IKF is promoted with a primary purpose of catering to funding the needs of Transport Operators and has expanded its portfolio by funding Commercial Vehicles and Secured MSME Loans.

M/s. IKF Finance Limited has network in nine states with more than 134 branches in around 30+ locations with more than 1100 Employees and a loan book size of Rs.2452 Cr as on 31st March 2023. IKF has its Registered Office in Vijayawada (Andhra Pradesh) and a corporate office in Hyderabad (Telangana).

Under the arrangement, M/s. IKF Finance 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. IKF Finance 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. 35.11 as compared to the previous close of Rs. 35.69. The total number of shares traded during the day was 1387160 in over 4073 trades.

The stock hit an intraday high of Rs. 36.08 and intraday low of 35.00. The net turnover during the day was Rs. 49085237.00.

Source : Equity Bulls

Keywords

CentralBankofIndia INE483A01010 CoLendingPartnership IKFFinance MSMELoans