Central Bank of India enters into co-lending partnership with Samunnati Financial Intermediation & Services Pvt Ltd

Central Bank of India has entered into a strategic Co-Lending Partnership with M/s. Samunnati Financial Intermediation & Services Private Limited to offer Agriculture 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. Samunnati Financial Intermediation & Services Private Limited.

M/s. Samunnati Financial Intermediation & Services Private Limited is registered with Reserve Bank of India. The NBFC is engaged in providing Loans for Agriculture and allied activities as well as to MSME Sector.

M/s. Samunnati Financial Intermediation & Services Private Limited (SFISPL) exclusively works in the agriculture sector, with a mission to make the Agri value chains work at a higher equilibrium to make markets work for smallholder farmers. As on date, SFIFPL is functioning in 22 states with offices in over 30 locations. As on 31.3.2023, SFISPL is managing an AUM of Rs.1150 Crs.

Under the arrangement, M/s. Samunnati Financial Intermediation & Services Private Limited will originate and process Loan proposals under Agriculture and MSME Sector as per jointly formulated credit parameters and eligibility criteria and Central Bank of India will take into its books 80% of the Agriculture and MSME Loans under mutually agreed terms. M/s. Samunnati Financial Intermediation & Services Private Limited will service the loan account throughout the life cycle of the loan. The CoLending 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 SamunnatiFinancial Agriculture MSMELoans