Stock Report

Central Bank of India enters into co-lending partnership with SMFG India Home Finance Company Ltd

Posted On : 2023-12-31 00:08:12( TIMEZONE : IST )

Central Bank of India has entered into a strategic Co-Lending Partnership with M/s. SMFG India Home Finance Company Limited (formerly Fullerton India Home Finance Company 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. SMFG India Home Finance Company Limited for MSME Loans.

M/s. SMFG India Home Finance Company Limited for MSME Loans is an HFC registered with Reserve Bank of India. M/s SMFG India Home Finance Co. Ltd. is a wholly owned subsidiary of M/s SMFG India Credit Co. Ltd (Formerly Fullerton India Credit Co. Ltd). The NBFC is engaged in the business of financing loans to Individuals, MSMEs and Body Corporates in India. The Company is headquartered in Mumbai and the network of branches across India enables it to source and service clients across 150 locations in 15 States/Union territories. The AUM of the company as on 30th September 2023 was more than Rs. 7300 Crore.

Under the arrangement, M/s. SMFG India Home Finance Company 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. SMFG India Home Finance Company Limited for MSME Loans will service the loan account throughout the life cycle of the loan. The Co-Lending arrangement is expected to benefit both the entities to offer convenient experience and customer delight to their customers as well as expand their reach across India.

Shares of Central Bank of India was last trading in BSE at Rs. 50.07 as compared to the previous close of Rs. 50.19. The total number of shares traded during the day was 2599600 in over 8375 trades.

The stock hit an intraday high of Rs. 51.40 and intraday low of 49.75. The net turnover during the day was Rs. 131654589.00.