Central Bank of India enters into co-lending partnership with Ugro Capital Ltd

Central Bank of India has entered into a strategic Co-lending Partnership with Ugro Capital Ltd., to offer loans to MSME borrowers under priority sector, subject to the 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 & Ugro Capital Ltd.

Ugro Capital Ltd is a RBl regulated non-banking finance company with pan India branch network and has a track record of good customer acquisition. Under this arrangement, Ugro Capital Ltd. will originate and process loans to MSME borrowers as per jointly formulated credit parameters & eligibility criteria and Central Bank of India will take into its book 80% of loans under mutually agreed terms. Ugro Capital Ltd. will service the loan account throughout the life cycle of the loan. This Co-lending arrangement is expected to help both the entities to offer convenient experience & 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. 21.00 as compared to the previous close of Rs. 21.15. The total number of shares traded during the day was 1132018 in over 2104 trades.

The stock hit an intraday high of Rs. 21.65 and intraday low of 20.85. The net turnover during the day was Rs. 24079041.00.

Shares of Ugro Capital Ltd was last trading in BSE at Rs. 198.05 as compared to the previous close of Rs. 196.20. The total number of shares traded during the day was 11179 in over 506 trades.

The stock hit an intraday high of Rs. 201.00 and intraday low of 192.50. The net turnover during the day was Rs. 2223165.00.

Source : Equity Bulls

Keywords

CentralBankofIndia INE483A01010 CENTRALBK UgroCapital INE583D01011 CoLending Partnership MSME PrioritySector