Central Bank of India has entered into a strategic Co-Lending Partnership with M/s. ECL 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. ECL Finance Limited.
M/s. ECL Finance Limited is registered NBFC with Reserve Bank of India. The NBFC is engaged in providing MSME Business Loans, Supply Chain Financing, and loan against property to businesses. The company is headquartered in Mumbai and the network of branches across India enables it to source and service clients across 32 locations in 16 States. The AUM of the company as on 30th June 2023 was more than Rs.3000 Cr.
Under the arrangement, M/s. ECL 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. ECL 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. 46.92 as compared to the previous close of Rs. 48.94. The total number of shares traded during the day was 5136619 in over 12335 trades.
The stock hit an intraday high of Rs. 50.80 and intraday low of 46.21. The net turnover during the day was Rs. 249073944.00.