Central Bank of India enters into Co-Lending Partnership for MSME Loans with Arka Fincap Ltd

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

M/s. Arka Fincap Limited is a non-deposit taking NBFC registered with RBI. It is a step-down subsidiary of Kirloskar Oil Engines Limited (KOEL). Arka is professionally managed and focused on providing structured term financing solutions to Mid & large Corporates, Real Estate and loans to MSME borrowers with an AUM of INR 5210.41 Crore as on 31st March 2024. They are spread across 13 states and are functioning through 31 branches as on 31st March 2024.

Under the arrangement, M/s. M/s. Arka Fincap 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. Arka Fincap Limited will service the loan accounts throughout the life cycle of the loans. 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. 63.34 as compared to the previous close of Rs. 63.17. The total number of shares traded during the day was 358736 in over 1929 trades.

The stock hit an intraday high of Rs. 64.28 and intraday low of 63.05. The net turnover during the day was Rs. 22789253.00.

Source : Equity Bulls

Keywords

CentralBankofIndia INE483A01010 CoLendingPartnership MSMELoans ArkaFincap