Karnataka Bank & Satin Creditcare Ink Co-Lending Deal
By Rediff Money Desk, MANGALURU Jan 05, 2024 20:41
Karnataka Bank and Satin Creditcare Network Limited have partnered to provide micro-credit facilities to women in rural and semi-urban areas, leveraging digital technology for efficient loan processing and recovery.
Mangaluru, Jan 5 (PTI) The city-headquartered Karnataka Bank and Satin Creditcare Network Limited (SCNL), a leading NBFC micro-finance Institution have entered into a co-lending arrangement to provide financial support to joint liability groups of women in rural and semi-urban areas, a bank release here said on Friday.
The arrangement is to encourage economically active women by providing impetus to the micro-credit facilities segment in the country. This is in line with the Reserve Bank of India's guidelines on co-lending by banks and NBFCs to priority sectors to improve the flow of credit to underserved segments.
It will leverage Karnataka Bank's low cost of funds and end-to-end digital capabilities of Satin through Yubi platform for co-lending, to help the sourcing, servicing and recovery of small-ticket income generation priority sector loans.
The bank's CEO and Managing Director, H Shrikrishnan, said in the release that the arrangement with Satin will improve the bank's micro credit facilities in rural and semi-urban areas. Digital co-lending partnerships covering multiple credit areas will be pursued by the bank to create a sustainable focus on economic empowerment, he said.
SCNL chairman and MD H P Singh said by combining the strengths of the NBFC and the bank, the agreement aims to uplift women entrepreneurs in rural and semi-urban India, thereby enhancing sustainable economic growth.
The agreement was exchanged by bank Shrikrishnan and Singh in Bengaluru, the release said.
The arrangement is to encourage economically active women by providing impetus to the micro-credit facilities segment in the country. This is in line with the Reserve Bank of India's guidelines on co-lending by banks and NBFCs to priority sectors to improve the flow of credit to underserved segments.
It will leverage Karnataka Bank's low cost of funds and end-to-end digital capabilities of Satin through Yubi platform for co-lending, to help the sourcing, servicing and recovery of small-ticket income generation priority sector loans.
The bank's CEO and Managing Director, H Shrikrishnan, said in the release that the arrangement with Satin will improve the bank's micro credit facilities in rural and semi-urban areas. Digital co-lending partnerships covering multiple credit areas will be pursued by the bank to create a sustainable focus on economic empowerment, he said.
SCNL chairman and MD H P Singh said by combining the strengths of the NBFC and the bank, the agreement aims to uplift women entrepreneurs in rural and semi-urban India, thereby enhancing sustainable economic growth.
The agreement was exchanged by bank Shrikrishnan and Singh in Bengaluru, the release said.
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