Bank of India has launched a ‘Centralized Pool Buy-Out and Co-Lending Cell’ to boost priority sector lending.
The Cell, which is housed in the Bank’s Mumbai headquarters, will be equipped with an end-to-end digital underwriting system to onboard pool buy-out and co-lending of loans in partnership with NBFCs (non-banking finance companies), per the public sector bank’s statement.
Through this platform, seamless integration will be provided between the Bank and multiple NBFCs.
The Cell will onboard loan assets under Retail, MSME and the Agriculture segment with a dedicated team, the Bank said.
So far, the Bank had been underwriting the aforementioned loans via various branches spread across the country.
Rajneesh Karnatak – MD & CEO, Bank of India, said: “Our Bank will build a sizeable business book through its digital platform while complying fully with all the regulatory guidelines.
“By leveraging our partnerships with NBFCs, Bank of India will improve its priority sector lending portfolio.”