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Bank of India (BoI) has entered into a co-lending arrangement for Micro, Small and Medium Enterprise (MSME) loans with Ahmedabad-based MAS Financial Services Ltd (MAS).
BoI will leverage the reach of MAS to build MSME portfolio, Atanu Kumar Das, Managing Director & CEO, BoI, said on the occasion of the public sector bank’s 116th Foundation Day.
Das observed that co-lending has been introduced by the Reserve Bank of India (RBI) to increase credit flow to the unserved and underserved sectors of the economy.
Under this arrangement, funds are made available to the ultimate beneficiary at an affordable cost, considering the lower cost of funds from banks and greater reach of the NBFCs.
MAS is a non-banking finance company offering loans to segments such as micro enterprises and SMEs. It also provides home loans; loans for purchase of commercial vehicles, two-wheelers and used cars.
The Bank also unveiled various schemes for farmers, including opening of 84 “Star Krishi Vikas Kendra” for quick processing of Kisan loans; “Krishi Ghar Special Scheme” for construction of farm houses; “Star Kisan Sahayata Loan” to mitigate Covid-19 stress; and a scheme for farm mechanisation.
On the technology front, BoI launched Digi Locker, Business WhatsApp and Web Module on its website for credit card customers.
For entrepreneurs, the Bank launched RuPay Select International Contactless Debit Card, an integrated UPI through BOI mobile app, UPI QR Code for both merchants and customers, among others.
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