Central Bank of India (CBoI) has entered into a co-lending partnership with Moneywise Financial Services Pvt Ltd for lending to micro, small and medium-sized enterprises (MSMEs).
This will result in expanded portfolio for both entities, CBoI said in a regulatory filing.
Under the arrangement, Moneywise Financial Services (a non-banking financial company focused on MSME lending) will process MSME loan proposals as per jointly formulated credit parameters and eligibility criteria, while CBoI awill take into its books 80 per cent of the MSME loans under mutually agreed terms.
Moneywise Financial Services will service the loan account throughout its lifecycle.
As at December-end 2022, Moneywise Financial Services’ ‘asset under management’ stood at about ₹800 crore.