Karnataka Bank Ltd has signed a memorandum of understanding (MoU) with Reliance Capital Ltd for financing the micro, small and medium enterprises (MSMEs) through a co-financing arrangement.
A bank press release said here on Tuesday that the bank will provide finance to the eligible MSMEs referred by Reliance Capital Ltd as per the norms.
The release said the bank has over 550 branches and Reliance Capital Ltd has over 230 million customers across India.
N. Upendra Prabhu, General Manager of Karnataka Bank Ltd, and K.V. Srinivasan, Chief Executive Officer of Reliance Commercial Finance, signed the MoU in Mangalore recently in the presence of bank CEO and MD, P. Jayarama Bhat.
Shares of both Karnataka Bank and Reliance Capital witnessed a strong trading volume on the NSE.
Karnataka Bank gained Rs 5.75 to trade at Rs 113.55 with a trading volume of 73.78 lakh shares. Reliance Capital was up by Rs 10.05 at Rs 380.20 with a trading volume of 61.28 lakh shares about 45 minutes before the trading was to close.