United Bank of India has entered into a memorandum of understanding (MoU) with Tata Power Solar to provide credit to the non-renewable energy sector.
Under the MoU, Tata Power will leverage the bank’s branch network in the eastern region to make easy finance available to the purchaser of the off-grid solar home lighting or water heating system, said a bank statement.
The bank, in turn, will utilise the Tata Power outlets to increase its reach in the country.
The arrangement will facilitate the bank to further increase its exposure to the micro sector, said Deepak Narang, Executive director, United Bank.