Hot Pursuit     02-Jun-23
Central Bank of India inks co-lending deal with ISFCL for MSME loans
Central Bank of India said that it has entered into a strategic co-lending partnership with India Shelter Finance Corporation (ISFCL) to offer micro, small and medium enterprises (MSME) loans at competitive rates.

The said loans would be subject to compliance with the applicable laws and guidelines issued by Reserve Bank of India (RBI).

The participation by both the entities in this co-lending arrangement will result in greater expansion of portfolio by Central Bank of India and ISFCL.

India Shelter Finance Corporation is registered with National Housing Bank since 2010. The NBFC is engaged in providing home loans and loans against the property for business purpose. With an AUM of Rs 4,360 crore as on 31 March 2023, it caters to more than 46,000 clients with a spread across 183 branches in 15 states which includes Rajasthan, Maharashtra, Madhya Pradesh and Gujarat.

Under the arrangement, ISFCL will originate and process MSME loan proposals under MSME Sector as per jointly formulated credit parameters and eligibility criteria and Central Bank of India will take into its books 80% of the MSME loans under mutually agreed terms. M ISFCL will service the loan account throughout the life cycle of the loan.

Central Bank of India is engaged in providing banking and financial services with wide range of products and services to individuals, commercial enterprises, large corporates, public bodies and institutional customers.

The PSU bank's net profit soared 84% to Rs 571.03 crore on 33.5% jump in total income to Rs 8,567.45 crore in Q4 FY23 over Q4 FY22.

Shares of Central Bank of India were down 0.11% to Rs 27.76 on the BSE.

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