SBI and Capri Global Capital sign MOU to accelerate MSME lending
Mumbai: With an aim to boost MSME lending, the countryâs largest bank, the State Bank of India (SBI), has entered into a co-Lending arrangement with Capri Global Capital Limited (CGCL). This association will offer strategic and customized financing solutions to the underserved MSMEs of the country in line with RBI guidelines.
âBanks are the backbone of India’s economic growth and as the country pivots to sustainable growth, the banking sector will have to accelerate MSME lending. To improve the credit to the underserved and unserved, we are happy to associate with Capri Global Capital. We believe this collaboration will provide the nimble footedness of NBFC and quality credit to the right set of the population which will further deepen lending to MSMEs through the last mile connect. We are also confident that, in days to come, co-lending can generate employment opportunities through MSMEs which can translate into the countryâs GDP growth,” SBI chairman Dinesh Khara said,
SBI is constantly working towards associating with various NBFCs to create multiple co-lending opportunities for the financial empowerment of the MSMEs. This initiative will provide further impetus to financial inclusion in the country.
The MOU was exchanged in the presence of Shri Dinesh Khara, Chairman, SBI; Shri C.S. Setty, MD (Retail & Digital Banking), SBI; Shri S. Salee, DMD (SME, Agri, and FI), SBI; and Shri Rajesh Sharma, Managing Director, Capri Global Capital Limited.
RBI had issued guidelines on the co-lending scheme for banks and NBFCs for Priority Sector Lending to improve the flow of credit to unserved and underserved sectors of the economy and to make funds available to borrowers at an affordable cost. The co-lending model aims to give the borrower the best interest rate and better reach.
About State Bank of India:
State Bank of India is the largest commercial bank in terms of assets, deposits, branches, customers, and employees. It is also the largest mortgage lender in the country which has so far fulfilled the home buying dreams of 30 lakh Indian families. The home loan portfolio of the bank has crossed the milestone of Rs. 5 lakh crore. As on September 30, 2021, the bank has a deposit base of over Rs. 38 lakh crore with CASA ratio of 46.24% and advances of more than Rs. 27 lakh crore. SBI commands a market share of nearly 35% and about 28% in home loans and auto loans segment respectively. SBI has the largest network of 22,230 branches and 64,122 ATMs / CDMs in India with 70,786 BC outlets. The number of customers using internet banking and mobile banking stand at 94.4 million and close to 21 million respectively. The integrated digital and lifestyle platform â YONO SBI, has around 43 million registered users, which witnesses 12 million logins per day. Accelerating the digital agenda, in excess of 27,000 new digital savings bank accounts were opened per day in the quarter ended September 2021. In terms of digital lending, the bank disbursed personal loans worth Rs. 43,000 crore through the YONO mobile app till Q2 of FY22. SBI also has the highest number of followers on Facebook and Twitter amongst all banks worldwide.
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