Bank of Baroda ties-up with KapitalTech to provide loans to MSMEs
New Delhi, Oct 30 (KNN) Public sector bank Bank of Baroda (BoB) has partnered with KapitalTech, a fintech lender, for providing loans to the Micro Small and Medium Enterprises (MSMEs) sector, under the co-origination guidelines of the Reserve Bank of India (RBI).
The partnership aims at offering working capital business loans to MSMEs in over 200 micro markets across India. The focus will be to reach out to small businesses in need of capital in Tier II & Tier III cities that are traditionally underserved by financing channels.
“We are committed to working jointly with various partners to support MSMEs, and we have entered into this MoU to enhance our footprint in delivery of products and services in the MSME eco-system,” said Vikramaditya Singh Khichi, Executive Director at Bank of Baroda.
"We will be using our end-to-end paperless Tech-stack which includes ‘DEXTER’ – a Machine Learning underwriting Engine. This partnership is a validation of our high-quality portfolio and our ability to cater to wide-ranging MSME customers,” said KapitalTech company statement.
KapitalTech is among the fastest growing Fintech Lenders in India. KapitalTech has lent over INR 2000 crore so far, spread across 15000+ MSME customers with loan tenures ranging from for 12 to 36 months.