Central Bank of India enters MSME co-lending agreement with Protium Finance, lncred Fin

Mumbai, Aug 20 (KNN) Central Bank of India will offer loans to MSME borrowers under its co-lending partnership with Protium Finance and lncred Financial Services.

The State-owned bank said on Friday that it will provide greater expansion of portfolio to these finance companies.

According to the jointly formulated credit parameters and eligibility criteria Protium Finance will originate and process MSME proposals under the priority sector.

Under mutually agreed terms Central Bank of India will take into its books 80 per cent of the MSME priority sector loans.

"Protium Finance Limited will service the loan account throughout the life cycle of the loan. The co-lending arrangement is expected to help both the entities…as well as help expand reach across India," said the bank.

In the same manner, Incred Financial Services (IFSL) will originate and process MSME loans under priority and take into its books 80 per cent of such loans. 

IFSL will service the loan account throughout the life cycle of the loan.  (KNN Bureau)