Bank of India inks pact with MAS Financial Services for co-lending to MSMEs
Ahmedabad, Sept 9 (KNN) MAS Financial Services Limited specialised in MSME financing, has entered into a strategic co-lending partnership with Bank of India (BOI) for lending to Micro, Small and Medium Enterprises (MSME), further strengthening its decade old relationship with the bank.
According to an official statement, the co-lending partnership will help MAS Financial Services to broaden its client base and expand the credit flow to the vast unserved and the underserved markets using its strong footprint across pan India, ensuring efficient last mile delivery of credit and extending credit where it is due.
Atanu Kumar Das, chief executive of the bank, said co-lending was introduced by the Reserve Bank of India (RBI) to increase credit flow to unserved and the underserved sector by utilising nimble-footed NBFC coverage of the informal sector.
The bank will leverage the reach of non-banking financial companies (NBFCs) to build the MSME portfolio," said Das.
The business under this arrangement will scale up steadily and more enabling products will be introduced to serve the MSME segment which offers huge opportunities.
The Company has a robust pan India presence through 135 strategic partner NBFCs and 99 branches serving 3,480+ locations in rural, semi-urban and urban areas of Gujarat, Maharashtra, Rajasthan, Madhya Pradesh, Tamil Nadu, and Karnataka.