Central Bank of India, Moneywise Financial Services to co-lend MSMEs

Mumbai, Feb 21 (KNN) Central Bank of India (CBoI) and Moneywise Financial Services Pvt Ltd have signed a co-lending partnership to help micro, small and medium-sized enterprises (MSMEs).

During a regulatory filing CBoI informed that this will result in expanded portfolio for both entities.

Under the pact, Moneywise Financial Services will process MSME loan proposals as per jointly formulated credit parameters and eligibility criteria.

While CBoI will take into its books 80 per cent of the MSME loans under mutually agreed terms.

Moneywise Financial Services will service the loan account throughout its lifecycle.

As at December-end 2022, Moneywise Financial Services’ ‘asset under management’ stood at about Rs 800 crore.  (KNN Bureau)