Karnataka Bank plans to expand MSME lending through partnership with JCB India

Mangaluru, July 16 (KNN) Karnataka Bank has set an sim to increase lending under its MSME portfolio through its partnership with JCB India.

The bank on Friday signed an agreement with JCB India Limited, a manufacturer of earthmoving and construction equipment in India.

Under the pact, the manufacturer will be nominating the bank as its ‘preferred financier’ .

This will allow individuals, contractors, companies and partnership firms to avail loans from the bank at competitive interest rates for purchasing a wide range of equipment from the product line of JCB India Limited.

It is likely that this collaboration with JCB India will boost the banks’ lending to MSMEs. 

M S  Mahabaleshwara, CEO and MD of the bank said it is at the forefront of financing MSMEs in line with its focus on credit growth.

He said the bank is delighted to have signed the MoU with JCB as they mirror similar values of excellence, integrity and sustainable development.  (KNN Bureau)