Bank of India (BOI) has partnered with an Ahmedabad based NBFC “M/s. MAS Financial Services Ltd ” (MAS) to enter co-lending arrangement for MSME loan segment.
On the occasion of its 116th Foundation Day, the bank announced its strategic co-lending partnership with MAS.
Atanu Kumar Das, Managing Director & CEO mentioned in the announcement that co-lending is introduced by RBI to increase the credit flow to the unserved and the underserved sector by utilizing the nimble footed NBFC coverage to informal sector. BOI will leverage the reach of NBFC to build MSME portfolio.
Bank of India celebrated its 116th Foundation Day across all its 10 national banking group (NBG) offices, 59 zonal offices, 5,084 domestic and 23 overseas branches, and 5,323 ATMs, a testimony to its preeminent position in the Indian banking industry.
Bank of India was established on September 7, 1906, by a group of eminent businessmen and subsequently nationalised in July 1969 along with 13 other banks.
The Bank marked the special occasion by celebrating ‘Azadi Ka Amrit Mahotsav’ and made a pledge to continue serving the nation and its citizens. As part of the celebrations, the Bank launched a short film Azadi Ka Amrit Mahotsav that mapped the Bank’s glorious journey in the last 116 years and its contribution to nation building.
Bank of India undertook several initiatives, such as tree plantation, extending financial help to 8,718 girl children towards their education and customer outreach programmes.
In addition, the Bank unveiled various new schemes for farmers. These included opening of 84 Star Krishi Vikas Kendra for quick processing of Kisan Loans; Krishi Ghar Special Scheme for construction of farm houses; a unique scheme, Star Kisan Sahayata Loan, to mitigate Covid-19 stress; and a scheme for farm mechanisation.
Bank of India assisted borrowers affected by Covid-19 with GECL disbursements of Rs 5,587 crore and launched Star Kavach Personal Loan to help existing customers meet medical expenses for treatment of Covid-19.
On the technology front, Bank of India launched Digi Locker, Business WhatsApp and Web Module on its website for credit card customers. For entrepreneurs, the Bank launched RuPay Select International Contactless Debit Card, an integrated UPI through BOI mobile app for better customer experience, UPI QR Code for both merchants and customers, and document management system (DMS) with enhanced security, better backup and disaster recovery features.
On Foundation Day, the Bank is inaugurating new premises of RSETI at Mainpuri, Uttar Pradesh. The Bank also supported multiple street vendors under ‘PM SVANIDHI’ by providing finance and occupied 4th position amongst the top 10 lenders. Bank of India also became the first bank to achieve the target under the Pradhan Mantri Suraksha Bima Yojana (PMSBY).