Bank of India today established a strategic agreement with emergent fintech SLO Technologies (Advarisk) to digitise Kisan Credit Card (KCC) loans via its in-house lending platform.
The collaboration with SLO Technologies is part of Bank of India’s corporate aim to digitise all agricultural lending, including KCC loans, by 2024-25 through its loan operating system (LOS) – E-platform. It will also allow the Bank to launch end-to-end agri-lending solutions via digital channels and improve the underwriting of all agro loans.
SLO Technologies’ services will be used by the public sector bank to monitor and on-board collaterals, as well as for precision financing of new and renewal loans. The bank also seeks to increase the quality of its assets.
The agreement was signed on May 8, 2023 by Shri Nakula Behera, General Manager – Priority Sector and Rural Business, Bank of India, and Shri Rahul Metkar, Founder and CEO, SLO Technologies (Advarisk).
The collaboration with the fintech will assist grow the Bank of India’s digital agricultural business while also supporting the government’s Startup India mission.
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