The State Bank of India (SBI) has inked a co-Lending arrangement with Capri Global Capital Limited (CGCL) to boost MSME lending, the country’s largest bank.
The alliance will help offer strategic and customized financing solutions to the underserved MSMEs of the country in line with RBI guidelines.
“Banks are the backbone of India’s economic growth and as the country pivots to sustainable growth, the banking sector will have to accelerate MSME lending. To improve the credit to the underserved and unserved, we are happy to associate with Capri Global Capital. We believe this collaboration will provide the nimble footedness of NBFC and quality credit to the right set of the population which will further deepen lending to MSMEs through the last mile connect. We are also confident that, in days to come, co-lending can generate employment opportunities through MSMEs which can translate into the country’s GDP growth,” said SBI chairman Dinesh Khara.
The MOU was exchanged in the presence of Dinesh Khara, Chairman, SBI; C.S. Setty, MD (Retail & Digital Banking), SBI; S. Salee, DMD (SME, Agri, and FI), SBI; and Rajesh Sharma, Managing Director, Capri Global Capital Limited.
RBI had issued guidelines pertaining to the co-lending scheme for banks and NBFCs for Priority Sector Lending for improving the flow of credit to unserved and underserved sectors of the economy.