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SBI signs pact with U Gro Capital for Co-lending to underserved MSMEs
· Bank signs agreement with U Gro Capital Limited to offer financing solutions to unserved and underserved MSMEs in the country
Mumbai - November 17, 2021: Country’s largest bank, State Bank of India (SBI), has entered into a Co-Lending agreement with U GRO Capital to offer strategic financing solutions to the unserved and underserved MSMEs of the country in line with RBI guidelines.
SBI is actively looking at co-lending opportunities with multiple NBFCs through their products for financing the MSMEs and to enhance last mile connect. This initiative will financially empower MSMEs and further drive financial inclusion in the country.
Shri Dinesh Khara, Chairman, SBI said, “We are glad to have joined hands with U GRO Capital under the co-lending program. This collaboration will further enhance our distribution network, as we aim to extend our credit reach to more MSMEs. Such partnerships align with our commitment to accelerate effective and affordable credit to MSMEs in India and contribute to the country’s financial inclusion imperative towards building an Atmanirbhar Bharat.”
The partnership was signed in the presence of Shri Dinesh Khara, Chairman, SBI, Shri C.S. Setty, MD (Retail & Digital Banking), SBI and Shri Shachindra Nath, Executive Chairman and MD, U GRO Capital.
RBI had issued guidelines on co-lending scheme for banks and NBFCs for Priority Sector Lending to improve the flow of credit to unserved and underserved sectors of economy and to make funds available to borrowers at an affordable cost. The co-lending model aims to give the borrower the best interest rate and better reach.
About State Bank of India:
State Bank of India is the largest commercial bank in terms of assets, deposits, branches, customers, and employees. It is also the largest mortgage lender in the country which has so far fulfilled the home buying dreams of 30 lakh Indian families. The home loan portfolio of the bank has crossed the milestone of Rs. 5 lakh crore. As on September 30, 2021, the bank has a deposit base of over Rs. 38 lakh crore with CASA ratio of 46.24% and advances of more than Rs. 27 lakh crore. SBI commands a market share of nearly 35% and about 28% in home loans and auto loans segment respectively. SBI has the largest network of 22,230 branches and 64,122 ATMs / CDMs in India with 70,786 BC outlets. The number of customers using internet banking and mobile banking stand at 94.4 million and close to 21 million respectively. The integrated digital and lifestyle platform – YONO SBI, has around 43 million registered users, which witnesses 12 million logins per day. Accelerating the digital agenda, in excess of 27,000 new digital savings bank accounts were opened per day in the quarter ended September 2021. In terms of digital lending, the bank disbursed personal loans worth Rs. 43,000 crore through the YONO mobile app till Q2 of FY22. SBI also has the highest number of followers on Facebook and Twitter amongst all banks worldwide.