Agriwise ties up with Central Bank of India for co-lending to agri borrowers
Our strong technology backbone is helping us capture unique customer insights to deliver our product and solutions, Ojha said.Central Bank of India Executive Director Rajeev Puri said, We are focussed on lending to the agriculture sector as priority sector lending is a key goal to empower our farmer community. He added that with this tie-up, the bank wishes to reach a larger and deeper set of customers in the rural and agri-sector.
- Country:
- India
Agriculture-focussed NBFC Agriwise on Tuesday said it will disburse loans to the farming sector in a co-lending arrangement with state-owned Central Bank of India.
The company, with a customer base of over 3,000 in the agriculture and allied sector, disbursed loans worth over Rs 1,250 crore in 2020-21.
Agriwise has set up a dedicated department for the co-lending business to provide affordable loans to the borrowers.
Agriwise Finserv has entered into a co-lending agreement with Central Bank of India, with agriculture being one of the key thrust areas for agri-loan disbursal, the company said in a statement on Tuesday.
The co-lending agreement will ensure that the farmer, agri and allied community get finance at affordable rates in a simple, transparent and speedy manner, it said.
The loan will be disbursed at a blended interest rate, according to the RBI directive on co-lending of loans.
Agriwise Chief Financial Officer Kalpesh Ojha said the company will enlarge its portfolio to underserved and unserved rural borrowers.
''We wish to leverage partnerships that bring together our strength of reach and customer insights with the banks' lower cost of funds. Our strong technology backbone is helping us capture unique customer insights to deliver our product and solutions,'' Ojha said.
Central Bank of India Executive Director Rajeev Puri said, ''We are focussed on lending to the agriculture sector as priority sector lending is a key goal to empower our farmer community.'' He added that with this tie-up, the bank wishes to reach a larger and deeper set of customers in the rural and agri-sector. ''Agriwise with its specialised knowledge and experience in dealing with agri and allied sectors will enable us to serve a broader set of customers.'' PTI KPM HRS hrs
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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- Central Bank of India
- NBFC
- Kalpesh Ojha
- Central Bank
- Rajeev Puri
- Ojha
- India
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