UCO Bank to begin co-lending in agriculture loan

UCO Bank on Tuesday signed a co-lending agreement with NBFC Paisalo Digital Limited for agriculture business to capitalize on the huge Rs 8 lakh crore market of small-ticket loans for the 365 million underbanked and under-serviced population. Co-lending is an emerging area in priority sector financing and due focus is given by the Government of India to help agriculture and other small borrowers who are the backbone of the Indian economy.

''Co-lending arrangement is one of the new avenues of lending. The tie-up will give a boost to the agriculture advance of the bank and it is a win-win situation for the bank as well as the NBFC with benefits reaching to those at the bottom of the society,'' UCO Bank MD & CEO Soma Sankara Prasad said.

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