Central Bank of India enters into a partnership with Moneywise Financial Services
Moneywise Financial Services is an NBFC that specialises in MSME lending.
Partnership with Moneywise Financial Services
The Central Bank of India has entered into a strategic co-lending partnership with Moneywise Financial Services (MFSPL) to offer MSME Loans at competitive rates, subject to compliance with applicable law, including Reserve Bank of India guidelines (RBI). The participation of both entities in this Co-Lending arrangement will result in the Central Bank of India and Moneywise Financial Services expanding their portfolios.
Moneywise Financial Services is a non-banking financial company regulated by the RBI that specialises in MSME lending. Living the Central Government and RBI's vision of financial inclusion for the masses and last-mile credit availability, MFSPL aspires to be a pioneer in the SME lending space, by maximising the use of technology as a key enabler in providing affordable business (SME) loans with greater ease to its end customers.
MFSPL's AUM was approximately Rs 800 crore as of December 2022. Moneywise Financial Services will originate and process MSME Loan proposals under the MSME Sector under the jointly formulated credit parameters and eligibility criteria, and the Central Bank of India will book 80% of the MSME Loans on mutually agreed terms. Moneywise Financial Services will service the loan account for the duration of the loan's life cycle. The Co-Lending agreement is expected to help both entities provide a convenient experience and delight their customers while also expanding their reach across India.
Stock price movement Central Bank of India
At noon, the shares of Central Bank of India were trading at Rs 26.65, up by 0.10 points or 0.38% from its previous closing of Rs 26.55 on the BSE. The BSE group 'A' stock of face value of Rs 10 has touched a 52-week high and low of Rs 41.80 and Rs 16.10, respectively. Last one week high and low of the scrip stood at Rs 27.40 and Rs 26.45 respectively. The current market cap of the company is Rs 23,134.70 crore.
The promoters holding in the company stood at 93.08%, while Institutions and Non-Institutions held 3.08% and 3.84% respectively.
About the company
Central Bank of India is a commercial bank. The Bank's segments include Treasury Operations, Corporate/Wholesale Banking, Retail Banking and other Banking business. The Treasury Operations segment includes dealing in government and other securities, money market operations and Forex operations.
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