The state-run Central Bank of India and U GRO Capital signed a joint loan agreement on Wednesday and plans to disburse up to Rs 1 billion to micro, small and medium-sized enterprises (MSMEs) over the next 12 months.
The state-run Central Bank of India and U GRO Capital signed a joint loan agreement on Wednesday and plans to disburse up to Rs 1 billion to micro, small and medium-sized enterprises (MSMEs) over the next 12 months.
The disbursement will be for U GRO Capital’s various MIPYMES segments under its programs: Pratham, Sanjeevani, Saathi, GRO MIPYME and machinery financing, according to a statement.
The Executive Director of the Central Bank of India, Rajeev Puri, said: “We believe that this initiative will financially empower a large part of the borrowing MSMEs. We believe that co-lending as a concept is accelerating and would change the credit landscape of the spread of credit for MSMEs in India.
The agreement will guarantee the availability of credit for MSMEs at an affordable cost, said Shachindra Nath, CEO and CEO of U GRO Capital, said this is the first time that the MSMEs lending platform has signed a joint loan agreement. for all your programs. and it plans to disburse approximately Rs 1 billion through this link in the next 12 months.
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