Karnataka Bank & Satin Creditcare sign up for co-lending
Karnataka Bank and Satin Creditcare Network have entered a co-lending arrangement to provide financial support to joint liability groups (JLG) of economically active women, in both rural and semi-urban areas, and to give impetus to the micro credit facilities segment of the country.
The arrangement will leverage Karnataka Bank’s low cost of funds and end-to-end digital capabilities and Satin through Yubi platform for co-lending to help the sourcing, servicing and recovery of small-ticket income generation priority sector loans, a statement from Karnataka Bank said.
Karnataka Bank MD & CEO Srikrishnan H said: “Karnataka Bank is delighted to enter into this strategic co-lending arrangement with Satin through the platform of Yubi, our Fintech partner. This is part of our stated strategy to collaborate and grow our Advances book in alliance with Fintech partners and controlling the in-flow with the Bank’s credit standards.
Our arrangement with Satin will improve our presence in the area of micro credit facilities in rural and semi-urban areas. Digital co-lending partnerships covering multiple credit areas will be pursued by the Bank to create a sustainable focus on economic empowerment and financial inclusion.”
Satin Creditcare chairman HP Singh said: «This strategic alliance with Karnataka Bank is a significant milestone for SCNL.
By combining our strengths, we aim to uplift women entrepreneurs in rural and semi-urban India, thereby enhancing sustainable economic growth. Co-lending opens the door to more opportunities of broadening our presence.
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