Central Bank of India, Moneywise Financial Services tie up for MSME loans : Central Bank of India and Moneywise Financial Services Pvt Ltd (MFSPL) signed a co-lending agreement for lending to micro, small, and medium-sized enterprises (MSMEs). This partnership will help to expand the portfolio for both entities. The said loans would be subject to compliance with the applicable laws and guidelines issued by RBI.
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Under the pact, Moneywise Financial Services will process MSME loan proposals as per jointly formulated credit parameters and eligibility criteria. While CBoI will take into its books 80 per cent of the MSME loans under mutually agreed terms. Moneywise Financial Services will service the loan account throughout its lifecycle. As at December-end 2022, Moneywise Financial Services’ ‘asset under management’ stood at about Rs 800 crore.
MFSPL is an RBI-regulated non-banking financial company (NBFC) focused on MSME Lending.
Central Bank of India CEO: M. V. Rao