The Central Bank of India recently entered into a co-lending agreement with an MSME lending platform U GRO Capital to disburse up to Rs 1000 Cr to MSMEs in the next 12 months. Various MSMEs registered under U GRO’s multiple segments such as Pratham, Sanjeevani, Saathi, GRO MSME, and Machinery financing who were underserved will be benefitted through these loans.
It has been set up to democratize MSME credit in India by bringing together lending banks and MSMEs on a single platform. Rajeev Puri, Executive Director, Central Bank of India, said that this initiative would financially empower MSMEs borrowers. The accelerated credit to MSMEs in India will contribute to the mission of Atmanirbhar Bharat by ensuring that credit is available to MSMEs at affordable rates.