ECL Finance Limited, a subsidiary of Edelweiss Financial Services Limited and State Bank of India (SBI), signed a Co-Origination agreement to increase access to credit for Micro, Small and Medium Enterprises (MSMEs). Pursuant to Reserve Bank of India’s (RBI) guidelines on co-origination of loans by banks and NBFCs, the alliance aims to leverage combined reach in tier II and tier III markets to ensure timely disbursal of credit to MSMEs.
Speaking on the development, Mr. Rashesh Shah, Chairman & CEO of Edelweiss Group said, “We are delighted to partner with State bank of India and be a part of this priority sector lending initiative for MSMEs. We believe that revival is possible only by making credit available to this vital contributor to the Indian economy. Edelweiss and SBI are partnering to make reasonably priced credit, accessible for the priority sector segment.’’
Mr. P. K. Gupta, MD, (Retail & Digital Banking), SBI and Mr. Deepak Mittal, MD & CEO, ECL Finance also spoke.