The agriculture-focused NBFC Agriwise announced on Tuesday that it will provide loans to the agricultural sector under a co-lending agreement with the Indian Central Bank.
The company, with a customer base of over 3,000 in agriculture and related industries, has disbursed loans worth over Rs 1,250 crore in 2020-2021.
Agriwise has set up a department dedicated to co-lending activities in order to provide affordable loans to borrowers.
Agriwise Finserv has entered into a co-loan agreement with the Central Bank of India, with agriculture being one of the main focus areas for disbursing agricultural loans, the company said in a statement Tuesday.
The co-loan agreement will ensure that the farmer, agriculture and the allied community get finance at affordable rates in a simple, transparent and fast way, he said.
The loan will be disbursed at a blended interest rate, in accordance with the RBI guideline on co-lending loans.
Agriwise CFO Kalpesh Ojha said the company will expand its portfolio to include underserved and unserved rural borrowers.
” We want to leverage partnerships that combine our strength of reach and knowledge of clients with the lower cost of funds of banks. Our strong technological backbone helps us capture unique customer information to deliver our product and solutions, ”said Ojha.
Central Bank of India Executive Director Rajeev Puri said: “We are focusing on agricultural sector lending as priority sector lending is a key objective to empower our farming community. He added that with this merger, the bank wants to reach a wider and deeper set of clients in the rural and agrifood sector. ” Agriwise, with its specialized knowledge and experience in dealing with the agricultural and allied sectors, will allow us to serve a wider range of clients. ” PTI KPM HRS hrs
(This story was not edited by Devdiscourse staff and is auto-generated from a syndicated feed.)