2024-01-07 15:21:13
Karnataka Bank and Satin Creditcare Network Limited (SCNL) have joined forces in a groundbreaking partnership that aims to provide financial assistance to women’s collective responsibility groups in rural and semi-urban areas. The co-loan agreement, signed by the two organizations, is a significant step towards empowering women economically by promoting micro-credit facilities in the country.
By leveraging Karnataka Bank’s low-cost financing and Satin’s end-to-end digital capabilities through the UP platform, the partnership will facilitate co-lending, sourcing, servicing, and recovering small-ticket income generating priority sector loans. This collaboration is aligned with the RBI guidelines to enhance lending by banks and NBFCs to priority segments, ultimately contributing to sustainable economic growth and development in these areas.
H Srikrishnan, the CEO and managing director of Karnataka Bank, expressed his optimism about the partnership, stating that it will enhance the bank’s micro-credit facilities in rural and semi-urban areas. He emphasized the potential impact of the agreement in promoting sustainable economic growth and empowering women in these underserved communities.
This strategic collaboration between Karnataka Bank and SCNL exemplifies the growing focus on inclusive finance and sustainable development in India. It underscores the importance of partnerships between financial institutions and micro-finance companies in reaching underserved communities and promoting economic empowerment, particularly among women.
The co-lending agreement comes at a crucial time, as the COVID-19 pandemic has significantly impacted the livelihoods of individuals and communities across the country. Access to financial assistance and credit facilities is essential for enabling economic recovery and resilience, particularly in rural and semi-urban areas.
This initiative reflects a shared commitment to driving positive social impact and contributing to the economic well-being of vulnerable communities. As the partnership between Karnataka Bank and SCNL unfolds, it is expected to pave the way for greater financial inclusion and empowerment, particularly among women in rural and semi-urban areas.
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