February 25, 2024

Bank of India inaugurates its ‘Centralized Pool Buy-Out and Co-Lending Cell’ to boost priority sector lending

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Mumbai, 28th June 2023: Bank of India today announced the launch of its ‘Centralized Pool Buy-Out and Co-Lending Cell’ in Mumbai, inaugurated by Shri Rajneesh Karnatak – MD & CEO on 26 June 2023. The Cell will be equipped with an end-to-end Digital Underwriting System to onboard pool buy-out and    co-lending of loans in partnership with NBFCs (non-banking finance companies).

Through this platform, seamless integration will be provided between the Bank and multiple NBFCs. The Cell will onboard loan assets under Retail, MSME and the Agriculture segment with a dedicated team equipped with state-of-the-art technology. To date, the Bank had been underwriting these assets via various branches spread across the country.

Commenting on the Cell during the inauguration, Shri Rajneesh Karnatak – MD & CEO, Bank of India, stated: “Our Bank will build a sizeable business book through its Digital platform while complying fully with all the regulatory guidelines. By leveraging our partnerships with NBFCs, Bank of India will improve its priority sector lending portfolio. The Digital platform will also facilitate more beneficial deployment of lendable resources while providing credit to unserved and underserved cohorts and making funds available to end beneficiaries at more affordable rates.”