NEW DELHI: State-owned Bank of India (BOI) on Tuesday said it has entered into a co-lending arrangement with MAS Financial Services for MSME loans.
The tie-up comes on the occasion of the bank's 116th Foundation Day.
Co-lending was introduced by the RBI to increase the credit flow to the unserved and underserved sector by utilising the nimble-footed NBFC coverage to the informal sector.
BOI will leverage the reach of NBFC to build an MSME portfolio, Atanu Kumar Das, Managing Director & CEO, Bank of India said in a release.
Celebrating Foundation Day across all its 10 national banking group (NBG) offices, 59 zonal offices, 5,084 domestic and 23 overseas branches, and 5,323 ATMs, Das expressed gratitude to all the stakeholders.
The bank marked the special occasion by celebrating 'Azadi Ka Amrit Mahotsav' and pledged to continue serving the nation and its citizens.
On the occasion, the bank unveiled various new schemes for farmers and undertook several initiatives, such as tree plantation, extending financial help to 8,718 girl children towards their education and customer outreach programmes, among others.