Tag: adani capital

SBI, Adani Capital sign pact for co-lending to farmers

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The Reserve Bank of India (RBI) had issued guidelines on co-lending scheme for banks and NBFCs for priority-sector lending, to improve credit flow towards underserved sectors of economy, the bank said in a release, adding that the model aims to give the borrower the best interest rate and better reach.

State Bank of India (SBI) on Thursday signed an agreement with Adani Capital, the non-banking finance company (NBFC) arm of the Adani Group, for co-lending to farmers for purchase of tractors and farm implement.

“This partnership shall help SBI to expand customer base as well as connect with the underserved farming segment of the country and further contribute towards the growth of India’s farm economy. We will continue to work with more NBFCs in order to reach out to maximum customers in far flung areas and provide last mile banking services,” said SBI chairman Dinesh Khara.

The Reserve Bank of India (RBI) had issued guidelines on co-lending scheme for banks and NBFCs for priority-sector lending, to improve credit flow towards underserved sectors of economy, the bank said in a release, adding that the model aims to give the borrower the best interest rate and better reach.

Registered in 2017, Adani Capital is a non-deposit taking systemically important NBFC with total assets under management (AUM) of Rs 1,292 crore as on March 31. The NBFC had 28,000 customers spread across 63 branches in 6 states including Maharashtra, Gujarat, Rajasthan, Karnataka, Tamil Nadu and Uttar Pradesh.

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SBI signs master agreement with Adani Capital for co-lending to farmers

Banking & Finance

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State Bank of India (SBI) has signed a master agreement with Adani Capital for co-lending to farmers for purchase of tractor and farm implements, to increase efficiency in farm operations and productivity of crops.

Adani Capital is the non-banking finance company (NBFC) arm of Adani Group.

SBI, in a statement, said with this partnership, it would be able to target farmer customers in the interior hinterland of the country looking for adoption of farm mechanisation to enhance productivity of crops.

Co-lending opportunities

India’s largest bank underscofed that it is actively looking at co-lending opportunities with multiple NBFCs for financing farm mechanisation, warehouse receipt finance, Farmer Producer Organisations (FPOs) etc., for enhancing credit flow to double the farmers’ income.

Dinesh Khara, Chairman, SBI said “This partnership shall help SBI to expand customer base as well as connect with the underserved farming segment of the country and further contribute towards the growth of India’s farm economy.

“We will continue to work with more NBFCs in order to reach out to maximum customers in far flung areas and provide last mile banking services.”

Gaurav Gupta, MD & CEO, Adani Capital said, “Through this partnership our aim is to contribute to farm mechanisation and play a role in improving productivity and income of the farm segment.”

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SBI, Adani Capital enter co-lending agreement, to target farmer customers, BFSI News, ET BFSI

Banking & Finance

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State Bank of India has signed a co-lending agreement with Adani Capital Pvt Ltd to cater to their farmer customers and increase overall efficiency in farm operations, the bank said in a statement.

SBI and the non-bank lender arm of Adani Group will co-lend to farmers, so that it can help them purchase tractor and farm implements.

“We are pleased to associate with Adani Capital under the co-lending program. This partnership shall help SBI to expand its customer base as well as connect with the underserved farming segment of the country and further contribute towards the growth of India’s farm economy. We will continue to work with more NBFCs in order to reach out to maximum customers in far flung areas and provide last mile banking services,” said Dinesh Khara, chairman of SBI.

The Reserve Bank of India had issued guidelines on co-lending schemes for banks and non-bank lenders for priority sector lending to improve flow of credit to underserved sectors of the economy. The scheme aims to make funds available at affordable costs to borrowers.

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