Central Bank of India gains on entering into partnership with Moneywise Financial Services
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Central Bank of India is currently trading at Rs. 26.65, up by 0.10 points or 0.38% from its previous closing of Rs. 26.55 on the BSE.
The scrip opened at Rs. 26.65 and has touched a high and low of Rs. 27.00 and Rs. 26.50 respectively. So far 75840 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 41.80 on 14-Dec-2022 and a 52 week low of Rs. 16.10 on 16-Jun-2022.
Last one week high and low of the scrip stood at Rs. 27.40 and Rs. 26.45 respectively. The current market cap of the company is Rs. 23047.89 crore.
The promoters holding in the company stood at 93.08%, while Institutions and Non-Institutions held 3.08% and 3.84% respectively.
Central Bank of India has entered into a strategic Co-Lending partnership with Moneywise Financial Services (MFSPL) to offer MSME Loans at competitive rates, subject to compliance with the applicable law including the applicable guidelines issued by Reserve Bank of India (RBI). The participation by both the entities in this Co-Lending arrangement will result in greater expansion of portfolio by Central Bank of India and Moneywise Financial Services.
Moneywise Financial Services is an RBI regulated nonbanking financial company focused on MSME Lending. Living the Central Government and RBI’s vision of financial inclusion of the masses and last mile availability of credit, MFSPL aspires to be a pioneer in SME Lending space, by optimum usage of Technologies as the key enabler offering affordable business (SME) Loans with greater ease to its end customers.
MFSPL's AUM as on December 2022 stood around at Rs 800 crore. Under the arrangement, Moneywise Financial Services will originate and process MSME Loan proposals under MSME Sector as per jointly formulated credit parameters and eligibility criteria and Central Bank of India will take into its books 80% of the MSME Loans under mutually agreed terms. Moneywise Financial Services will service the loan account throughout the life cycle of the loan. The Co-Lending arrangement is expected to help both the entities to offer convenient experience and customer delight to their customers as well as help expand their reach across India.
