State Bank of India (SBI) has signed agreement with Vedika Credit Capital (VCCL), Save Microfinance (SMPL) and Paisalo Digital (PDL). The agreement is for co-lending to individual members of JLGs to undertake agriculture and allied activities including other income generation activities. This initiative will financially empower millions of people and will augment the bank's vast distribution network. This will also encourage entrepreneurship among the underserved population which in-turn will provide a boost to the Indian economy.
With these partnerships, the lender would be able to further increase its reach in rural and semi-urban areas by offering small ticket loans, the release said. It is actively looking at co-lending opportunities with multiple NBFCs / NBFC-MFIs for financing farm mechanisation, warehouse receipt finance, farmer producer organisations (FPOs) and for enhancing credit flow to double the farmers'/individuals' income.
SBI is the country’s largest lender and it offers a wide range of services in the Personal Banking, Agriculture/ Rural, NRI services, SME and Corporate Banking etc.
