Kolkata headquartered PSU Bank, United Bank of India has partnered with a premier NBFC, SREI Equipment Finance Limited to finance the MSME/Agriculture Sector.
Under this arrangement, United Bank of India will leverage its low cost of funds to co-originate and co-lend the loans to this sector with SREI at a mutually agreed ratio. The flow of funds from United Bank of India will help customers to purchase various equipment/vehicles in a seamless manner
Speaking on the occasion, Mr. Ashok Kumar Pradhan , MD & CEO, United Bank of India hailed the move as a saviour for the MSME units starved of low cost funds to compete globally and upscale themselves. UBI with its pan India reach can act as a perfect foil to the operational swiftness and knowledge of the specialised market of SREI.
Mr. Sanjay Kumar, Executive Director, UBI, spoke of the longstanding relationship of both organization and expressed optimism for the MSME sector. He added that it will be launched at major centres viz. Kolkata, Delhi, Mumbai, Ahmedabad, Hyderabad and Guwahati where both Bank/NBFC have potential and the same will be extended to other places.
Mr. Ajit Kumar Das , Executive Director, UBI hoped that the synergy will be fruitful to both the lenders in terms of business and risk sharing.
On this occasion, Mr. Sunil Kanoria, Vice Chairman, SREI, said that innovative solutions are the need of the hour for NBFC space.He further added that bringing together the expertise of SREI with the strengths of United Bank of India will cater to the requirements of the fast growing infrastructure space in our country and fuel economic growth.