Bank of India launches “Centralised Pool Buy-Out and Co-Lending Cell” to boost priority sector lending

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Bank of India Launched the “Central Purchasing Pool and Syndicated Lending Cell” to promote priority sector lending.

Headquartered at the bank’s Mumbai headquarters, Cell will be equipped with a comprehensive digital underwriting system for syndication and loan syndication in partnership with NBFCs (Non-Banking Finance Corporations), per public sector bank statement.

Through this platform, seamless integration between the bank and many non-bank financial companies will be provided.

The bank said that the cell will include loan assets within the retail sector, micro, small and medium enterprises, and agriculture, with a specialized team.

So far, the bank has underwritten the above loans through various branches spread all over the country.

Bank of India Managing Director and CEO Rajneesh Karnatak said: “Our Bank will build a massive business book through its digital platform in full compliance with all regulatory guidelines.

“By leveraging our partnerships with NBFCs, Bank of India will improve priority sectors loan portfolio.”