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

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.”