Bank of India (BOI) has entered into a co-lending arrangement for MSME loan with an Ahmedabad based NBFC “M/s. MAS Financial Services Ltd” (MAS).
On the occasion of its 116th Foundation Day, BOI announced strategic co-lending arrangement with MAS.
Atanu Kumar Das, Managing Director and CEO said, co-lending is introduced by RBI to increase the credit flow to the unserved and the underserved sector by utilizing the nimble footed NBFC coverage to informal sector. BOI will leverage reach of NBFC to build MSME portfolio, he added.
Bank of India was established on September 7, 1906, by a group of eminent businessmen and subsequently nationalised in July 1969 along with 13 other banks.
On the completion of the milestone, Bank of India Managing Director and CEO Atanu Kumar Das expressed his gratitude to all the customers, stakeholders and well-wishers for reposing their trust in the Bank and supporting it at every step of the journey.
The Bank marked the special occasion by celebrating ‘Azadi Ka Amrit Mahotsav’ and made a pledge to continue serving the nation and its citizens. As part of the celebrations, the Bank launched a short film Azadi Ka Amrit Mahotsav that mapped the Bank’s glorious journey in the last 116 years and its contribution to nation building.
Bank of India undertook several initiatives, such as tree plantation, extending financial help to 8,718 girl children towards their education and customer outreach programmes. The Bank also carried out other CSR activities that included providing smart sticks to members of associations for the visually impaired, and financial assistance to the poor and needy for availing free medical checkups at KEM Hospital in Mumbai. The Bank paid special homage to those among its staff who lost their lives to COVID-19. It also felicitated newly-recruited sports staff for their valuable contribution in the field of sports.
In addition, the Bank unveiled various new schemes for farmers. These included opening of 84 Star Krishi Vikas Kendra for quick processing of Kisan Loans; Krishi Ghar Special Scheme for construction of farm houses; a unique scheme, Star Kisan Sahayata Loan, to mitigate Covid-19 stress; and a scheme for farm mechanisation. Bank of India assisted borrowers affected by Covid-19 with GECL disbursements of Rs 5,587 crore and launched Star Kavach Personal Loan to help existing customers meet medical expenses for treatment of COVID-19.
On the technology front, Bank of India launched Digi Locker, Business WhatsApp and Web Module on its website for credit card customers. For entrepreneurs, the Bank launched RuPay Select International Contactless Debit Card, an integrated UPI through BOI mobile app for better customer experience, UPI QR Code for both merchants and customers, and document management system (DMS) with enhanced security, better backup and disaster recovery features.
It also encouraged skill development for sustainable livelihood to rural youth through its best graded 43 RSETI, which imparted free training to rural unemployed youth to create employment opportunities through credit linkages. On Foundation Day, the Bank is inaugurating new premises of RSETI at Mainpuri, Uttar Pradesh.
