IDBI signs joint loan agreement with UGRO Capital

BSE is MSME, UGRO has entered into a joint loan agreement with IDBI Bank to provide formal credit to underserved MSMEs at affordable rates.

“Leverage partnership UGRO Capitals In addition to the company’s deep sector understanding and multi-channel delivery reach, the agreement states that it is a digital technology platform driven by a data tripod consisting of GST, Banking & Bureau.

U GRO Capital has built the GRO-Xstream platform. It integrates with one bank and multiple banks via the API. FinTechs, Payment Platforms, NBFC, NeoBanks, Marketplaces and other digital platforms.

“In the early stages, Bank Through this platform, we plan to co-loan with loans initiated by U GRO Capital’s distribution network, but in the future, other participants on the platform will also have access to capital through this platform. ” Stated.

“Once fully functional, the GRO – Xstream platform has the power to unleash and democratize MSME credits. India By leveraging the bank’s prowess on the debt side and the underwriting engine on the UGRO capital, origination partners and assets side. “

Suresh Khatanhar, Deputy Managing Director of IDBI Bank, said in collaboration with Shri Rajeev Kumar, Executive Director of Agriculture at MSME & Retail Banking at IDBI Bank, about the partnership:In the case of MSME in India, the U GRO platform not only creates loans through the distribution engine, but also several other FinTech and NBFC Who can access the capital through this integration? IDBI Bank is committed to contributing to Atmanirbhar Bharat’s mission by accelerating credit to MSME in India and making credit available to MSME at an affordable price. “

Shachindra Nath, Executive Chairman and Managing Director of U GRO Capital, said of the development: IDBI Bank.. We are witnessing an enhanced utility of data tripods: the inflection point of MSME lending by GST, banks, and bureaus. Such collaboration further facilitates India’s MSME financial inclusion efforts. “

“This arrangement is with sector expertise technology.. This partnership will not only benefit U GRO, but ultimately all other FinTech and NBFCs that are integrated with the GRO-Xstream platform. We look forward to fostering this relationship in order to support more MSMEs and enable their resurrection and growth, “Nath added.

It first appeared on TechGraph after IDBI signed a joint loan agreement with UGRO Capital.

IDBI signs joint loan agreement with UGRO Capital

Source link IDBI signs joint loan agreement with UGRO Capital

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