United Bank of India which is headquartered in Kolkata has partnered with SREI Equipment Finance Limited, a leading Non-Banking Financial Company (NBFC) to finance the MSME/agriculture sector.
Under this arrangement, the UBI 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 UBI will help customers to purchase various equipments/vehicles in a seamless manner. Speaking on the occasion, Ashok Kumar Pradhan, MD & CEO, United Bank of India hailed the move as a saviour for the MSME units which are starved of low cost funds to compete globally and upscale themselves. UBI with its pan India reach can partner exceedingly well with the operational swiftness and specialised market knowledge of SREI.
Sunil Kanoria, Vice Chairman, SREI, said that innovative solutions are the need of the hour for the NBFC space.
He further added that bringing together the expertise of SREI with the strengths of UBI will cater to the requirements of the fast growing infrastructure space in our country and fuel economic growth.
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