Bank of Baroda-KapitalTech tie-up to provide loans to MSMEs, small businesses
Countrys third-largest public sector bank Bank of Baroda (BoB) entered into a partnership with KapitalTech, a fintech lender, for providing loans to the MSME sector, under the co-origination guidelines of the Reserve Bank of India (RBI).
Country's third-largest public sector bank Bank of Baroda (BoB) entered into a partnership with KapitalTech, a fintech lender, for providing loans to the MSME sector, under the co-origination guidelines of the Reserve Bank of India (RBI).
The partnership aims at offering working capital business loans to MSMEs in over 200 micro markets across India. BoB in a statement said that the focus will be to reach out to small businesses in need of capital in Tier II and Tier III cities that are traditionally underserved by financing channels.
Vikramaditya Singh Khichi, Executive Director at Bank of Baroda, said “We are committed to working jointly with various partners to support MSMEs, and we have entered into this MoU to enhance our footprint in delivery of products and services in the MSME eco-system.”
"We will be using our end-to-end paperless Tech-stack which includes ‘DEXTER’ – a Machine Learning underwriting Engine. This partnership is a validation of our high-quality portfolio and our ability to cater to wide-ranging MSME customers,” KapitalTech company statement said.
KapitalTech is one of the Fintech lenders in India. KapitalTech has lent over Rs 2000 crore so far and has a spread of over 15000 MSME customers with loan tenures ranging from for 12 to 36 months.
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