IDBI signs joint loan agreement with UGRO Capital

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

“A leveraging partnership UGRO Capitals In addition to the in-depth understanding of the company’s industry and the scope of multi-channel delivery, the agreement states that it is a data tripod-driven digital technology platform comprised of GST, Banking & Office.

U GRO Capital built the GRO-Xstream platform. It integrates with one bank and several 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-lend 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. “Declared.

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

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

Shachindra Nath, Executive Chairman and Managing Director of U GRO Capital, said of the development: IDBI Bank.. We are seeing an increased utility of data tripods: the inflection point for MSME loans by GST, banks and bureaus. Such collaboration further facilitates the financial inclusion efforts of MSMEs in India. “

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

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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