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Business News/ Companies / News/  IndusInd Bank ties up with SV Credit Line for co-lending agreement for 500 Cr
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IndusInd Bank ties up with SV Credit Line for co-lending agreement for ₹500 Cr

With SV Credit Line, IndusInd Bank signs a co-lending agreement worth ₹500 Cr.

The fact that we offer their products and services only to women customers makes this proposition a winning one, SV Credit Line Group CEO Vivek Goyal said. (Photo: Bloomberg)Premium
The fact that we offer their products and services only to women customers makes this proposition a winning one, SV Credit Line Group CEO Vivek Goyal said. (Photo: Bloomberg)

The non-banking finance company SV CreditLine and the private sector lender IndusInd Bank have signed a co-lending collaboration for a 500 crore loan targeted solely towards women borrowers.

The agreement will help rural women access to affordable loans which they could use for a wide range of economic activities such as agriculture, animal husbandry, trading and local manufacturing, among others, SV Credit Line said in a statement.

"The fact that we offer their products and services only to women customers makes this proposition a winning one," SV Credit Line Group CEO Vivek Goyal said.

One of India's biggest and most reputable non-banking financial companies is SV Creditline Limited (SVCL) established in 2010. Vans Pte. Ltd. and SV Corporation Pvt. Ltd. are the businesses that promote SVCL, which the Reserve Bank of India has registered as an NBFC-MFI under Section 451A. SVCL provides a variety of small credit facilities to women in the low-income segment with an annual household income of Rs. 125,000 in rural areas and Rs. 200,000 in urban areas. The organisation is now providing services to 130 districts in the following states: Madhya Pradesh, Uttar Pradesh, Rajasthan, Bihar, Haryana, Chhattisgarh, Uttarakhand, Punjab, and Jharkhand. In addition to Mr. Anil Kumar Jha, Mr. Kalpataru Tripathy, and Mrs. Meeta Makhan serving as Independent Directors of the firm, Mr. Sunil Sachdev and Mr. Vijay Parekh serve as Promoter-Directors.

Only lending to women clients, the NBFC (non-banking finance company) serves a customer base of over 5 lakh through 227 branches and more than 60000 touch points dispersed over 10 states and 130 districts. The company’s Business correspondents (BC) partners are IndusInd Bank, Edelweiss Housing Finance Limited, Jana Small Finance Bank Limited, MAS Financial Services Limited, DCB Bank and IDBI Bank.

The shares of Indusind Bank Ltd closed today at 1,193 apiece, up by 2.43% from the previous close of 1,164.65. The stock recorded a total volume of 3,666,432 shares compared to the 20-Day average volume of 2,704,176 shares. On a YTD basis, the stock has gained 30.77% so far in 2022.

(With inputs from PTI)

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Published: 08 Dec 2022, 06:17 PM IST
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