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SBI, Edelweiss partner to help MSMEs

Edelweiss Financial Services subsidiary ECL Finance and State Bank of India have signed a co-origination agreement to increase access to credit for MSMEs. The partnership aims to leverage combined reach in tier II and tier III markets to ensure timely disbursal of credit to MSMEs. This collaboration involves the sharing of risks and rewards between banks and NBFCs and is a win-win for all involved parties, MSME customers, banks and Edelweiss, creating a lending environment that truly democratizes credit flows to an important socio-economic segment. The partnership comes close on the heels of SBI setting up a special NBFC Alliance department to step up lending to the priority sector.  Rashesh Shah, chairman & CEO of Edelweiss Group said Edelweiss believes that revival is possible only by making credit available to this vital contributor to the Indian economy. Edelweiss and SBI are partnering to make reasonably priced credit, accessible for the priority sector segment, he added. P. K. Gupta, MD, (Retail & Digital Banking), SBI said, this partnership will boost credit availability to MSME community, which contributes substantially to the GDP.

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