SBI has many branches across the world and is recognized as a public sector bank and a significant body of financial services statutory. It follows all the listed guidelines of RBI and offers different services in offline and online modes. It is also taking the initiative to support many mini small and medium enterprises.
Recently it has connected and signed a document with Ugro to manage the financial responsibilities of MSMEs. SBI is hunting more and more NBFCs and financial sector co-landed opportunities. They will plan the financial strategies and deliver support to MSMEs complying with the guidelines of RBI.
U Gro Capital is known as the tech-enabled lender among small business enterprises but now it has entered into a partnership with SBI. The loan facility process with the support of both entities will be managed through the ‘Gro X-stream’. According to the official statement, the loan process will be completed within an hour. The services will be facilitated to all tier-level cities. SMEs and MSMEs that function in the metro cities can also access credit and loans through this platform.
At the time of the agreement respected authority members Jayanta Deb Majumdar, General Manager, SBI, and Shachindra Nath, Executive Chairman of U GRO Capital were present in Mumbai.
U Gro has the vision to connect with more reputed banks and develop a hybrid lending model. The first loan co-origination partnership of U Gro was done with the Bank Of Baroda.