Indian Bank has entered into an MoU with Indiabulls Housing Finance Ltd., Indiabulls Commercial Credit Ltd., and IIFL Home Finance Limited, to enable priority sector lending.
The arrangement involves joint contribution of credit at the facility level by the lenders, Indian Bank said in a statement.
The bank and the NBFCs had also mutually agreed on sharing risks and rewards to ensure appropriate alignment of business objectives. Indian Bank said it expects to generate substantial business under the priority sector through co-lending during Q3 of the current fiscal.
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