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In September 2021, which bank has signed an agreement with Vedika Credit Capital Ltd, Save Microfinance Pvt Ltd, and Paisalo Digital Ltd for co-lending to individual members of Joint Liability Groups (JLGs) to undertake agriculture and allied activities?

In September 2021, which bank has signed an agreement with Vedika Credit Capital Ltd, Save Microfinance Pvt Ltd, and Paisalo Digital Ltd for co-lending to individual members of Joint Liability Groups (JLGs) to undertake agriculture and allied activities? Correct Answer State Bank of India

The correct answer is State Bank of India.

Key Points

  • State Bank of India has signed an agreement with 3 non-banking finance company-microfinance institutions (NBFC-MFIs).
  • The MFIs are Vedika Credit Capital Ltd (VCCL), Save Microfinance Pvt Ltd (SMPL), and Paisalo Digital Ltd (PDL).
  • The agreement is for co-lending to individual members of Joint Liability Groups (JLGs) to undertake agriculture and allied activities including other income generation activities.

Important Points

  • ​The RBI had issued guidelines on the co-lending scheme for banks and NBFCs / NBFC-MFIs for priority sector lending to improve the flow of credit to unserved and underserved sectors and make funds available to borrowers at an affordable cost.

Additional Information

  • ​What is NBFC?
    • A Non-Banking Financial Company (NBFC) is a company registered under the Companies Act, 1956.
    • It is engaged in the business of loans and advances, acquisition of shares/stocks/bonds/debentures/securities issued by the Government or local authority or other marketable securities.
    • NBFCs lend and make investments and hence their activities are akin to that of banks; however, there are a few differences as given below:
      1. NBFC cannot accept demand deposits.
      2. NBFCs do not form part of the payment and settlement system and cannot issue cheques drawn on itself.
      3. Deposit insurance facility of Deposit Insurance and Credit Guarantee Corporation is not available to depositors of NBFCs, unlike in case of banks.
  • What is NBFC-MFI?
    • Microfinance institutions or MFIs are financial institutions that provide loans and other financial services to poorer sections of society.
    • NBFC MFI is a non-deposit taking NBFC.

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