Central Bank of India Partners with Clix Capital Services; Stock Surges

At 2 pm, the shares of Central Bank Of India were trading at Rs 30.65, up by 2.51% from its previous closing of Rs 29.90 on the BSE. 

Central Bank of India has entered into a strategic Co-Lending Partnership with Clix Capital Services (Formerly known as GE Money Financial Services) to offer MSME Loans at competitive rates, subject to compliance with the applicable laws including the applicable guidelines issued by Reserve Bank of India (RBI). The participation by both the entities in this Co-Lending arrangement will result in greater expansion of portfolio by Central Bank of India and Clix Capital Services. 

Clix Capital Services is registered with Reserve Bank of India since October 13, 2016. It is engaged in providing MSME Loans. With an AUM of Rs 4773 crore as on June 30, 2023, it caters to more than 145020 clients with a spread across 21 branches in 12 states. 

Under the arrangement, Clix Capital Services will originate and process MSME Loan proposals under MSME Sector as per jointly formulated credit parameters and eligibility criteria and Central Bank of India will take into its books 80% of the MSME Loans under mutually agreed terms. Clix Capital Services will service the loan account throughout the life cycle of the loan. The Co-Lending arrangement is expected to help both the entities to offer convenient experience and customer delight to their customers as well as help expand their reach across India. 

Central Bank of India is a commercial bank. The Bank’s segments include Treasury Operations, Corporate/Wholesale Banking, Retail Banking and other Banking business. The Treasury Operations segment includes dealing in government and other securities, money market operations and Forex operations. 

On Tuesday, the stock opened at Rs 29.88 and has touched a high and low of Rs 30.68 and Rs 29.87 respectively. So far 548856 shares were traded on the counter. 

The BSE group ‘A’ stock of face value Rs 10 has touched a 52 week high and low of Rs 41.80 and Rs 17.65, respectively. 

Last one week high and low of the scrip stood at Rs 31.48 and Rs 29.56 respectively. The current market cap of the company is Rs 26,607.08 crore. 

The promoters holding in the company stood at 93.08%, while Institutions and Non-Institutions held 2.98% and 3.94% respectively. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet, and is subject to changes. Please consult an expert before making related decisions.