New Delhi,20th May 2023 Bank of India today announced that it has entered into a strategic partnership with emerging fintech SLO Technologies (Advarisk) to digitise Kisan Credit Card (KCC) loans through its in-house lending platform.
The collaboration with SLO Technologies is a part of Bank of India’s corporate plan to digitise processing of all agriculture lending including KCC loans by 2024-25 via its loan operating system (LOS) – E-platform. It will also provide the Bank with an opportunity to introduce end-to-end agri-lending products through digital channels and improve the underwriting of all agri loans.
The public sector bank will utilise the services of SLO Technologies to monitor and on-board collaterals as well as for precision financing of new and renewal loans. The Bank also hopes to improve its asset quality.
Shri Nakula Behera, General Manager – Priority Sector and Rural Business, Bank of India, and Shri Rahul Metkar, Founder and CEO, SLO Technologies (Advarisk), signed the agreement on May 8, 2023.
The partnership with the fintech will help increase Bank of India’s digital agriculture business and give a push to the government’s Startup India initiative.