Vedanta Aluminium partners with Central Bank of India for collateral-free loans

Vedanta Aluminium has signed a Memorandum of Understanding (MoU) with Central Bank of India for offering collateral-free customer financing
Vedanta Aluminium partners with Central Bank of India for collateral-free loans
Vedanta Aluminium partners with Central Bank of India for collateral-free loansPSU Watch
Published on

New Delhi: Vedanta Aluminium has signed a Memorandum of Understanding with Central Bank of India for offering collateral-free customer financing, officials said.

The partnership will provide low-interest working capital through ‘BALCO’ and Vedanta Metal Bazaar, a release issued by the company said.

PSU Watch is now on Whatsapp Channels. Click here to join

The initiative will enable original equipment manufacturers (OEMs), including MSMEs, to access loans with minimal documentation and at highly competitive interest rates, it said.

Financing limits range from Rs 10 lakh to Rs 10 crore per customer, with the potential for higher limits based on business turnover and BALCO’s recommendation, the release said.

Vedanta Aluminium partners with Central Bank of India for collateral-free loans
Vedanta exploring using biodiesel in its commercial vehicle fleet in Odisha's Jharsuguda plant

Rajiv Kumar, CEO of Vedanta Aluminium, said, “Our partnership with Central Bank of India marks a pivotal step in strengthening the aluminium value chain by making working capital more accessible and affordable for MSMEs, who form the backbone of India’s manufacturing and industrial ecosystem.”

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)

logo
PSU Watch
psuwatch.com