Leading private sector lender CSB Bank announced its partnership with CRISIL, a global analytics company, to improve its relationship with SMEs. The bank stated that this alliance also analyses existing and potential customer creditworthiness.
A knowledge series will be phased in across the country by CSB bank as part of this new partnership. The goal is to expand the bank’s visibility among small and medium-sized enterprises (SMEs) and other trade bodies.
“While access to formal credit is critical for SMEs to flourish, they need the right knowledge and expertise to propel their business and scale newer heights. Through our knowledge sessions, we aim to support and guide SMEs in their journey of growth and drive them towards achieving India’s vision of a US$5 trillion economy. We believe our partnership with CRISIL will play a key role in unlocking maximum value to SMEs and making our Bank a renowned one amongst stakeholders”, stated Shyam Mani, Head SME and NRI Banking, CSB Bank.
The national knowledge series will assist the private-sector bank in helping SMEs toward financial inclusion and development. All of this will aid in raising their creditworthiness in turn.
According to Suresh Krishnamurthy, Senior Director – Research, CRISIL Market Intelligence and Analytics, “CSB has chosen CRISIL Research as its SME knowledge partner of choice. We support the efforts of lenders to understand the nuances of the SME space by leveraging our extensive database, institutional expertise, deep understanding of the market and its lending practices, and strong on-ground connect with stakeholders.”
“Additionally, our cross-sectoral linkages enable robust tracking of current and evolving situations in the space,” he added.
CSB Bank now provides credit to SMEs with an annual turnover of up to Rs 250 crores. The targeted sectors include healthcare, engineering, pharmaceuticals, chemicals, food processing, electrical, and electronics.
Although the bank is said to have a significant presence in the southern states of India, the bank’s long-term objective is to expand into newer markets with the potential to support SME businesses.
