Karnataka Bank collaborates with SELCO for financing solar based products; stock jumps ~2.5%

10 Mar 2022 , 10:31 AM

Karnataka Bank Ltd. informed the investors through its press release earlier on March 9, 2022, that bank has signed a Memorandum of Understanding (MOU) with SELCO Solar Light Private Limited, primarily engaged in designing, assembling, selling, and servicing solar energy products for the last 27 years with the focus on providing energy access to an underserved population.

Under this collaboration, Karnataka Bank will provide financial support to individuals/ HUF/ Farmers/ Salaried Persons/ Proprietorship concerns/ Professionals, etc. enabling them to purchase solar energy products of SELCO Solar Light in India. Customers can avail of loans from the bank at competitive interest rates for installing such products for both commercial and household use.

Mahabaleshwara M.S, Managing Director & CEO, Karnataka Bank, said, “This collaboration between KBL and SELCO is for promoting the use of renewable energy products and thereby increasing usage of solar energy and reducing carbon 1 emission. Our bank is putting ahead various finance schemes for the purchase of solar energy products to our customers with attractive interest rates and speedy sanction of loans through a digital platform.”

Karnataka Bank is currently trading at Rs59.20 up by Rs1.85 or 3.23% from its previous closing of Rs57.35 on the BSE. The scrip opened at Rs58.40 and has touched a high and low of Rs59.20 and Rs58.20 respectively.