Page 25 - Banking Finance December 2019

PRESS RELEASE

Bank of Baroda, Edelweiss Housing partner for

Co-Lending onHome Loans

Bank of Baroda India’s third largest public sector bank announced a strategic agreement with Edelweiss Housing Finance
Limited (EHFL), a subsidiary of Edelweiss Financial Services
Limited, for co-lending of home loans to self-employed
entrepreneurs and salaried customers.
This partnership involves sharing of risks and rewards between
Bank of Baroda and EHFL, and aims to create a conducive lending
environment for home-loan seekers. Co-lending represents an
alternate model of disbursals that is asset light and creates a
sound revenue model for sustainable business. For self-employed
and salaried customers, co-lending provides two key benefits:
Simplicity of dealing with a single entity – for their financing, and
convenient access to a blended cost-effective rate of interest.

Mr. Vikramaditya Singh Khichi, Executive Director, Bank of Baroda said , “In line with the objective to increase our reach
to maximum number of prospective borrowers, we are happy to partner with Edelweiss Housing Finance to further scale
our market share in the Home loan segment, as well as support entrepreneurs and salaried persons.”
Mr. RajatAvasthi, CEO, EHFL, said, “We are excited to work with an esteemed national bank like Bank of Baroda and are
looking forward to fulfilling the increasing demand for home loans and helping people meet their aspirations of owning
a home. Easy availability of home loans will lead to higher demand in the real estate sector, which is a key driver of
economic growthbecause of the jobs it creates and the industries and small-scale businesses it sustains.’’
Co-Lending is an evolutionary business model of partnership that combines Bank of Baroda’s expertise in liabilities with
Edelweiss’ strong origination expertise and reach.This partnership will expedite the delivery of credit to Indian homebuyers,
by channelizing much needed liquidity to those who need it the most.

Yes Bank approved as accredited entity by Green Climate Fund (GCF)

to help mobilize climate finance in India
YES BANK has been approved as an accredited entity by Green Climate Fund (GCF) during its recently concluded 24th
board meeting. As an accredited entity, YES BANK will propose and implement climate projects funded by GCF. YES BANK
was the first Indian private Bank to be nominated as ‘Direct Access Entity’ for GCF by Ministry of Environment, Forests
and Climate Change, post which it initiated the accreditation process. The Bank would sign an Accreditation Master
Agreement with GCF, which allows it to mobilise GCF resources to finance projects tackling climate change.
GCF is a USD 10.3 billion (pledged) global fund created by the 194 signatories to the United Nations Framework Convention
on Climate Change (UNFCCC) to support developing nations to respond to the challenge of climate change. GCF aims to
create paradigm shifts in climate action by utilising public and private funds. The fund has committed USD 5.6 billion to
124 projects, and already has projects worth USD 3.1 billion under implementation. In India, GCF has so far committed
USD 177.8 million to 3 projects.
Commenting on the development, Namita Vikas, Group President & Global Head, Climate Strategy and Responsible Banking,
YES BANK, said, “With Responsible Banking as one of the core pillars of the Bank, YES BANK has emerged as the leading
new age Bank that is mainstreaming green financing in India. Considering the need and the opportunity presented by climate
change, YES BANK has taken a lead in demonstrating innovative climate financing mechanisms, and is working towards
catalysing the Indian climate finance market. The Bank is proud to partner with Green Climate Fund and is committed to
play a pivotal role in stimulating finance for India’s transition towards a low-emission and climate resilient future”.

BANKING FINANCE | DECEMBER | 2019 | 25