Page 28 - BANKING FINANCE APRIL 2017

PRESS RELEASE

SBI signs $274 mln agreement with German Development Bank KfW

to finance affordable housing

Th e State Bank of India (SBI) and th e German KfW Development Bank concluded $274 million (approx Rs. 1800 crore)
loan facility to support lending for affordable housing in India. The Promotional loan has a maturity of 15 years.

Mr. Siddhartha Sengupta, Deputy Managing Director signed the agreement on behalf of SBI, while KfW was represented
by Dr. Norbert Kloppenburg, Member of the Executive Board and Mr. Roland Siller, Member of the Management
Committee of KfW Development Bank.
With its focus on housing loans for Economically Weaker Sections (EWS) and Lower Income Group (LIG) house holds, the
facility is designed to complement the Government of India’s flagship affordable housing programme, the Pradhan Mantri
Awas Yojana. These lower income household categories account for 95 % of the estimated shortage of 20 million housing
units in the country.
“Sustainable mortgage loans to low income families to purchase, build or upgrade their homes are critical for inclusive
growth and development Partnering with India’s largest bank on this mission provides a tailor-made platform for quick
upscaling of housing finance for this segment.”, said Dr. Kloppen burgon the occasion.

On this occasion, Mr. Sengupta said “SBI is committed to support Government’s mission of Housing for All and this facility
will be additional impetus to support this mission.”
The entire process of fund raising was facilitated by SBI’s subsidiary, SBI Capital Markets.

UCO Bank signed Corporate Agency tie-up Agreements
UCO Bank signed Corporate Agency
tie-up Agreements with two
General Insurance Companies and
became their Corporate Agent for
distribution of General Insurance
Products at its Branches all over the
Country, under new Regulations for
Corporate Agency arrangements
for Bancassurance business. These
companies are M/S Future Generali
India Insurance Company Limited &
M/S Liberty Videocon General
Insurance Company Limited. These
agreements were signed at UCO
Bank's Head Office, Kolkata.

The occasion was graced by Mr. R
K Takkar, MD & CEO of UCO Bank,
Mr. K. G. Krishnamoorthy Rao, MD
& CEO, Future Generali India
Insurance Company Limited and Mr. Roopam Asthana, CEO & Whole Time Director, Liberty Videocon General Insurance
Company Limited.
Through these tie-up arrangements, UCO Bank is expecting to provide benefits of wider range of insurance products and
advantage of competitive pricing in General Insurance products to its customers. The customers shall have the advantage
of choosing the insurance policies according to their requirements at an affordable premium from these Insurance
Companies.

28 | 2017 | APRIL | BANKING FINANCE

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