Muthoot Microfin’s stock surged 5% following its partnership with the State Bank of India (SBI) to boost financial inclusion for rural entrepreneurs. Under this co-lending program, SBI has sanctioned ₹500 crore, disbursed in ₹100 crore tranches, offering loans between ₹50,000 and ₹3 lakhs.
Targeting Joint Liability Group (JLG) members engaged in agriculture and income-generating activities, the initiative spans 20 states and 369 districts. This collaboration aims to provide affordable credit with lower interest rates, empowering underserved communities.
As of 2:36 pm, Muthoot Microfin shares were trading 5% higher at Rs 191.05 on the NSE.
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