Karnataka Bank down 2% after Clix Capital tie-up

The share touched a 52-week high of Rs 282 on January 15, 2024 and a 52-week low of Rs 124.10 on March 29, 2023

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Karnataka Bank share price fell nearly 2 percent in the opening trade on January 17 after it joined hands with NBFC Clix Capital to provide loans to the MSME sector.

At 9.30 am, Karnataka Bank was quoting at Rs 267.65, down Rs 4.60, or 1.69 percent on the BSE.

Karnataka Bank and Clix Capital have entered into a strategic digital co-lending partnership through Yubi Co.lend Platform. The partnership would focus on providing loans to the Indian MSME sector, which is one of the biggest contributors to India’s GDP and employment growth, it said.

The partnership combines Karnataka Bank’s low cost of funds, end-to-end digital capabilities and expertise to offer credit facilities to this segment along with Clix Capital’s strong & easy lending tech platform and robust due diligence.

The partnership aims to provide seamless financing solutions, conveniently and economically in a digital manner, thereby enabling both the partners to draw upon each other’s strengths to serve the unserved, it said.

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Earlier this month, the private lender and Satin Creditcare Network entered into a co-lending arrangement to provide financial support to Joint Liability Groups (JLG) of economically active women in both rural and semi-urban areas and to give impetus to the micro credit facilities segment of the country.

The share touched a 52-week high of Rs 282 on January 15, 2024 and a 52-week low of Rs 124.10 on March 29, 2023. The stock is trading 5.09 percent below its 52-week high and 115.67 percent above its 52-week low.

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