Central Bank of India fell for a fifth straight session today. The stock is quoting at Rs 24.15, down 0.41% on the day as on 13:19 IST on the NSE. The benchmark NIFTY is up around 0.06% on the day, quoting at 17052.85. The Sensex is at 57879.3, down 0.04%.Central Bank of India has eased around 10.56% in last one month.Meanwhile, Nifty Pharma index of which Central Bank of India is a constituent, has eased around 5.01% in last one month and is currently quoting at 3675.45, up 0.05% on the day. The volume in the stock stood at 33.72 lakh shares today, compared to the daily average of 56.51 lakh shares in last one month.

The PE of the stock is 13.17 based on TTM earnings ending December 22.

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The said loans would be subject to compliance with the applicable laws and guidelines issued by Reserve Bank of India (RBI).

The participation by both the entities in this co-lending arrangement will result in greater expansion of portfolio by Central Bank of India and Moneywise Financial Services”, the public sector bank said in a statement.

Moneywise Financial Services (MFSPL) is an RBI regulated non banking financial company focused on MSME Lending. MFSPL's AUM as on December 2022 stood approximately at Rs 800 crore.

Under the arrangement, Moneywise Financial Services will originate and process MSME loan proposals under MSME Sector as per jointly formulated credit parameters and eligibility criteria and Central Bank of India will take into its books 80% of the MSME Loans under mutually agreed terms. Moneywise Financial Services will service the loan account throughout the life cycle of the loan.

The co-lending arrangement is expected to help both the entities to expand their reach across India.

Central Bank of India is engaged in providing banking and financial services with wide range of products and services to individuals, commercial enterprises, large corporates, public bodies and institutional customers.

The PSU bank's net profit increased 64.16% to Rs 458 crore on 17.04% rise in total income to Rs 7,636 crore in Q3 FY23 over Q3 FY22. Net interest income (NII) grew by 19.33% YoY to Rs 3,285 crore in Q3 FY23.

The scrip shed 0.62% to currently trade at Rs 1146.65 on the BSE.

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Central Bank of India has entered into a strategic Co-Lending Partnership with M/s. Moneywise Financial Services to offer MSME Loans at competitive rates, subject to compliance with the applicable law(s) including the applicable guidelines issued by Reserve Bank of India (RBI).

Under the arrangement, M/s. Moneywise Financial Services will originate and process MSME Loan proposals under MSME Sector as per jointly formulated credit parameters and eligibility criteria and Central Bank of India will take into its books 80% of the MSME Loans under mutually agreed terms. M/s. Moneywise Financial Services will service the loan account throughout the life cycle of the loan. The Co-Lending arrangement is expected to help both the entities to offer convenient experience and customer delight to their customers as well as help expand their reach across India.

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Central Bank of India fell for a fifth straight session today. The stock is quoting at Rs 28.5, down 4.2% on the day as on 13:19 IST on the NSE. The benchmark NIFTY is down around 1.88% on the day, quoting at 17556.4. The Sensex is at 59263.69, down 1.56%.Central Bank of India has lost around 9.38% in last one month.Meanwhile, Nifty Pharma index of which Central Bank of India is a constituent, has eased around 9.49% in last one month and is currently quoting at 4040.3, down 5.37% on the day. The volume in the stock stood at 51.99 lakh shares today, compared to the daily average of 133.84 lakh shares in last one month.

The PE of the stock is 16.17 based on TTM earnings ending December 22.

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