Tuesday, July 27, 2021
Home > Finance News > RBL Bank targets more SME borrowers after tie-up with UK-based biz solutions provider Tide

RBL Bank targets more SME borrowers after tie-up with UK-based biz solutions provider Tide

Private sector is targeting to on-board more small businesses after a recent tie-up with the UK-based financial services platform Tide, a bank official said on Tuesday.

Tide provides a host of business solutions such as accounting, taxation and debt management.

“Tide is a very prominent name in the UK. What it really specialises in is that it has a lot of value addition in terms of what the small and medium business enterprises need in their day-to-day business requirement apart from regular banking, such as solutions around invoicing, payments, debt management, accounting, tax management etc,” Surinder Chawla, Head – Branch Banking, RBL Bank said in an interaction.

Chawla said Tide has around 5 per cent of the market share in SME business banking space in the UK and the interesting part is that it is a pure digital player.

“They wanted to expand into India because India is clearly one of the bigger SME markets in the world…Our beta testing has started, we are starting to work closely to launch this for the general customer base very soon. Right now, we are doing it for our best customer base,” he added.

This will provide a big solution to many small and medium enterprises (SMEs) which cannot afford to have specialists for various fields like accounting, debt management, invoicing and tax management, he said.

The bank official said the tie-up will be a win-win for both the organisations and the lender will be able to attract more SME borrowers.

RBL Bank’s retail advances witnessed 14 per cent year-on-year and 6 per cent quarter-on-quarter growth as on March 31, 2021, with the mix of retail to wholesale advances standing at 59:41, as per the bank’s provisional data ahead of the official announcement of results for the last quarter of FY21.

The figures are subject to approval by the bank board and auditor.

There has been a 26 per cent yearly growth in total deposits at Rs 73,123 crore (provisional) as of March 31, 2021 as against Rs 57,812 crore in the same period a year ago.

The gross advances were up by 2 per cent y-o-y at Rs 60,012 crore compared to Rs 58,966 crore a year ago.

The CASA (current account and savings account) deposits were up 36 per cent at Rs 23,264 crore from Rs 17,116 crore at end of March 2020, while the liquidity coverage ratio (average for the quarter) stood at 154 per cent against 155 per cent.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

%d bloggers like this: