The bank has seen its co-lending book grow to nearly Rs20bn ($238m). Credit: Natee Meepian/Shutterstock.

Bank of Maharashtra is currently in discussions with three to four non-banking finance companies (NBFCs) to establish co-lending partnerships, reported Moneycontrol, citing the bank’s managing director and CEO, Nidhu Saxena 

Through these partnerships, the Indian public sector bank is aiming to expand its co-lending book in the current financial year.  

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During a post-earnings conference call, the executive said: “We have around six to seven partnerships and another three to four partnerships are under discussion at various stages, which we will be onboarding very soon.” 

The bank has seen its co-lending book grow to nearly Rs20bn ($238m), focusing on partnerships with NBFCs that are rated AA and above.  

He emphasised that the co-lending portfolio is high-yielding and well-managed through technological integration. 

In addition to the co-lending initiative, Bank of Maharashtra has also sought regulatory approval for a tie-up opportunity in GIFT City.  

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Saxena expressed optimism about the potential for engaging in external commercial borrowings (ECBs) and participating in global syndications.  

“There will be a lot of opportunities opening for doing some ECBs or participating in some global syndications, which are there in our thought process and I think that with GIFT City’s formal application already launched with the regulator, this approval will be granted for opening an outlet (of the bank),” he added. 

The news follows the bank’s quarterly results, which saw its consolidated net profit increase by 44.28% to Rs13.27bn in the second quarter of FY25. 

Recently, the Indian banking sector saw the official launch of the upgraded JioFinance App by Jio Financial Services (JFSL), which offers a broad range of digital financial services, including loans on mutual funds, home loans with balance transfer options, and loans against property.