Money & Banking

Karnataka Bank inks pact with SELCO Solar

BL Mangaluru Bureau | Updated on: Mar 10, 2022
Mahabaleshwara MS, Managing Director and Chief Executive Officer of Karnataka Bank, and Mohan Bhaskar Hegde (right), Chief Executive Officer of SELCO, are seen after signing the MoU.

Mahabaleshwara MS, Managing Director and Chief Executive Officer of Karnataka Bank, and Mohan Bhaskar Hegde (right), Chief Executive Officer of SELCO, are seen after signing the MoU.

Under this initiative, Karnataka Bank provides financial support to purchase the solar energy products of SELCO Solar Light Pvt Ltd

Karnataka Bank Ltd has signed a memorandum of understanding (MoU) with SELCO Solar Light Pvt Ltd to provide energy access to the underserved population. Under this initiative, Karnataka Bank provides financial support to purchase the solar energy products of SELCO Solar Light Pvt Ltd.

A statement by the bank said customers can take loans from the bank with a competitive interest rate for installing SELCO Solar energy products for both household and commercial use.

Quoting Mahabaleshwara MS, Managing Director and Chief Executive Officer of Karnataka Bank, the statement said this is a collaborative effort between the bank and SELCO for promoting the use of renewable energy products and thereby increasing the usage of solar energy and reducing carbon emissions.

‘Attractive interest rates’

“Our bank is providing various finance schemes for the purchase of solar energy products to our customers with attractive rates of interest and speedy sanction of loans through the digital platform. The bank’s wider presence in rural areas will help customers to afford these solar energy products by the rural sector which will facilitate them to use sustainable energy solutions. The partnership offers constant commitment towards providing best in class services to our customers as well as the potential buyers of SELCO products,” he said.

Mohan Bhaskar Hegde, Chief Executive Officer of SELCO, was present on the occasion to sign the MoU with the bank.

Published on March 10, 2022
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