Karnataka Bank has partnered with SahiBandhu, an aggregator platform for gold loans backed by the Manipal Group, for launching ‘doorstep gold loan’ facility named ‘KBL-Swarna Bandhu’. A media statement said the bank will be able to provide gold loan services at customer’s doorstep through this product. Initially, the product will be available to customers in select centres of the bank, and will be gradually rolled out to all branches.

SahiBandhu will act as a corporate business correspondent and a lending service provider. The collaboration with SahiBandhu aligns with extant guidelines on digital lending and will also help in improving the gold loan portfolio of bank.

Collaborative digital innovations

Srikrishnan H, MD and CEO of Karnataka Bank, said doorstep gold loan lending model is one of the innovative avenues of lending against gold. “KBL-Swarna Bandhu shall create a dynamic synergy in the entire gold loan portfolio of the bank. This arrangement will help us in extending gold loans at the doorstep of the customers once again proving our bank’s orientation towards collaborative digital innovations to improve the customer service arena, and by this we aim to achieve better customer delight.”

Sekhar Rao, Executive Director of Karnataka Bank, said the bank is progressing on fintech initiatives with strong collaborations with partners in various fields.

Stating that this initiative is also one among the many such steps taken by the bank, he said: “Our aim is to see this century-old bank in a new digital avatar.”

Rajesh Shet, Co-Founder and CEO of SahiBandhu, said: “As we continue to expand our footprint in the ever-evolving financial landscape, we are excited to announce our strategic partnership with Karnataka Bank. Our innovative tech platform enables gold loan at the customer doorstep. Through our unwavering commitment to customer-centricity, we continue to excel in the gold loan industry. Together with KBL, we are poised to unlock new opportunities, offering digital-first lending solutions through our gold loan aggregator platform.”