Srei, Oriental Bank of Commerce sign pact

The partnership will allow Srei Equipment Finance and Oriental Bank of Commerce to collaborate, co-operate and widen their respective markets and customer base. Financing of construction, mining and allied equipment (CME), medical equipment, commercial vehicles and farm equipment will be covered under this arrangement.

The two partners will use the platform of iQuippo, a unique digital marketplace, for loan origination, loan dues collection, auction of equipment, valuation of equipment and several other facilities provided by the platform. With over 70,000 customers and over $400 million loans disbursed through iQuippo, the platform will aid both Srei Equipment Finance and Oriental Bank of Commerce in deepening their reach in infrastructure equipment and commercial vehicles segments further.

Commenting on the partnership, Sunil Kanoria, Vice Chairman, Srei said, ?With a stable government in place, the infrastructure sector in India is expected to grow rapidly. Srei Equipment Finance and Oriental Bank of Commerce in offering innovative financing solutions will help us in expanding our reach and create value for our customers.?

Devendra Kumar Vyas, Managing Director, Srei Equipment Finance, said, ?This strategic alliance reaffirms our commitment towards offering best-in-class financial solutions to our customers. It is a ?win-win? relationship for both Oriental Bank of Commerce and Srei Equipment Finance as the bank will benefit from our strong domain expertise and stakeholder relationships in the equipment financing space and Oriental Bank?s support will help us in strengthening our leadership position further in this segment.?

Anant Raj Kanoria, CEO, iQuippo, added, ?We at iQuippo are very excited to have Oriental Bank of Commerce join our club of finance partners. The partnership will allow us an opportunity to leverage the bank?s strong presence in the north. Also, the platform will allow Oriental Bank of Commerce a seamless access to the SME and MSME markets in an efficient and transparent manner. With the government and the central bank focusing on pushing our country towards a more digital economy, this partnership would play a vital role in moving towards that direction.