Karnataka Bank gains on MoU with SELCO Solar Light

Karnataka Bank rose 2.88% to Rs 59 after the bank announced the sigining of a memorandum of understanding (MoU) with SELCO Solar Light for financing solar based livelihood products to its customers.

SELCO Solar Light is engaged in the business of designing, assembling, selling, and servicing solar energy products.

Under the agreement, Karnataka Bank would provide financial support to individuals, HUF, farmers, traders, businessmen, proprietorship concerns, professionals, salaried persons, institutions, etc. to purchase the solar energy products of SELCO Solar Light in India.

Customers can avail of loans from the bank with a competitive interest rate for installing SELCO Solar energy products for both household and commercial use.

Mahabaleshwara M.S, the managing director & CEO, Karnataka Bank, said, "This is a collaborative effort between KBL and SELCO for promoting the use of renewable energy products and thereby increasing usage of solar energy and reducing carbon emission.

Karnataka Bank is a scheduled commercial bank. The bank's standalone net profit surged to Rs 454.11 crore in Q3 FY22 from Rs 212.87 crore in Q3 FY21. Total income declined 7% YoY to Rs 5383.62 crore during the period under review.

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