OYO launches Cash in Bank initiative for asset owner-partners

Hospitality firm OYO Wednesday launched 'Cash in Bank' facility for its asset owner-partners across India under the company's ongoing OYO Partner Engagement Network (OPEN) initiative.

With the 'Cash in Bank' (CiB) facility, the asset owners across the country can benefit from quick, collateral-free business advances to upgrade or renovate their buildings, OYO said in a statement.

To begin with, all the new buildings on-boarded by OYO and all the existing buildings of OYO (OYO Rooms, Spot on and Capital O brands only) are eligible to apply for the facility, it added.

OYO Hotels & Homes CEO (India & South Asia) Aditya Ghosh said, "As a direct outcome of our constant engagement with the asset owner-partners under the aegis of OPEN, we realised the need for providing a quick and hassle-free financing product to cater to their expansion and renovation needs."