Karnataka Bank on Wednesday signed a Memorandum of Understanding (MOU) with SELCO Solar Light Pvt. Ltd., engaged in the business of designing, assembling, selling and servicing of solar energy products for the last 27 years, with the main objective of providing energy access to underserved population.
Under this collaborative initiative, the bank provides financial support to all categories of its customers to purchase the solar energy products of SELCO Solar Light Pvt. Ltd. in India. Customers may avail loans from the bank with competitive rates of interest for installing SELCO products for both household and commercial use, said a release.
The release quoted Bank CEO and MD M.S. Mahabaleshwara as saying, “This is a collaborative effort between KBL and SELCO for promoting the use of renewable energy thereby increasing usage of solar energy and reducing carbon emission. Our bank provides various finance schemes for the purchase of solar energy products to our customers and speedy sanction of loans through digital platform.”
It quoted SELCO CEO Mohan Bhaskar Hegde as saying, “Solar power continues to be indispensable in all walks of life today. The development of society in this area of economic co-operation is the key to the prosperity of the individuals and communities. Karnataka Bank’s many steps in the public sphere are also significant.”
Bank’s Chief Business Officer Gokuldas Pai and General Manager (Credit Marketing), P.J. Vinaya Bhat, SELCO’s GM Jagadish Pai and others were present.