Media Release

Mangaluru, Mar 9: The Karnataka Bank partnered with SELCO Solar Light Private Limited for financing solar-based livelihood products to its customers

Karnataka Bank has signed a memorandum of understanding (MOU) with SELCO Solar Light Private Limited, 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, Karnataka Bank provides 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 Private Limited in India. Customers can avail loans from the bank with a competitive interest rate for installing SELCO Solar energy products for both household and commercial use.

Mahabaleshwara M S, managing director and 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. Our bank is providing various finance schemes for the purchase of solar energy products to our customers with attractive rate of interest and speedy sanction of loans through digital platform. Bank’s wider presence in rural areas will help customer’s to afford these solar energy products by the rural sector which will facilitate them to use the sustainable energy solutions. The partnership offers constant commitment towards providing best in class services to our customers as well as the potential buyers of SELCO products."

Mohan Bhaskar Hegde, CEO, SELCO, said, “Solar Power continues to 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. The Karnataka Bank’s many steps in the public sphere are also significant. This will help thousands of women live the hopeful life.”

On the occasion, Gokuldas Pai, chief business officer, Vinaya Bhat P J, general manager, credit marketing and other executives of Karnataka Bank and Jagadeesh Pai, general manager operations, Guruprakash Shetty, deputy general manager and other executives of SELCO Solar Light Private Limited were present.