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United Bank signs a pact with Tata Power Solar

According to reports, public sector lender, United Bank of India has signed a memorandum of understanding with Tata Power Solar to extend credit to the renewable energy sector.

Under the pact, Tata Power Solar will leverage United Bank’s branch network in the eastern region to facilitate easy finance available to the purchaser of the off-grid solar home lighting or water heating system, bank said in a statement.

The public sector lender will in turn make use of Tata Power outlets to increase its reach in the country. This will facilitate the bank to further increase its exposure to the micro sector, said Mr. Deepak Narang, Executive Director of United Bank of India.

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