A Memorandum of Understanding (MoU) was signed by HDFC bank with National Small Industries Corporation (NSIC) to offer credit support to micro, small and medium enterprises (MSMEs) across the country.
How will the MoU extend support to MSME?
The private sector lender said in a statement, ” HDFC Bank will provide MSMEs with a set of specially tailored schemes to enhance their competitiveness. Under this financing arrangement, HDFC Bank branches will extend support to MSME projects in the areas they are located or other important industrial sectors across the country”.
Who signed the MoU?
The MoU was signed at NSIC office, Okhla, New Delhi by the Director of Finance Gaurang Dixit, Akhilesh Kumar NSIC,
National Head- Sales Excellence and Transformation and HDFC bank.
Rahul Shukla, Group Head (Commercial and Rural Banking), HDFC Bank digitally attended the event. He addressed the Zonal offices of NSIC and promised to support strengthening the MSME ecosystem.
He further said, “As a bank, we are happy to be part of this big initiative to reboot and give the required fillip to the economy”.
Rahul Shukla then added, “We believe this partnership with NSIC will help expedite the MSME Sector growth which is the backbone of the country both in terms of economic development and job creation”.
Role of the Bank
It will accept loan applications forwarded by NSIC and consider sanctioning loans as per its lending norms and on a merit basis laid down in the lending policy of the Bank.
Will Finance the projects which are related to the MSME sector at every bank branch which are in different places or other important industrial centers throughout the country.