CGTMSE signs MOU with Indian Overseas Bank
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2012-12-22

CGTMSE signs MOU with Indian Overseas Bank

Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) has launched the Scheme of Risk Sharing Facility-II (RSF-II) for guaranteeing collateral free credit facilities to eligible Micro and Small Enterprises.

Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) has launched the Scheme of Risk Sharing Facility-II (RSF-II) for guaranteeing collateral free credit facilities to eligible Micro and Small Enterprises. A Memorandum of Understanding (MoU) in this regard was signed between CGTMSE and Indian Overseas Bank (IOB).

Speaking on the occasion, Muhnot mentioned that the launch of the Scheme of RSF-II is an initiative with a view to enable banks to take up MSE financing as a viable and profitable business proposition, by sharing the credit risk of participating banks, while at the same time, making participation contingent on better credit assessment and risk identification by banks.

M. Narendra, CMD, IOB said that the bank is focusing on lending to the MSME and the agricultural sectors which are the nation’s priorities. He mentioned that IOB has over the last two years increased manifold its portfolio under the Credit Guarantee Scheme.

The Scheme of RSF-II is being launched on a pilot basis with funding from a multilateral consortium led by the World Bank under the project for SME Financing and Development being implemented by Small Industries Development Bank of India (SIDBI), with the Department of Financial Services, Ministry of Finance as the Nodal Agency for the project.

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