Public sector Indian Bank on Friday entered into a Memorandum of Understanding (MoU) with National Small Industries Corporation (NSIC) to increase its lending to small and medium enterprises (SMEs).
Public sector Indian Bank on Friday entered into a Memorandum of Understanding (MoU) with National Small Industries Corporation (NSIC) to increase its lending to small and medium enterprises (SMEs).
The bank in a statement said that as per the MoU, NSIC will sponsor MSMEs' proposal (for loan) after due scrutiny at regular intervals to various branches of Indian Bank all over the country. The bank is headquartered in Chennai.
The arrangement is expected to provide more momentum to the growth of MSME advances of Indian Bank.
As of June 30, 2012, MSME advances of the Bank stood at Rs 10,776.30 crore with an annual growth of 24.32 per cent.
Indian Bank Executive Director Rajeev Rishi exchanged documents with NSIC Director (Finance) Ravindra Nath at a function.
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