Strap: The private lender has signed an MoU with NSIC to push credit to MSMEs
Copy: India’s largest private sector bank, HDFC Bank has tied-up with National Small Industries Corporation (NSIC) by signing a Memorandum of Understanding (MoU) to offer credit support to MSMEs across India, the bank said in a release.
HDFC Bank will provide schemes to MSMEs to enhance their competitiveness. HDFC Bank branches will enable delivery of credit to MSME projects in the respective branch areas where they are located or industrial sectors across the country, it added.
The bank will accept loan applications forwarded by NSIC and consider sanctioning loans on merit basis and as per lending norms of the bank, the bank said.
Rahul Shukla, Group Head – Commercial and Rural Banking, HDFC Bank said in a release, “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.”