HDFC Bank on Tuesday mentioned it has signed a pact with the National Small Industries Corporation (NSIC) for offering credit score help to the micro, small and medium enterprise (MSME) sector. Under this, the nation’s largest non-public sector financial institution will even present MSMEs with a set of specially-tailored schemes to reinforce their competitiveness. 

“HDFC Bank has signed a memorandum of understanding with National Small Industries Corporation to offer credit support to MSMEs across the country,” the financial institution mentioned in an announcement. The financial institution branches will lengthen help to the MSME tasks within the areas they’re positioned and to different necessary industrial sectors throughout the nation. 

Rahul Shukla, group head (industrial and rural banking) of HDFC Bank, mentioned the partnership will assist reboot the economic system and provides it a required fillip. “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,” he mentioned.

The financial institution mentioned it might settle for mortgage purposes forwarded by NSIC and think about sanctioning loans on a benefit foundation and as per its lending coverage.

(PTI)