Private lender, HDFC Bank has partnered with National Small Industries Corporation (NSIC) by signing a Memorandum of Understanding (MoU) to offer credit support to micro, small and medium enterprises (MSMEs).
HDFC Bank will provide schemes to MSMEs to enhance their competitiveness. Under this financing arrangement HDFC Bank branches will be extending support to MSME projects in the areas they are located or other industrial sectors across the country.
The bank will accept loan applications forwarded by NSIC and consider sanctioning loans on merit basis as per the lending norms laid down in the lending policy of the bank.
Rahul Shukla, Group Head – Commercial and Rural Banking, HDFC Bank said, “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.”