SIDBI, Vijaya Bank combine to provide concessional loans to micro, small units
Posted on:23 Feb 2017 09:45:56
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23 February 2017 Current Affairs: Lucknow based Small Industries Development Bank of India (SIDBI) has signed a Memorandum of Understanding (MoU) with Bengaluru based Vijaya Bank for providing concessional finance to micro and small enterprises (MSEs).
To promote and strengthen the units in the MSE segment
The MoU also expect joint financing/co-financing of MSMEs for meeting capital expenditure under the ‘SIDBI Make in India Soft Loan Fund for Micro, Small & Medium Enterprises’ scheme at concessional rate of 9.60 per cent, along with working capital from Vijaya Bank.
The resources and expertise of SIDBI in MSME financing and the outreach of Vijaya Bank are proposed to be leveraged
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