![](https://www.newsexperts.in/wp-content/uploads/2022/06/union-bank.jpg)
![](https://www.newsexperts.in/wp-content/uploads/2022/06/union-bank.jpg)
MUMBAI:
Union Bank of India today signed a Memorandum of Understanding (MoU) with Small Industries Development Bank of India (SIDBI) for a Co-Financing arrangement for MSMEs. The MoU was signed by Lal Singh, Chief General Manager, Union Bank of India and Vivek Kumar Malhotra, Chief General Manager, SIDBI. SIDBI is country’s principal financial institution engaged in the Promotion, Financing and Development of Micro, Small and Medium Enterprises (MSME).
Under the MoU, Union Bank of India would consider Joint financing/ Co-Financing with SIDBI to Projects/Units in the MSME. This MoU would help the Banks to increase their customer base, while helping the MSMEs to meet their funding requirements. The key highlights of the arrangement include joint identification of viable projects and term loan and working capital financing to MSMEs. Initially the arrangement would be at specific centers and once the arrangement stabilizes at these centers, more locations would be covered.
Speaking on the occasion, Lal Singh, CGM (MSME), Union Bank of India, said “MSME is one of the key sectors of our Indian Economy contributing to GDP, Exports, Manufacturing Output, Employment, Women Empowerment etc. MSME is one of the focused areas of the Bank and at Union Bank of India, we aim to become Bank of 1st choice for MSMEs. This tie-up with SIDBI aids in realizing the Bank’s vision to have increased credit flow to the MSME sector and extend operational convenience to the MSME clientele. Under partnership, Union Bank of India through its Pan India branch network can provide general Banking products like Current Accounts, Savings Accounts, Working Capital facilities and other related services to the MSME Customers of SIDBI.”
Also, speaking on the tie-up arrangement, Vivek Kumar Malhotra, CGM, SIDBI reiterated SIDBI’s commitment towards timely financing for MSMEs across all sectors.
more recommended stories
KSUM’s July 20 Beyond Tomorrow Conclave to Drive InnovationKOCHI:Kerala Startup Mission (KSUM) is organising.
Muthoot Risk Insurance & Broking Services (MRIBS) Opens New Head Office in ThiruvananthapuramTHIRUVANANTHAPURAM:Muthoot Risk Insurance & Broking Services.
Great Mid-Size Workplaces: H&R Block at Technopark Ranked First in IndiaTHIRUVANANTHAPURAM:Global consumer tax services provider H&R.
Triassic Solutions Forms Joint Venture with Sequoia Applied TechnologiesTHIRUVANANTHAPURAM:Kerala based software company Triassic Solutions.
SBI Unveils “Amrit Vrishti” Term Deposit SchemeMUMBAI:State Bank of India (SBI), country’s.
Ageas Federal Life Insurance Introduces ‘Golden Years Pension Plan’MUMBAI:Ageas Federal Life Insurance, one of.
UPI Goes Live at Galeries Lafayette’s Flagship Store in ParisKOCHI:NPCI International Payments Limited (NIPL), in.
India at the Forefront of Economic TransformationNEW DELHI:Marcellus Investment Managers, renowned for.
Women Entrepreneurship Platform and TransUnion CIBIL Partner to Launch SEHER ProgramKOCHI:SEHER, a credit education program launched.
A Suzuki Initiative, Launches Rs 340 Crore Fund to Empower Bharat’s EntrepreneursGIFT CITY:Next Bharat Ventures IFSC Private.