Tag: National Small Industries Corporation

HDFC Bank signs pact with NSIC to provide credit support to MSMEs, BFSI News, ET BFSI

Banking & Finance

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New Delhi, Sep 7 (PTI) HDFC Bank on Tuesday said it has signed a pact with the National Small Industries Corporation (NSIC) for providing credit support to the micro, small and medium enterprise (MSME) sector. Under this, the country’s largest private sector bank will also provide MSMEs with a set of specially-tailored schemes to enhance 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 bank said in a statement.

The bank branches will extend support to the MSME projects in the areas they are located and to other important industrial sectors across the country.

Rahul Shukla, group head (commercial and rural banking) of HDFC Bank, said the partnership will help reboot the economy and give 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 said.

The bank said it would accept loan applications forwarded by NSIC and consider sanctioning loans on a merit basis and as per its lending policy.



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HDFC Bank partners with NSIC to offer credit support to MSMEs, BFSI News, ET BFSI

Banking & Finance

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NEW DELHI: Continuing its efforts to support MSMEs, HDFC Bank has signed a Memorandum of Understanding (MoU) with National Small Industries Corporation (NSIC) to offer credit support to MSMEs across the country.

As part of this collaboration, HDFC Bank will provide MSMEs with schemes to enhance their competitiveness. Under this financing arrangement HDFC Bank branches will extend support to MSME projects in the areas they are located or other industrial sectors across the country.

The MoU was signed by Gaurang Dixit, Director of Finance, NSIC and Akhilesh Kumar Roy, National Head – Sales Excellence and Transformation, HDFC Bank. The event was digitally attended by Rahul Shukla, Group Head – Commercial and Rural Banking, HDFC Bank.

Role of Bank:

  • Accept loan applications forwarded by NSIC and consider sanctioning loans on merit basis and as per lending norms laid down in the lending policy of the bank.
  • Financing projects relating to MSME Sector at different places where bank branches are located or other important industrial centers throughout the country.

In a statement Shukla 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.”



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Kotak Mahindra Bank inks MoU with National Small Industries Corporation to offer loans to MSMEs, BFSI News, ET BFSI

Personal Finance

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Kotak Mahindra Bank announced that it has entered into a Memorandum of Understanding (MoU) with the National Small Industries Corporation (NSIC), a Government of India enterprise, to facilitate credit to Micro, Small and Medium Enterprises (MSMEs). Under the tie-up, MSME units registered with NSIC can now avail business loans and working capital finance tailored to suit the specific needs of each business at attractive interest rates.

This further would initiate digital submission of loan-related documents, quick loan sanctions, and access to KMBL’s full range of cash management services that will help MSMEs in the efficient utilisation of cash. Providing a wide range of business loans and working capital solutions at attractive interest rates with a Seamless documentation journey and quick loan sanction process. This collaboration will further facilities such as online/mobile banking, cash management services, e-tax, and KMBL’s Forex Live platform to book foreign currency.

Sunil Daga, President & Head – Business Loans and Working Capital Solutions, Kotak Mahindra Bank said, “The MSME sector is critical for the revival and growth of the Indian economy. Through this tie-up with NSIC, we want to partner small businesses across the country by providing a range of attractive financing options, customised to meet the requirements of small business owners and backed by digital-first solutions. This will help them tide over the current crisis and contribute to their growth going forward.”



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