Tag: private sector bank

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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DCB Bank acquires minority stake in Techfino Capital

Banking & Finance

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DCB Bank Limited, a private sector bank, has acquired a minority equity stake of about 9 per cent in Bengaluru-based non-banking financial company (NBFC), Techfino Capital Private Limited (TCPL).

The funds raised by TCPL will be used in enhancement of current tech stack apart from on-lending to customers. Techfino provides customised consumer loans in education and healthcare sectors. It is present in key metros and tier II cities across India.

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Complementing strengths

Narendranath Mishra, Head, Agri and Inclusive Banking, DCB Bank, said, “DCB Bank and TCPL are delighted to be associated in this manner. Micro loans or granular loans as a financial solution hold much promise. We value each other’s experience and expertise to build a granular loan portfolio with patience and nuance. DCB Bank and Techfino complement each other’s strengths, and this is an opportunity for both organisations to grow the customer franchise.”

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Jayaprakash Patra, Co-Founder Director, Techfino Capital Private Limited, added, “The association with DCB Bank is an important milestone. It shall help in the growth of the business as TCPL goes about providing financing solutions to its customers. Together, we aim to create a win-win ecosystem, offering our customers a bouquet of customised financial solutions using TCPL’s robust technology platform.”

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