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SIDBI-Vijaya Bank sign pact to provide concessional funding to MSEs

Updated: Feb 22, 2017 08:12:06am
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SIDBI-Vijaya Bank sign pact to provide concessional funding to MSEs

Bengaluru, Feb 22 (KNN) With the view to provide concessional funding to micro and small enterprises (MSEs), Small Industries Development Bank of India (SIDBI) has signed a Memorandum of Understanding (MoU) with Vijaya Bank.

The MoU aims at providing concessional finance to Micro and Small Enterprises (MSEs). The theme of the MoU is ‘MSME Credit @ Corporate Rates’.

Under the MoU the micro and small industries will be promoted and strengthened through concessional funding i.e. at MCLR (marginal cost of funds based lending rate) of Vijaya Bank under refinance from SIDBI.

It is also envisaged that joint financing/co-financing of MSME for capital expenditure under “SIDBI Make in India Soft Loan Fund for Micro, Small & Medium Enterprises” (SMILE) scheme of SIDBI at concessional rate of 9.6%, along with working capital from Vijaya Bank would be pursued proactively.

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