New Delhi, Sept 7 (KNN) HDFC Bank has signed a Memorandum of Understanding (MoU) with National Small Industries Corporation (NSIC) to offer credit support to Micro, Small and Medium Enterprises (MSMEs) across the country.

“HDFC Bank will provide MSMEs with a set of specially tailored 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 important industrial sectors across the country,” the private sector lender said in a statement on Tuesday.

It will also accept loan applications forwarded by NSIC and consider sanctioning loans on merit basis and as per its lending norms.

“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,” said Rahul Shukla, Group Head - Commercial and Rural Banking, HDFC Bank.

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.