SIDBI, SVC bank partner to strengthen credit flow to MSMEs

New Delhi, Aug 1 (KNN) The SVC Co-operative Bank (SVC Bank) has entered into an agreement with the Small Industries Development Bank in India (SIDBI) to improve the flow of credit to the MSMEs.

The agreement was signed by Ashish Singhal, MD, SVC Bank and Sanjeev Gupta, GM, SIDBI in Mumbai on July 28.

Under the agreement, SIDBI will extend Refinance facility to SVC Bank to facilitate an improved flow of credit in order to empower MSMEs and boost economic partnership.

Ashish Singhal, Managing Director, SVC Bank said, “MSME sector is the backbone of the Indian economy in terms of exports, employment creation and revenue to exchequers. SVC Bank has been supporting the MSMEs as a trusted partner for more than 115 years. We are proud to partner with SIDBI as the first UCB to participate in their vision of empowering the MSMEs.”

“We consistently work towards offering an empowered ecosystem to the Indian MSMEs. Towards this, we have now extended our partnership with various Scheduled Commercial Banks, SFBs and NBFCs to an urban co-operative bank,” Sanjeev Gupta, General Manager, SIDBI said.

To build a strong ecosystem for the Indian MSMEs to develop,SIDBI has now decide to partner with various Urban Co-operative Banks (UCBs) and Regional Rural Banks (RRBs). This is the first such agreement executed with a UCB. SIDBI will sign more such Agreements with other UCBs and RRBs across various States.  (KNN Bureau)