Tata Motors Finance recognized for its contribution to the MSME sector's growth

New Delhi, April 22 (KNN) Tata Motors Finance India's NBFC, and a vehicle financing industry, has been conferred as winner of the MSME Banking Excellence Award, 2021 by Chamber of Indian Micro Small & Medium Enterprises (CIMSME) in the category of 'Best NBFC for implementing COVID related government schemes'.

The award was presented by the Minister of State for Micro Small and Medium Enterprises, Bhanu Pratap Singh Verma and the Minister of Micro Small and Medium Enterprises, Narayan Rane to Rohit Tiku, Chief Risk Officer, Tata Motors Finance.

In addition, it also bagged the 'Runner Up' award in categories of 'Best NBFC for promoting social schemes' and 'Best Branding NBFC'. Considered to be one of the most coveted awards in the sector, CIMSME's MSME Banking Excellence Award recognizes the remarkable work done by Banks and NBFCs in supporting and rejuvenating the MSME sector.

Winners of the award undergo a rigorous evaluation process and scrutiny on parameters like work done in aiding MSMEs, stakeholder engagement, strategy, execution, and impact, as well as support extended to MSMEs during Covid time. 

Starting FY 2021-22, 85% of the brand's disbursements of Rs 1500 Crores per month are allocated to MSME segments, under the new MSME guidelines.

Over the last five years (till Sept 2021), the brand has securitized and assigned MSME portfolio worth Rs 14K Crores to several banks to help them meet their Priority Sector Lending (PSL) obligations. (KNN Bureau)