Chennai, Dec 21 (KNN) In order to facilitate flow of credit in the Micro, Small and Medium Enterprises (MSMEs), Bank of Baroda has signed a Memorandum of Understanding (MoU) with the Gujarat government.

As per the MoU, which was signed on Friday, credit will be provided to the MSME sector for greenfield projects, startups, women entrepreneurs and entrepreneurs from backward areas under the Gujarat Single Window Clearance Act 2017 & Ordinance Number 1 of 2019 dated October 24, 2019.

To avail the credit facility, the customers can register their request on the link available on Gujarat government’s single window portal from where Bank of Baroda will initiate further action after receiving the details.

The bank also has a dedicated central processing cell in Mumbai and Gujarat to deal with the leads on a priority basis and shall ensure that in-principle approval/decision is conveyed within 30 days.

“The MoU with the Gujarat government is a step forward for MSME entrepreneurs. For a state known for its entrepreneurial spirit, this initiative will provide banking solutions and financial support to generate employment opportunities. It is a matter of pride for Bank of Baroda to be part of this initiative and to contribute to the national objectives,” said Vikramaditya Singh Khichi, executive director of Bank of Baroda.

On the same, Gujarat’s Chief Minister Vijay Rupani said that government is committed to support the MSME sector.

“The state government is committed to support the MSME sector in the state for economic development and this is a major initiative taken by the government whereby exemption has been provided to the entrepreneurs from certain approvals and inspections, before establishment of units. This MoU would speed up the process of credit offtake as well as industrial development,” he added.

---------------------