Vijayawada, Aug 5 (KNN) Primary financial institution of MSME Small Industries Development Bank of India (SIDBI) will refinance Andhra Pragathi Grameena Bank (APGB) which majorly focuses on MSME lending.

An agreement was signed and exchanged between APGB general manager P. R. Padgetwar and SIDBI, Vijayawada deputy general manager P. Rajendra Prasad.

In 2006 APGB started its operations by lending to agriculture and self-help groups in rural areas and expanded its services to urban and semi-urban areas with more focus on lending MSME.

Padgetwar said that they are proud to partner with SIDBI as the first Regional Rural Bank (RRB) to participate in their vision of empowering the MSMEs.

Highlighting SIDBI’s role in empowering the MSME ecosystem across India, Prasad said, “This arrangement with APGB will act as a catalyst in upscaling the MSME segment, especially in semi-urban and rural areas.”

SIDBI also aims to expand their refinance services to other banks as well. (KNN Bureau)