To increase the flow of loans to MSMEs, the SVC Cooperative Bank (SVC Bank) and the Small Industries Development Bank of India (SIDBI) have reached an agreement. Ashish SinghalMD of SVC Bankand Sanjeev Gupta, GM of SIDBI, signed the agreement. For more than 115 years, SVC Bank has been a reliable partner for MSMEs.
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About the deal:
- According to the agreement, SIDBI would grant a refinancing facility to SVC Bank to promote the flow of loans, empower MSMEs and strengthen economic ties.
- The MSME sector is the backbone of the Indian economy in terms of exports, job creation and revenue for the treasury.
About SVC Bank and SIDBI:
- For more than 115 years, SVC Bank acted as a reliable partner for MSMEs.
- SIDBI has now chosen to collaborate with several Urban Cooperative Banks (UCBs) and Regional Rural Banks to create a solid environment for the development of Indian MSMEs (RRBs).
- This is the first contract of this type signed with a UCB. SIDBI plans to sign more of these agreements with UCBs and RRBs in different states.
Important points to remember for all competitions:
- MD SVC Bank: Ashish Singhal
- Managing Director of SIDBI: Sanjeev Gupta
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