IDBI Bank ties up with SMERA for rating of MSMEs

Updated: Thursday, August 30, 2012, 10:52 [IST]

IDBI Bank Ltd on wednesday said that it has entered into a Memorandum of Understanding (MOU) with SME Rating Agency of India Ltd (SMERA) for utilizing SMERA's ratings to evaluate its existing as well as potential MSME (Micro, Small and Medium Enterprise) clients.

The rating would help the Bank in expediting credit decision. The customer too will benefit in terms of reduced pricing and organized information flow.

Speaking on the occasion, Shri D C Jain, Chief General Manager, MSME Business, at IDBI Bank said "IDBI Bank is very keen to expand its lending to MSME sector considering it as a key driver of Indian economy in terms of contribution to GDP, employment and exports".

"Services of SMERA would help the Bank in increasing the Bank's reach to MSME Sector" added Shri Jain.

GoodReturns.in