The largest private-sector bank in India, HDFC Bank, has inked a Memorandum of Understanding (MoU) with the National Small Industries Corporation (NSIC) to provide lending support to MSMEs in India. HDFC Bank will offer a series of uniquely customised schemes to MSMEs as part of this alliance to help them perform more effectively. HDFC Bank branches will assist MSME initiatives in their localities, as well as other major industrial sectors across the country, as part of this credit agreement.
According to the order issued on 7th September 2021 "The MoU was signed by Shri Gaurang Dixit, Director of Finance, NSIC and Mr. Akhilesh Kumar Roy, National Head - Sales Excellence and Transformation, HDFC Bank at NSIC office, Okhla, New Delhi. The event was digitally attended by Mr. Rahul Shukla, Group Head - Commercial and Rural Banking, HDFC Bank who addressed the Zonal offices of NSIC and assured all support in strengthening the MSME ecosystem in the country."
"As a bank, we are happy to be part of this big initiative to reboot and give required fillip to the economy. We believe this partnership with NSIC will help expedite the MSME Sector growth which is the backbone of the country both in terms of economic development and job creation," Mr. Rahul Shukla, Group Head - Commercial and Rural Banking, HDFC Bank commented on the collaboration.
HDFC Bank will approve loan applications provided by NSIC and determine loan approval on merit and in accordance with the bank's lending policy. As part of the collaboration, India's largest private sector would finance MSME sector initiatives in various locations where bank branches or other major industrial hubs are situated around the nation.