HDFC Bank signed MoU with NSIC: India’s largest private sector bank, HDFC Bank, has signed a Memorandum of Understanding (MoU) with the National Small Industries Corporation (NSIC) to provide credit support to MSMEs in India.

HDFC Bank will offer a series of customized 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 in other major industrial sectors across the country, as part of this loan agreement.

HDFC Bank signed MoU with NSIC

In accordance with the order issued on September 7, 2021 “The MoU was signed by Shri Gaurang Dixit, Chief Financial Officer, NSIC and Mr. Akhilesh Kumar Roy, National Head – Sales Excellence and Transformation, HDFC Bank at the office of NSIC, Okhla, New Delhi.

MIPYME ecosystem in the country

The event had the digital presence of Mr. Rahul Shukla, Head of Group – Commercial and Rural Banking, HDFC Bank, who addressed the NSIC zonal offices and assured all the support in the strengthening of the MIPYME ecosystem in the country ”.

NSIC will help accelerate the growth of the MSMEs Sector

“As a bank, we are happy to be part of this great initiative to restart and give the necessary boost to the economy. We believe that this partnership with NSIC will help accelerate the growth of the MSMEs Sector, which is the backbone of the country both in economic terms.

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Development and job creation

Development and job creation, “commented Mr. Rahul Shukla, Group Head – Commercial and Rural Banking, HDFC Bank on the collaboration.

HDFC Bank will approve loan applications provided by NSIC

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 Bank would fund MSME sector initiatives in various locations where bank branches or other major industrial centers are located across the country.

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What is NSIC and its role?

National Small Industries Corporation- NSIC certified of Government of India Enterprise under Ministry of Micro, Small and Medium Enterprises (MSME). NSIC works to develop, support and promote micro, small and medium enterprises in the country.