The country's largest private lender - HDFC Bank has signed a memorandum of understanding (MoU) with the National Small Industries Corporation or NSIC to provide credit support to MSMEs across the country, according to a statement shared by the bank of Tuesday, September 7. As part of the financial arrangement, HDFC Bank will provide a set of specially tailored schemes for the micro, small and medium enterprises (MSMEs).
Various branches of HDFC Bank will extend support to the MSME projects in the areas where they are located, or at other important industrial sectors across the country. HDFC Bank will accept the loan applications forwarded by NSIC and will consider sanctioning loans on a merit basis and as per the lending norms in its lending policy
The bank will be involved in financing projects related to the MSME sector at different places where its branches are located across 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,'' said Mr. Rahul Shukla, Group Head - Commercial and Rural Banking, HDFC Bank.
On Tuesday, September 7, shares of HDFC Bank settled 0.15 per cent higher at Rs 1,569.15 apiece on the BSE. HDFC Bank opened on the BSE at Rs 1,566.80, touching an intra day high of Rs 1,581.95 and an intra day low of Rs 1,555.25, throughout the trading session today.
The bank aims to regain its lost market share in credit cards in the next three-four quarters after the Reserve Bank of India (RBI) lifted the ban imposed on it more than eight months ago.