HDFC-NSIC pact to provide Credit Support to MSMEs

HDFC Bank has signed a Memorandum of Understanding (MoU) with National Small Industries Corporation (NSIC) to offer and strengthen credit support to MSMEs across India.

Highlights

• Partnership with NSIC will help in boosting the MSME Sector growth which is the backbone of India in terms of economic development as well as job creation.
• Under this MoU, HDFC Bank will provide MSMEs a set of specially tailored schemes in order to enhance their competitiveness.
• HDFC Bank branches will also extend support to MSME projects in the areas they are located and other important industrial sectors in India.

National Small Industries Corporation Limited (NSIC)

NSIC is a Mini Ratna government agency. It was established by the Ministry of Micro, Small and Medium Enterprises (MSMEs) in 1955. It is the nodal office for several schemes of Ministry of MSME like Performance & Credit Rating, MSME Databank, Single Point Registration, National SC ST Hub, etc.

HDFC Bank Limited

It is an Indian banking and financial services company with its headquarter in Mumbai. As of April 2021, it is India’s largest private sector bank by assets and by market capitalisation. It is the third largest bank by market capitalisation on Indian stock exchanges. The bank is also the fifteenth largest employer in India, having 120,000 employees. The Bank was incorporated in 1994 as a subsidiary of Housing Development Finance Corporation.

Month: Current Affairs - September, 2021