Indian Bank has entered into a pact with National Small Industries Corporation (NSIC) to enhance its exposure to micro, small and medium enterprises. As per the pact, NSIC will sponsor MSME proposals, after due scrutiny, at regular intervals to various branches of Indian Bank all over the country. The arrangement is expected to provide more momentum to the growth of MSME advances of Indian Bank.
The pact was signed by P. Arivanandam, General Manager (Credit & MSME), Indian Bank, and Ravindra Nath, Director (Finance), NSIC, in the presence of Rajeev Rishi and B. Raj Kumar, Executive Directors, Indian Bank. For the quarter ended June 30, 2012, MSME advances of the bank stood at Rs 10,776.30 crore, registering an annualised growth of 24 per cent.