ICICI Bank, the country’s largest private sector bank, has signed a memorandum of understanding with the National Small Industries Corporation (NSIC) to provide extended credit to the micro, medium and small sector enterprises.
This MoU will promote availability of credit facilities for sustainable development of MSMEs.
Under this agreement, the NSIC will share the proposals of its associated MSMEs for credit support to ICICI Bank. The bank, in turn, will offer credit and other tailored business solutions to these MSMEs as per its norms, the bank said in a statement.
This joint initiative aims to support MSMEs with superior banking solutions to prepare them for meeting the emerging global challenges.