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Small Industries Development Bank of India (SIDBI) has decided to extend refinance facility to SVC Co-operative Bank to facilitate improved flow of credit to the Micro, Small and Medium Enterprises (MSMEs).
An agreement was signed between SIDBI (country’s apex financial institution for MSMEs) and the 116-year old multi-state scheduled co-operative bank late last week.
Ashish Singhal, Managing Director, SVC Bank, said: “SVC Bank has been supporting the MSMEs…We believe that access to affordable capital will prove to be a shot in the arm for the sector.”
As the principal financial institution for promotion, financing and development of the MSME sector as well as coordinator of functions of institutions engaged in similar activities, SIDBI recently decided to extend refinance assistance to eligible scheduled Urban Co-operative Banks (UCBs) and Regional Rural Banks (RRBs), according to a joint statement by SIDBI and SVC Bank.
“This is the first such agreement executed with a UCB. SIDBI will sign more such agreements with other UCBs and RRBs across various States.” the statement said.
Sanjeev Gupta, General Manager, SIDBI, said, SIDBI’s focus is on aligning with the leaders across all segments, which can boost economic participation and upscale India’s most promising aspirational MSME powerhouses.
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